Current account deficit at $3.7 billion in November

ANKARA

Türkiye posted a current account deficit of $3.67 billion in November 2022, data from the Central Bank have shown.

The deficit was $352 million in October and stood at $2.1 billion in November 2021.

“Gold and energy excluded the current account showed a net surplus of $5.3 billion,” the Central Bank said.

Exports and imports amounted to $21.8 billion and $28.9 billion respectively, according to the data.

Consequently, the foreign trade deficit came in at $7.12 billion in the month, widening from the trade gap of $5 billion in November last year.

Services recorded a net surplus of $3.7 billion. Under services, travel item recorded a net inflow of $2.65 billion.

The direct investment item showed a net inflow of $775 million, with inflows under the portfolio investments amounting to $538 million.

“As regards to sub-items in liabilities, non-residents’ transactions on equity securities recorded net purchases of $300 million, while government domestic debt securities recorded net sales of $65 million,” the bank said in a statement.

Turkish banks’ currency and deposits within their foreign correspondent bank accounts decreased by $4.791 billion.

Non-resident banks’ deposit accounts held within domestic banks increased by $595 million, with an increase of $569 million in foreign currency and an increase of $26 million in Turkish Lira accounts.

Inflows under the net error and omission declined from $1.1 billion in October to $899 million, while the inflows amounted to $22.34 billion in the first eleven months of 2022, up from $11.99 billion in the same period of 2021.

In January-November, the current account deficit reached $41.8 billion from $4.06 billion a year ago.

Gold and energy excluded, the current account indicated a net surplus of $48.3 million in the first eleven months of 2022, the bank said.