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(Bloomberg) — Turkey’s current-account balance swung to deficit in November in the absence of a significant boost from tourism income and amid a widening gap in the trade of goods.
The deficit was $2.68 billion, compared with a revised surplus of $3.14 billion in October and a deficit of $3.55 billion a year earlier, the central bank said on its website Tuesday. Turkey posted a surplus for three months before November due to an improvement in trade and balance of services.
The median estimate in a Bloomberg survey was for a deficit of $2.5 billion. The 12-month rolling shortfall is $14.3 billion.
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Key Insights
Net goods trade registered a gap of $3.48 billion, compared with a deficit of $3.86 billion in November 2020 and a surplus of $82 million in October 2021. The trade gap rose partly due to increasing energy importsBalance of trade in services posted a $1.92 billion surplus as tourism income dropped from previous month with the end of…