Turkey: Current account swings to deficit in November
Latest reading: The current account recorded a USD 2.9 billion deficit in November, deteriorating from the USD 1.8 billion surplus posted in October (November 2023: USD 2.6 billion deficit). Meanwhile, the 12-month trailing current account deficit worsened, coming in at USD 7.4 billion in November (October: USD 7.1 billion deficit).
The merchandise trade balance worsened from the previous month, recording a USD 5.2 billion shortfall in November (October 2024: USD 3.6 billion deficit). Merchandise exports contracted 2.0% over the same month last year in November (October: +4.9% year-on-year). The outturn marked the worst drop since June. Meanwhile, merchandise imports rose 1.2% over the same month last year in November (October: -1.3% yoy), marking the strongest reading since April 2024.