Turkey's Current-Account Swung to Surplus in June as Tourism Business Returns

By Ed Frankl

Turkey's current-account posted its first surplus in almost two years in June, helped by bumper travel income, data from the country's central bank showed Friday.

The country's current-account surplus was $674 million in June compared with a $7.93 billion deficit in May.

It marked the first surplus since October 2021, according to FactSet data.

The swing was driven by a net surplus in services of $5.02 billion, with travel posting a surplus of $4.20 billion as the summer tourist season got under way.

Goods, however, recorded a deficit of $3.70 billion.

The lira has fallen almost 30% against the U.S. dollar in the last three months, making exports of the Turkish goods more attractive, but also raising prices of imports for the country's consumers.

Write to Ed Frankl at [e-mail]

(END) Dow Jones Newswires

08-11-23 0331ET