Balance of Payments - January 2026
Alper Gürler - Division Head
alper.gurler@isbank.com.trH. Erhan Gül - Unit Manager
erhan.gul@isbank.com.trDilek Sarsın Kaya - Asst. Manager
dilek.kaya@isbank.com.trBüşra Ceylan - Asst. Economist
busra.ceylan@isbank.com.trOnuray Günaydın - Asst. Economist
onuray.gunaydin@isbank.com.trCurrent account deficit stood at 6.8 billion USD in January.
In January, the current account balance recorded a deficit of 6.8 billion USD, exceeding market expectations. During this period, as well as the expansion of trade deficit and primary income deficit, the decline in net service revenues caused the current account deficit to increase by 69.1% yoy. Thus, the 12-month cumulative current account deficit, which has been increasing since September 2025, rose to 32.9 billion USD in January.
Expectations…
According to preliminary data from the Ministry of Trade, the trade deficit in February increased by 18.1% yoy to 9.2 billion USD and indicated that the trend of widening current account deficit continued in February. In addition, whether the rise in energy prices due to increased geopolitical concerns at the beginning of March will be permanent, is going to be closely monitored in terms of the current account balance outlook.
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