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Turkey reported a deficit in its current account for a fifth month as a global rally in energy prices exacerbates the country’s foreign trade imbalance.

The gap widened to $5.55 billion in March, up from $3.33 billion a year earlier, the central bank said on its website on Monday. The median of 15 estimates in a Bloomberg survey was a $5.7 billion shortfall.

Key Insights

• The shortfall in trade of goods was $6.34 billion, up from $2.99 billion a year earlier, driven by a surge in energy import costs
• Services posted a $2.33 billion surplus, driven by a surge in net tourism income which stood at $1.45 billion
• Official reserves fell by $4.51 billion
• Net errors and omissions, or capital movements of unknown origin, showed monthly inflows of $1.58 billion
• Net portfolio outflows were $3.05 billion

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• Turkey’s central bank chief Sahap Kavcioglu said in late April that “sustainable balance in Turkey’s current account” is key to achieving price stability goals.
• Kavcioglu will chair the next rate-setting meeting on May 26. The bank held its key policy at 14% at each meeting in 2022 despite consumer inflation jumping to 70% in April.

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