Turkey: Current account deficit increases in March
The current account posted a USD 4.5 billion deficit in March, deteriorating from the USD 3.6 billion deficit booked in February (March 2023: USD 5.2 billion deficit). Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 31.2 billion in March (February: USD 31.9 billion deficit).
The merchandise trade balance worsened from the previous month, recording a USD 5.2 billion deficit in March (February 2024: USD 4.8 billion deficit). Merchandise exports decreased 4.8% year-on-year in March, on the heels of February’s 12.9% jump. March’s result marked the sharpest contraction since June 2023. Meanwhile, merchandise imports declined 7.7% in annual terms in March (February: -11.7% yoy).