ANKARA - The current account balance, which had recorded a 416 million U.S. dollars of deficit in January-September of 2002, also realized a 4 billion 34 million U.S. dollars of deficit over the same period in 2003.
In comparison with the same period of the previous year, the foreign trade balance recorded 9 billion 804 million U.S. dollars of deficit increasing by 76,8 percent in January-September 2003. The key factors underlying this development are:
- the increase of export (FOB) revenues by 30,4 percent, realizing as 33 billion 555 million U.S. dollars.
- the decrease of shuttle trade by 5,0 percent, realizing as 2 billion 794 million U.S. dollars,
- the increase of import (CIF) expenditures including gold imports by 34,5 percent, realizing as 48 billion 963 million U.S. dollars.
Investment income, which had shown a net outflow of 3 billion 321 million U.S. dollars in January-September 2002, also recorded a net outflow of 4 billion 107 million U.S. dollars in the same period of 2003. The main components of investment income, direct investment income, portfolio investment income, and other investment income consisting of the interest income and expenditures had shown a net outflow of 175 million U.S. dollars, 1 billion 1 million U.S. dollars and 2 billion 931 million U.S. dollars in January-September 2003, respectively.
In January-September 2003, interest expenditures of long-term loans increased by 6,4 percent, realizing as 3 billion 177 million U.S. dollars. Among the important items under this heading, deposit accounts opened with the Central Bank, which recorded a 47 percent increase in interest payments, realized as 119 million U.S. dollars in September 2003.
In comparison with the same period in 2002, current transfers, increased by 8 percent, realizing as 2 billion 676 million U.S. dollars in January-September of 2003. Meanwhile, workers' remittances, one of the main sub-items of current transfers, realized as 1 billion 710 million U.S. dollars in the same period of 2003. Imports with waiver, the other significant sub-item, also recorded a rise of 3,8 percent, realizing as 730 million U.S. dollars.
Portfolio investment resulted in a net inflow of 1 billion 217 million U.S. dollars in September 2003 while a net outflow of 1 billion 263 million U.S. dollars and a net inflow of 2 billion 465 million U.S. dollars realized in January-September of 2002 and 2003, respectively.
(EÖ-AÖ) 01.12.2003