Balance of Payments - March 2026

In March, the current account deficit reached its highest level since January 2023 at 9.7 billion USD. During this period, the rapid expansion of the balance of payments defined trade deficit, caused the current account deficit to nearly double on an annual basis. Thus, the current account deficit, which stood at 23.7 billion USD in the first quarter of the year, rose to 39.7 billion USD as of March, according to 12-month cumulative data.

In March, as geopolitical tensions escalated rapidly, the current account balance recorded a deficit of 9.7 billion USD, the highest in over three years. On the other hand, according to preliminary foreign trade data from the Ministry of Trade, exports rose sharply by 22.3% yoy in April, partly driven by front-loaded demand, while the increase in imports remained limited at 3.1%. Thus, the trade deficit remained high at 8.5 billion USD, although declining by approximately 30% yoy. Despite the peace talks that began between the U.S. and Iran in April, the lack of a consensus is causing oil prices to remain elevated. In this environment, the effects of geopolitical developments on energy prices, global economic activity, and tourism will continue to be closely monitored.