Current account gap at $3.5 billion

ANKARA

Türkiye’s current account deficit was $3.46 billion in June, rising by $2.27 billion from a year ago, according to the Central Bank.

“In this development, the good’s deficit, which increased $4.8 billion to $6.43 billion, was effective despite the fact that the inflows from the services item rose to $4 billion, increasing by $2.5 billion and outflows from the primary income fell down to $946 million, decreasing by $105 million compared to the same month of the previous year,” the bank said.

Gold and energy excluded current account indicated $4.3 million surplus against the surplus of $1.9 billion in the same month of the previous year, it added.

Under services, travel item recorded a net inflow of $2.73 billion, increasing by $1.7 billion compared to the same month of the previous year.

Direct investment recorded net inflow of $950 million.

“Portfolio investment recorded a net outflow of $1.6 billion. Non-residents’ transactions on equity securities and government domestic debt securities recorded net sales of $509 million and $218 million, respectively.”

Official reserves also recorded net outflow of $1.96 billion, the bank said.

In the first half of 2022, the current account deficit amounted to $32.4 billion, increasing from $13.3 billion from a year ago.

The trade gap widened from $13.4 billion in January-June 2021 to $40.96 billion in the same period this year with imports climbing from $117 billion to $167 billion. Exports increased from $104 billion to $126 billion.