Türkiye posts $4.3 billion of current account surplus

Türkiye recorded a current account surplus of $4.32 billion in August, according to data from the Central Bank on Oct. 11.

This marked the largest current account surplus since 2019 and was in line with market expectations.

"The decline in the current account deficit and the strong outlook in external financing strengthen our macro-financial stability and increase the resilience of our economy," Finance Minister Mehmet Şimşek commented on the current account data.

The current account deficit declined below 1 percent of GDP, Şimşek said on X, noting that the external debt rollover ratios of banks and the real sector were 167 percent and 132 percent, respectively.

In June and July, the current account surplus was $756 million and $778 million, respectively, reversing the trend in the previous five months, when the current account balance posted deficits.

In the first eight months of 2024, the current account deficit was $9.67 billion, significantly lower than the deficit of $38.9 billion in the same period of 2023.

The 12-month cumulative current account deficit declined from $15.09 billion in July to $11.25 billion in August. In August last year, the 12-month trailing deficit was $51.84 billion.

The goods deficit was $2.9 billion in August, narrowing from July's gap of $5.1 billion. Exports and imports were $21.8 billion and $24.7 billion, respectively, while the eight-month goods deficit fell from $68.6 billion last year to $38.6 billion.

Excluding gold and energy trade the current account indicated a net surplus of $9.01 billion, the Central Bank said in a statement.

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