Türkiye recorded a current account surplus of $4.05 billion in August, central bank data showed, as summer tourism revenue outweighed a deficit in goods trade. Treasury and Finance Minister Mehmet Şimşek said on October 13 that the deficit is expected to remain manageable.
The 12-month rolling current account deficit, a closely watched measure of external financing needs, widened to $42.1 billion from $41.5 billion in July. In the January-August period, the deficit reached $31.5 billion, compared with $19.7 billion a year earlier.
Tourism offsets goods gap
The goods trade deficit was $3.75 billion in August, while net services inflows reached $9.7 billion. Travel receipts contributed $7.3 billion and transportation receipts $3.3 billion. Excluding gold and energy, Türkiye's two main import items, the current account showed an $8.2 billion surplus.
On the financial account, net direct investment inflows were $141 million, while portfolio investment saw net outflows of about $1 billion. Official reserves rose by $7.14 billion during the month.
Energy dependence in focus
Writing on X, Şimşek said Türkiye had spent $1.1 trillion on energy imports over the past 26 years, equal to 1.6 times its cumulative current account deficit over that period and twice its current gross external debt stock. He said he expected steps to reduce reliance on imported energy would strengthen the country's resilience against global price shocks.
The minister said the government would keep expanding market access through free trade agreements, raise the value added of exports, and improve competitiveness in services such as health tourism, contracting, software, education, engineering and design.
The external balance has deteriorated this year as the conflict in the region pushed up energy prices. The government's Medium-Term Program forecasts a 2026 current account deficit of $47.5 billion, or 2.6% of GDP, narrowing to $38.5 billion, or 1.9% of GDP, in 2027. A wide current account deficit has historically left the lira vulnerable, which is why investors watch the data closely.
Sources
Photo: Niels Johannes / CC BY-SA 4.0, via Wikimedia Commons
