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<\/p>\nT\u00fcrkiye’s current account balance beat estimates as it registered its highest monthly surplus on record in August, official data showed on Monday, driven by strong tourism revenues.<\/p>\n
The balance posted a $5.46 billion surplus last month, the Central Bank of the Republic of T\u00fcrkiye (CBRT) said.<\/p>\n
That followed a $1.77 billion surplus in July, the first surplus in nine months, and marked the largest monthly surplus since records began in 1984.<\/p>\n
Surveys had estimated a surplus of around $4.3 billion.<\/p>\n
“We recorded the highest monthly current account surplus in our history with $5.5 billion,” Treasury and Finance Minister Mehmet \u015eim\u015fek said, stressing that the need for external financing has decreased, while Trade Minister \u00d6mer Bolat said they estimate a monthly surplus of around $1 billion for September as well.<\/p>\n
Excluding gold and energy, the balance posted a net surplus of $10 billion in August, while goods recorded a deficit of $2.8 billion, the central bank said.<\/p>\n
The annualized total exports of goods and services rose by 3.8% compared to the same month of the previous year, reaching $389 billion, Bolat wrote on the social media platform X.<\/p>\n
“Thus, the target of $390 billion in goods and services exports set at the beginning of the year was nearly achieved by August.”<\/p>\n
In August, net inflows from services balance totaled $9.5 billion, with transportation and travel services generating net revenues of $2.77 billion and $7.66 billion, respectively.<\/p>\n
Net inflows from direct investments amounted to $986 million, the data showed. Portfolio investments recorded a net outflow of $662 million in August, while official reserves increased by $5.75 billion.<\/p>\n
From January through August, the balance posted a $15.85 billion deficit, while the goods deficit was $44.53 billion.<\/p>\n
During the same period, services had a net surplus of $41.23 billion, while primary and secondary income had net deficits of $122 billion and $0.49 billion, respectively.<\/p>\n
On a 12-month rolling basis, the deficit narrowed to $18.3 billion, compared to $18.8 billion in July and marking an improvement of $37.6 billion compared to May 2023.<\/p>\n
“This improvement in the current account deficit reduces our country’s need for external financing,” \u015eim\u015fek wrote on X.<\/p>\n
While the gross external financing need was 23% of national income in June 2023, it is projected to decline to around 17% in 2025, the minister said.<\/p>\n
“Thanks to reduced foreign exchange needs, increased access to external financing, and our high reserves, our macro-financial resilience is strengthening.”<\/p>\n
Bolat said services exports continued their strong performance, increasing by 6.1% year-over-year on an annualized basis to reach $119.9 billion as of August.<\/p>\n
Travel revenues reached $58.1 billion and transportation revenues were $41.5 billion on an annualized basis, he added.<\/p>\n
The government’s newly updated medium-term program sees the current account-to-GDP ratio at 1.4% in 2025. That is estimated to fall to 1.3% in 2026 and 1.2% in 2027, before reaching 1% in 2028.<\/p>\n
The deficit is seen narrowing to $18.5 billion by 2028, from $22.6 billion this year, according to the program.<\/p>\n
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