Türkiye records $3.99 billion current account deficit in November

Türkiye’s current account balance shifted to a deficit in November, ending a four-month streak of surpluses. The Central Bank of the Republic of Türkiye announced a shortfall of $3.99 billion for the month, a figure that exceeded market expectations, which had anticipated a $3.1 billion deficit according to an Anadolu survey.

Goods Deficit Drives Return to Shortfall

The deficit was primarily driven by the foreign trade in goods, which recorded a gap of $6.38 billion in November. This was partially offset by a strong surplus in the services sector, which posted $3.9 billion. A more positive underlying measure, the current account balance excluding gold and energy transactions, showed a net surplus of $2.1 billion for the month.

Cumulative Deficit for First 11 Months of 2025

For the January-November period, the cumulative current account deficit stood at $18.5 billion. During these eleven months, the goods deficit totaled $62.2 billion, while the services surplus reached $60 billion. The substantial surplus in services, largely fueled by tourism and transportation revenues, played a critical role in containing the overall external deficit for the year to date.

Economic Implications and Outlook

The return to a current account deficit underscores the ongoing pressure from the trade balance, despite strong tourism performance. Economists monitor this indicator closely as persistent deficits can affect currency stability and external financing needs. The data will inform policy decisions as authorities balance growth objectives with the aim of strengthening external balances in the coming months.