Turkey: Current account deficit increases in December
Latest reading: The current account recorded a USD 4.7 billion deficit in December, deteriorating from the USD 2.7 billion deficit clocked in November (December 2023: USD 1.7 billion deficit). Meanwhile, the 12-month trailing current account deficit worsened, coming in at USD 10.0 billion in December (November: USD 7.0 billion deficit).
The merchandise trade balance deteriorated from the previous month, recording a USD 6.2 billion shortfall in December (November 2024: USD 5.2 billion deficit). Merchandise exports rose 3.0% in annual terms in December, following November’s 2.0% drop. Meanwhile, merchandise imports climbed 8.8% on an annual basis in December (November: +1.1% yoy), marking the strongest reading since May 2023.