Turkey Current Account Surplus Narrows in July

Turkey’s current account surplus narrowed sharply to $0.04 billion in July 2026 from $1.76 billion in the same month of the previous year, missing market expectations of a $0.65 billion surplus. The goods account shortfall increased to $5.58 billion from $4.56 billion a year earlier, while the primary income deficit widened to $2.56 billion from $1.54 billion. On the other hand, the secondary income gap decreased to $0.06 billion from $0.15 billion in July 2025, while the services account surplus rose to $8.23 billion from $8.02 billion. For the first seven months of the year, the country recorded a current account deficit of $34.83 billion, notably higher than the $24.25 billion shortfall in the corresponding period last year.

Turkey's current account deficit widened to $4.19 billion in June 2026 from $2.27 billion in the same month a year earlier, but came in below the expected $5.0 billion shortfall. The goods deficit increased to $8.53 billion from $6.52 billion, while the services surplus rose to $6.85 billion from $6.09 billion. The primary income deficit widened to $1.79 billion from $1.76 billion, while the secondary income deficit increased to $0.73 billion from $0.08 billion. Excluding gold and energy, the current account recorded a $1.46 billion surplus. In the first half of the year, the cumulative current account deficit reached $34.55 billion. On an annualized basis, the current account deficit reached $38.9 billion in June, with the goods deficit at $76.5 billion and the services surplus at $63.7 billion.

Turkey's current account deficit widened to $1.46 billion in May 2026 from $1.11 billion in the same month last year, exceeding market expectations of a $0.96 billion deficit. The primary income gap expanded to $2.17 billion from $1.84 billion in May 2025, while the secondary income shortfall also increased to $0.16 billion from $0.03 billion. In contrast, the goods account deficit narrowed to $4.34 billion from $4.78 billion, while the services account surplus eased to $5.21 billion from $5.55 billion. Excluding gold and energy, the current account posted a $3.63 billion surplus in May 2026, edging up from $3.62 billion in the same month last year. Over the first five months of the year, the country's cumulative current account deficit reached $30.68 billion, compared with $23.73 billion in the corresponding period of 2025.