Turkey: Current account deficit narrows in January
Latest reading: The current account recorded a USD 3.8 billion deficit in January, improving from the USD 4.6 billion deficit booked in December (January 2024: USD 2.3 billion deficit). Meanwhile, the 12-month trailing current account deficit deteriorated, coming in at USD 11.5 billion in January (December: USD 10.0 billion deficit).
The merchandise trade balance improved from the previous month, recording a USD 5.6 billion deficit in January (December 2024: USD 6.3 billion deficit). Merchandise exports increased 7.1% in annual terms in January (December: +2.9% year-on-year). Meanwhile, merchandise imports soared 10.8% on an annual basis in January (December: +8.9% yoy), marking the strongest reading since May 2023.