Turkey records a current deficit of $23.09 billion in the first half of 2025, according to the Central Bank of the Republic (CBRT)
In the first half of 2025, Turkey's current account showed a deficit trend, with a reported deficit of approximately $2 billion in June by the Central Bank of the Republic of Türkiye (CBRT). This marks the eighth consecutive month of deficit, with a widening from a surplus of $0.83 billion in June 2024. However, conflicting reports suggest that Turkey posted a $2 billion current account surplus in June 2025.
According to the CBRT, the goods trade deficit was substantial at $6.48 billion in June, while the services balance maintained a surplus of around $6 billion for the month. Net inflows from services, especially transportation and travel, contributed positively, but primary and secondary income balances showed deficits.
On the other hand, Trade Minister Ömer Bolat stated that in the first seven months of 2025, exports of goods and services increased, and Türkiye posted a $2 billion current account surplus in June 2025. Bolat highlighted growth in annualized services exports by 7.1% and total goods and services exports rising 4.3% year-on-year.
Regarding projections for July and August 2025, no specific figures were found. Given the mixed June data, either a continued deficit or a possible correction toward a surplus could be expected, but no definitive projection is available.
In the first half of 2025, goods posted a $6.5 billion deficit, while foreign direct investments (FDIs) reached $616 million in June, and travel services, mainly tourism, added $5.02 billion. Transportation services generated $1.88 billion in net income, and the services balance posted a $62.1 billion surplus over the past 12 months.
The primary income balance recorded a $17.6 billion deficit in the annualized period, and Turkey targets $40 billion in external financing over the next 3 years. Foreign banks' deposits in Türkiye rose by a net $494 million, with a $675 million increase in foreign currency deposits and a $181 million decline in Turkish lira deposits.
Despite the deficit trend, Bolat anticipates the positive trend in the annualized 12-month current account deficit to continue. The gold- and energy-excluded balance showed a $2.6 billion surplus in the first half of 2025. CBRT's foreign currency reserves fell by $4.05 billion in June, and annualized reserve losses reached $20.34 billion.
In summary, the current account balance in Turkey continues to show volatility, with a reported deficit of around $2 billion in June by the CBRT and a claimed surplus of the same amount by Trade Minister Bolat. The discrepancy likely relates to differences in data sources or classification. Exports and services are helping improve the current account, with Turkey targeting $40 billion in external financing over the next 3 years.
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