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by Market News – Turkey’s financial landscape saw a modest improvement in March 2024 as the current account deficit shrank to $4.54 billion, down from $5.25 billion during the same month last year.
This improvement is primarily attributed to a decrease in the goods deficit, which fell to $5.19 billion from $6.37 billion. Such a reduction suggests strengthening Turkey’s trade balance, offering investors and forex traders a positive signal.
Turkey Trade and Investment Update – March 2024
Turkey Trade and Investment Update
Bloomberg – Despite the overall deficit reduction, not all components of the current account showed favorable trends. The primary income gap, which includes earnings on overseas investments minus payments made to foreign investors, worsened, increasing to $1.6 billion from $1.35 billion.
Additionally, the surplus from secondary income—which often includes funds sent home by citizens working abroad—plummeted from $0.08 billion to just $0.01 billion. Meanwhile, earnings from services like tourism and transport slightly decreased to $2.24 billion from $2.4 billion.
Excluding Volatiles
The current account balance significantly improved, excluding volatile components such as gold and energy. The surplus in this area rose to $0.8 billion from $0.6 billion a year earlier. This indicator often provides a clearer picture of the underlying economic conditions, suggesting that Turkey’s fundamental economic activities are improving.
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