Current account deficit up by 91.4 percent

MDN İstanbul

Turkey’s current account deficit jumped 91.4 percent in January over the first month of last year to $5.86 billion, the Central Bank of Turkey announced on March 11. Turkey’s current account deficit was $3.06 billion in January 2010.
The balance of payments report by the central bank cited a high foreign trade deficit as the major factor responsible for the surge reiterating a structural problem in the trade deficit. Turkey’s foreign trade deficit increased to $5.8 billion in January, a 109.6 percent increase over the same month of 2010.
Turkey’s exports FOB (free on board) were up 22.1 percent in the same period, to $9.56 billion, while shuttle trade revenues increased by 32.3 percent to $537 million. Imports CIF (customs, insurance, freight) — including gold imports — increased far more, by 44.3 percent, to $16.8 million.
Tourism revenues increased 19.2 percent in January over the same month of 2010, reaching $876 million, while spending by Turkish tourists overseas rose by 52.9 percent, to $416 million. According to the data, net tourism income decreased slightly by 0.6 percent to $460 million in January 2011, compared to January 2010.
Another important subgroup in the service sector is transportation. Net income from transportation decreased to $21 million in January from $23 million in same month of the preceding year.
In the same period, freight expenditures recorded a net deficit of $190 million corresponding to a 52 percent increase, while other transportation data showed a net surplus of $169 million reflecting a 14.2 percent increase in comparison with January 2010.
The insurance services account, consisting of data on insurance and reinsurance transactions that inolve non-residents, showed a net outflow of $23 million in January, corresponding to a 61.7 percent decrease compared to January 2010.
Trade in services generated a surplus of $338 million in January 2011 up 24.3 percent from $272 million in January 2010.

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