Turkey: Current account swings to surplus in June
The current account posted a USD 0.4 billion surplus in June, improving from the USD 1.0 billion deficit posted in May (June 2023: USD 0.8 billion surplus). Meanwhile, in the 12 months leading up to June, the current account posted a USD 24.8 billion deficit, compared to the USD 24.5 billion deficit booked in May.
The merchandise trade balance improved from the previous month, recording a USD 4.1 billion shortfall in June (May 2024: USD 4.2 billion deficit). Merchandise exports declined 7.6% on an annual basis in June, following May’s 10.3% jump. June’s figure marked the largest drop since June 2023. Meanwhile, merchandise imports contracted 5.2% on an annual basis in June (May: -12.9% yoy).