Turkey Records a Monthly Current-Account Surplus in August
Türkiye posted a current-account surplus of $4.053 billion in August, while its balance excluding gold and energy showed a larger surplus of $8.205 billion. The figures, released by the Central Bank of the Republic of Türkiye, point to a strong monthly contribution from services and a narrower underlying balance when volatile gold and energy items are excluded.
The balance of payments recorded a goods trade deficit of $3.746 billion for the month. This means imports of goods exceeded exports, even as the overall current account moved into surplus. Net income from services helped offset the shortfall in merchandise trade.
Services generated net inflows of $9.711 billion in August. Travel was the largest contributor, bringing in $7.285 billion in net revenue. Transport services added a further $3.265 billion. These figures highlight the importance of tourism and transport-related activity in supporting Türkiye’s external accounts.
The monthly surplus should be distinguished from the annualised position. On a rolling 12-month basis, Türkiye’s current-account deficit stood at approximately $42.1 billion in August. The annualised balance of payments-defined goods trade deficit was $78.4 billion.
Other components also shaped the year-long picture. The services balance recorded a surplus of $63.9 billion, while the primary income balance posted a deficit of $25.6 billion. The secondary income balance was in deficit by $1.9 billion.
What the figures show
A monthly surplus and an annualised deficit are not contradictory. The monthly figure reflects transactions recorded in August alone, whereas the annualised measure combines the latest month with the preceding 11 months. A strong result in one month can therefore coexist with a deficit accumulated over a longer period.
The gap between the overall current-account balance and the figure excluding gold and energy is also significant. Türkiye recorded a $4.053 billion surplus overall, compared with an $8.205 billion surplus once gold and energy are removed. The adjusted measure can help show how the external balance looks without those two categories, although it does not replace the headline figure.
The goods trade deficit remained a drag on the current account. Even with substantial service-sector receipts, the $3.746 billion shortfall in goods trade meant that exports and imports of merchandise continued to exert pressure on the monthly balance.
Services income provided a major offset. Net travel receipts of $7.285 billion exceeded net transport receipts, which reached $3.265 billion. Together, these streams supported the services surplus and helped compensate for the goods deficit.
The annualised data present a broader challenge. A $63.9 billion services surplus was not enough to fully counter the $78.4 billion goods trade deficit, while the primary and secondary income balances were also negative. As a result, the current account remained in deficit over the 12-month period despite August’s positive monthly outcome.
For businesses and policymakers, the distinction between headline and adjusted balances matters. The headline measure includes the full effect of gold and energy transactions, while the ex-gold-and-energy figure offers another way to assess the underlying monthly position. Neither number alone explains every movement, but together they provide a more complete view of external flows.
August’s results therefore combine two different signals: a clear monthly surplus, led in part by services, and a sizeable annualised deficit reflecting the cumulative impact of trade and income flows. Future monthly balances will determine whether the improvement extends beyond a single period.