May Current Account Deficit $37.3B, Non-Energy/Gold Surplus $3.6B

According to the Central Bank of the Republic of Turkey (TCMB), the current account deficit in May was $1.459 billion, while the non-energy and non-gold current account surplus stood at $3.626 billion. The defined foreign trade deficit reached $4.340 billion. Annualized data shows the current account deficit at approximately $37.3 billion, with the balance of payments defined foreign trade deficit at $74.4 billion. The services balance recorded a surplus of $62.5 billion, while primary and secondary income balances were in deficit at $24.1 billion and $1.3 billion, respectively.

May Current Account Shockwave

■Current account deficit: $1.459 billion

■Non-energy/gold current account surplus: $3.626 billion

■Defined foreign trade deficit: $4.340 billion

■Annual current account deficit: $37.3 billion

Services and Income Flows

■Services balance net inflows: $5.207 billion

■Transportation services income: $2.243 billion

■Travel sector income: $3.815 billion

■Primary income deficit: $24.1 billion

■Secondary income deficit: $1.3 billion

Savaş Yıldırım

Markets are monitoring Turkey's weak external balances with concern, while the services surplus provides a surprising buffer. The non-energy/gold current account surplus highlights persistent import pressures. This report, featuring critical data for the Central Bank's upcoming policy direction, represents a pivotal moment for investors.