Turkey's Current-Account Swung to Deficit in July

By Ed Frankl

Turkey's current-account swung back to deficit in July after it posted its first surplus in almost two years in June, as its trade deficit on goods jumped, data from the country's central bank showed Monday.

The country's current-account deficit was $5.47 billion in July compared with a $651 million surplus in June.

The swing was driven by a goods deficit that widened to $10.48 billion, from $3.76 billion in June.

The lira has fallen almost 13% against the U.S. dollar in the last three months, making exports of the Turkish goods more attractive, but also raising prices of imports for the country's consumers. Recent rises in central bank interest rates have helped stave off further declines in the currency.

However, there was a net surplus of $6.00 billion in services, with travel recording a net inflow of $4.80 billion as the tourism season returned.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

09-11-23 0327ET