Türkiye's current account balance posted a surplus of nearly $3 billion in September after registering its highest surplus in years in August, official data showed on Tuesday.
The balance saw a surplus of $2.98 billion in September, the Central Bank of the Republic of Türkiye (CBRT) said.
The gold-and-energy-excluded current account balance also saw a net surplus of $7.7 billion in the month, the bank noted.
In September, the goods deficit was recorded at $3.1 billion, while services posted a net inflow of nearly $7.4 billion, the data showed. The travel item, under services, recorded a net inflow of $5.97 billion.
The current account is the most complete measure of trade because it includes investment flows and trade in merchandise and services.
Primary income saw a net outflow of $1.23 billion and secondary income recorded a net outflow of $59 million in September.
Direct investment recorded a net inflow of $649 million in the month, while portfolio investment recorded a net inflow of $370 million, the central bank said.
The 12-month rolling gap stood at $9.7 billion in September, according to the data.
Commenting on the data, Treasury and Finance Minister Mehmet Şimşek said the annual current account deficit was below $10 billion in September.
"The annual current account deficit, which decreased by $46 billion compared to May 2023, fell to its lowest level in 33 months," he said in a post on X.
"The strong outlook for external financing continues. Portfolio inflows of $2.9 billion were realized in September and $28 billion in the first 9 months," he further said.
"We expect the annual current account deficit to decline to 0.8% in the third quarter and the downward trend to continue in the final quarter," he added.
"The improved current account balance, reduced external financing needs and increased capital inflows contribute to reserve accumulation and support macro stability."
Also evaluating the data, Vice President Cevdet Yılmaz said that the positive outlook in the current account balance continues to contribute to the disinflation process by strengthening economic and financial stability.
"In the first 9 months of 2024, the improvement in the foreign trade deficit compared to the same period of the previous year reached $30.9 billion, while the surplus in the services balance increased by $3.2 billion," he said in a statement on X.
"The positive results we have obtained from macroeconomic indicators demonstrate the effectiveness of our economic program," said Yılmaz.
"With the impact of the rebalancing policies and reforms we will implement within the scope of the MTP (medium-term program), we expect the current account deficit to be around 1% of national income by the end of 2024, which was projected to be 1.7% in the MTP," he concluded.
