Turkey Current Account Deficit March Update

Turkiye's current account deficit hit US$9.7bn in March as core goods trade worsened and foreign capital exited equities and debt. Central bank reserves fell by over $43bn to cover the gap.

Key Takeaways

• 1.The current account deficit widened to US$9.7bn in March, driven primarily by a deteriorating core goods deficit where imports grew 15% yoy while exports fell 7% yoy.
• 2.The financial account saw massive outflows of US$26.7bn in March, largely due to portfolio outflows from equities and local debt ($11.4bn) and local banks increasing assets abroad.
• 3.TCMB reserves dropped by US$43.4bn in March to fund the balance of payments amidst high deficits and financial outflows.

Table of Contents

• Financial Account
• Key Figures
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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