Central Bank of the Republic of Turkey Announces July Balance of Payments Data

The balance of payments developments for July were announced by the Central Bank of the Republic of Turkey. According to the released data, the balance of payments recorded a surplus of 36 million dollars in July, while the foreign trade deficit stood at 5 billion 579 million dollars.

Foreign Trade and Current Account Developments

According to data from the Central Bank of the Republic of Turkey, the balance of payments-defined foreign trade deficit realized at the level of 5 billion 579 million dollars in July. According to annualized data, the current account deficit was recorded at approximately 40.7 billion dollars.

Services and Income Balance Items

In the same period, the services balance posted a surplus of 63.5 billion dollars, while the primary income balance and secondary income balance recorded deficits of 25.2 billion dollars and 1.9 billion dollars, respectively. Net inflows driven by the services balance were 8 billion 228 million dollars in July.

Direct and Portfolio Investments

While net outflows driven by direct investments were recorded at 514 million dollars in July, portfolio investments registered a net inflow of 5 billion 841 million dollars. Net purchases by non-residents in the equity and investment fund market drew attention.

Loan Disbursements and Reserves

Regarding international loan utilization, banks and other sectors realized net borrowing, while an increase of 14 billion 252 million dollars in official reserves was observed in July.