Türkiye’s current account recorded a surplus of $36 million in July 2026, according to balance-of-payments data released by the Central Bank of the Republic of Türkiye on September 11. The monthly balance moved narrowly into positive territory after the deficit reported for June. Excluding gold and energy, the current account produced a much larger surplus of $4.972 billion. The balance-of-payments-defined foreign trade deficit was $5.579 billion.
The July headline figure was very close to zero, so the $36 million surplus should not by itself be treated as evidence of a large or permanent shift in the external balance. The stronger surplus excluding gold and energy highlights the influence of those volatile items on the monthly result. The current account combines trade in goods and services with primary-income and secondary-income flows.
Twelve-month deficit stands at $40.7 billion
A separate assessment published by Türkiye’s Trade Ministry on the same day put the annualised current-account deficit at $40.7 billion as of July 2026. The deficit accumulated during the first seven months of the year was $34.8 billion. The ministry said annualised exports of goods and services rose 3.3 percent from a year earlier to $403.2 billion. Annualised services exports reached $124.7 billion, including $60.3 billion in travel revenue and $43.7 billion in transport revenue.
These numbers describe different periods. The $36 million surplus covers July alone, while the $40.7 billion deficit represents the cumulative outcome over the latest twelve months. They are therefore not contradictory. When assessing an economy’s external financing requirement, the monthly current-account balance is usually considered alongside the annualised series and the components of the financial account.
Services supported the balance
The official assessment emphasised the contribution of services exports, particularly travel and transport receipts. The foreign trade deficit measured under balance-of-payments definitions worked in the opposite direction. The gap between the headline current account and the balance excluding gold and energy shows how strongly trade in those two categories can change the monthly picture.
The release matters because the current account measures the broad difference between foreign-currency earnings and payments arising from transactions with the rest of the world. When a deficit occurs, it must be financed through channels such as direct investment, portfolio flows, borrowing or changes in reserves. Monthly figures can be affected by seasonal patterns and one-off transactions, however, making a multi-month trend more informative than a single observation.
What comes next
Following the July release, August foreign trade data, tourism receipts and the energy import bill will be important for judging the direction of the external balance. The central bank’s next balance-of-payments release will show whether July’s narrow surplus was sustained. Balance-of-payments statistics can also be revised as more detailed information becomes available, so comparisons should rely on the latest published data set.
In summary, Türkiye posted a small headline current-account surplus in July, while the measure excluding gold and energy remained much more strongly positive. At the same time, the annualised account was still in deficit. Together, those figures support a cautious reading: July delivered a better monthly result, but the broader external-balance picture cannot be reduced to one month.
