Turkey posts $2.03 billion current account deficit in March
Turkey's balance of payments on current accounts indicated a deficit of $2.03 billion in March. With this figure, the cumulative current account deficit reached $5.04 billion in the first quarter of 2004 against $2.8 billion recorded in the same period of last year.
Imports surged by 41% to $7.6 billion in March from $5.4 billion in the same month of previous year while exports soared by 27% to $5.3 billion. The tourism revenues amounted to $1.71 million in the first quarter, indicating a 42.6% increase compared to the corresponding period of last year.
This situation grew out from imports revenue, including gold, to reach $20.2 billion with an increase of 40.7% in the first quarter against exports revenue of $13.4 billion and shuttle trade of $877 million.