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Turkey logs $674M account surplus, breaking 20 month deficit

Turkey posted a current account surplus in June for the first time since October 2021.
ADEM ALTAN/AFP via Getty Images

ANKARA — Turkey logged a current account surplus in June for the first time in nearly two years, official data released on Friday showed, largely thanks to increasing tourism revenues and declining energy imports.

The country recorded a $674 million current account surplus in June, Turkey’s Central Bank said Friday, in a reversal from account deficits of $3.4 billion in the same month last year and $7.9 million in May 2023. Friday’s figure marked the first account balance surplus since October 2021. Increasing tourism revenues and declining energy imports, which are one of the largest items in Turkey’s import costs, have been the major driver in the shift.

Data on Friday showed that Turkey’s net tourism revenues reached more than $4.2 million in June in addition to exports worth some $20.9 billion in the same month.

Excluding gold and energy, the current account recorded a net surplus of $5.58 million, the bank said. 

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