Turkey current-account gap grows more than expected in March
By Bloomberg
Turkey’s current-account deficit expanded from a year earlier in March as exports declined much faster than imports.
The shortfall in the current account, the broadest measure of trade in goods and services, grew to $4.96 billion from $3.39 billion a year earlier, the central bank in Ankara said in a statement posted on its website Tuesday. The median estimate in a Bloomberg survey of economists was $4.3 billion.
The gap had been shrinking since December as the trade deficit narrowed. It reversed direction in March as exports posted their biggest drop since 2009, according to a separate trade report published by Turkey’s state statistics institute in Ankara last month.
Sales abroad fell 16.2 percent from last year to $13.2 billion in March while imports declined 5.5 percent to $18.1 billion, central bank data showed.
The lira trimmed initial losses seen after the current- account gap report was published and was little changed at 2.6946 per dollar at 10:18 a.m. in Istanbul.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!