Türkiye's current account balance posted a larger-than-expected deficit in April, driven in part by a widening trade gap, official data showed on Monday.
The shortfall came in at nearly $7.9 billion, the Central Bank of the Republic of Türkiye (CBRT) said, compared to a market forecast of about $7.5 billion.
Excluding gold and energy, the gap stood at $1.94 billion, the data showed.
The trade deficit reached almost $9.9 billion in April, compared to $7.7 billion a year ago.
"This expansion was mostly driven by worsening balances in both net gold trade and core trade items," analysts at Dutch banking giant ING said.
Services posted a net inflow of $3.9 billion, with travel-related revenues contributing $3.09 billion, while direct investment recorded a net outflow of $268 million.
The data showed portfolio investments recorded a net inflow of $0.8 billion. Official reserves declined by a record $25 billion in April.
"The shift of secondary income into negative territory and lower primary income further exacerbated the deficit – despite continued growth in services income, which remained supported by revenues from transportation and tourism," analysts at ING said.
From January through April, the current account deficit reached $20.3 billion, the CBRT data showed, compared to $14.6 billion a year ago.
However, preliminary data from the Trade Ministry do not suggest a major deterioration in the May current account, as the foreign trade deficit appears to have remained largely in line with the previous year, ING analysts said.
The 12-month rolling current account deficit now stands at $15.8 billion, or around 1.3% of gross domestic product (GDP).
