Current account deficit hits $5.6 billion in March

ANKARA

Turkey’s current account deficit increased to $5.55 billion in March from $2.29 billion in the same month of last year, according to data from the Central Bank.

On the back of the March deficit, the country’s 12-month rolling current account gap climbed to $24.2 billion.

The balance of payments data the bank released yesterday showed that exports amounted to $22.8 billion, while imports stood at $29.1 billion, producing a trade deficit of $6.34 billion in March, which was $3.36 billion higher compared with the same month of last year.

When gold and energy items were excluded, the current account posted a surplus of $2.48 billion in March versus a deficit of $314 million a year ago, the Central Bank said.

Revenues under the travel item increased by $708 million from the same month of 2021 to reach $1.45 billion.

Direct investment recorded a net inflow of $296 million, but portfolio investment recorded a net outflow of $3.05 billion, data showed.

Non-residents’ transactions on equity securities and government domestic debt securities recorded net sales of $744 million and $201 million, respectively, the bank said.

Non-resident banks’ deposit accounts held within domestic banks increased by $1.32 billion, with an increase of $1.49 billion in foreign currency and a decrease of $178 million in Turkish Lira accounts.

Data also showed that official reserves recorded a net outflow of $4.5 million.

The current account deficit climbed from $7.5 billion in January-March to $18.1 billion in the first quarter of 2022.