Turkey: Current account in November records largest deficit in four months
January 11, 2016
The current account balance recorded a USD 2.1 billion deficit in November (October: USD 0.1 billion deficit). The print was better than the USD 5.8 billion shortfall recorded in the same month last year; however, it was below the flat reading that market analysts had expected. Moreover, November’s figure marked the largest deficit in four months. As a result, the 12-month trailing current account deficit narrowed from USD 38.4 billion in October to USD 34.7 billion in November (roughly equivalent to 5.0% of GDP).
In November, exports fell 11.6% in USD terms over the same month last year, which contrasted the 1.8% increase tallied in October. Imports fell a sizeable 24.9%. The print followed October’s 11.2% annual contraction and marked a 74-month low. As a result, the trade deficit came in at USD 3.0 billion in November, which marked a smaller shortfall over the USD 6.6 billion deficit recorded in the same month last year.