Ankara: Trkiye ran a current account surplus of $457 million in October, extending its positive trend to the fourth consecutive month, led by direct investments improving financial quality, a rise in production capacity, and increasing employment. The country's economy continued to grow for the last 21 quarters, led by the economic administration's program supporting the disinflation process.

According to Anadolu Agency, the current account surplus, excluding gold and energy, was a little over $7 billion in October, while the foreign trade deficit defined by balance of payments was $5.9 billion. On an annual basis, the current account deficit was $22 billion, and the foreign trade deficit defined by balance of payments was $67.3 billion in October.

Ibrahim Unalmis, director of the financial research center at Istanbul Bahcesehir University, stated that Trkiye continues to run current account surpluses for four consecutive months while exports rise. He noted that typically, a four-month current account surplus occurs due to economic slowdowns and weak demand.

Ismet Demirkol, founder of consultancy firm Pariterium, highlighted that the rise in tourism revenue among services exports significantly contributed to the current account surplus. However, he emphasized the need for more high-tech, green energy, industry, and digitalization exports to sustain the surplus. He added that industrial production needs to accelerate to compensate for the decline in tourism revenues.

Timothy Ash, senior strategist at RBC Bluebay Asset Management, commented that the current account surplus is not surprising. He remarked that the annualized current account deficit was a low figure considering the recent real appreciation of the Turkish lira.