BALANCE OF PAYMENTS DEVELOPMENTS
IN JANUARY-SEPTEMBER 2008
• Detailed tables related to balance of payments
developments can be found at the
internet address: http://www.tcmb.gov.tr/ under the
heading “Publications/Periodic
Publications/Balance of Payments Statistics and International Investment
Position”.
The current account deficit
decreased by 60,1 percent to USD 914 million in September 2008 in comparison
with a deficit of USD 2.288 million in the same month of the previous year. As
regards the sub-items in September 2008, it is observed that foreign trade
deficit in the balance of payments presentation decreased by 15,1 percent
to USD 3.404 million and net outflows in income item decreased by 25,4
percent to USD 680 million, while services surplus rose by 16,3 percent
to USD 2.847 million and net inflows in current transfers item recorded
USD 323 million with a 75,5 percent decrease over the same month of 2007.
As a result, in January-September 2008, the current account
deficit posted a growth by 35,6 percent as compared to the
same period of 2007, from USD 26.074 million to USD 35.362 million.
Foreign
Trade
The foreign
trade deficit,
according to the balance of payments presentation, reached to USD 44.773
million in January-September 2008 showing an expansion of 32,4 percent over the
same period of the previous year. As regards the sub-items for
January-September 2008, imports (CIF) including gold imports rose by
34,4 percent to USD 163.518, while exports (FOB) increased by 38 percent
to USD 105.349 million and shuttle trade revenues increased by 5,3
percent to USD 4.625 million.
Services
The
related survey results for January-September 2008 conducted by the Turkish
Statistical Institute indicate that the travel revenues increased by
19,4 percent to USD 17.457 million, while the travel expenditures
increased by 9,3 percent to USD 2.605 million in comparison with the same
period of 2007. As a result, the net travel revenues increased by 21,4
percent to USD 14.852 million in the aforementioned period of 2008.
The other important item of this category, transportation balance,
which had recorded a net inflow of USD 31 million during the nine-month
period in 2007, recorded a net
outflow of USD 165 million in the same period of this year. As regards to sub-items in this period of 2008, freight expenditures recorded a net deficit of USD 2.479 million corresponding to 32,4 percent
increase, whereas other
transportation showed a net surplus
of USD 2.314 million reflecting 21,5 percent increase over the
first nine months of 2007.
Revenues from construction services performed abroad by the
resident construction companies increased by 26 percent to USD 702 million in
January-September 2008 in comparison with the same period of 2007.
Insurance services account, which consists of the data on insurance and
reinsurance transactions with non-residents, showed net outflow of USD 554
million in January-September 2008 corresponding to 16,7 percent decrease over
the same period of 2007.
As a result of
these developments, trade in services, which had shown a surplus of USD
11.618 million during the nine-month period in 2007, also generated a surplus
of USD 14.001 million in the same period of 2008 reflecting 20,5 percent
increase.
Income
Income
account consisting of compensation of employees and investment income
recorded a net outflow of USD 6.180 million in January-September 2008,
reflecting 12,9 percent increase over the same period of 2007. The two main
sub-items under investment income, namely direct investment mainly
consisting of profit transfers and other investment consisting of the
interest income and expenditures, recorded net outflow of USD 2.087 million
with 39,1 percent increase and 4.445 million with 22,7 percent increase
respectively, whereas net income flow of portfolio investments recorded
a net inflow of USD 433 million in January-September 2008.
In comparison
with the nine-month period in 2007, the interest expenditures of long and
short-term loans increased by 14,7 percent, realizing as USD 6.014 million
in the same period of 2008.
Current Transfers
Current transfers
recorded an inflow of USD 1.590 million in January-September 2008 decreasing
0,7 percent over the same period of the previous year. Specifically, General
Government item recorded a net surplus of USD 600 million and the revenues
from workers’ remittances under other sectors recorded an income
of USD 961 million in January-September 2008.
II- CAPITAL
AND FINANCIAL ACCOUNTS
The financial
account
recorded a net capital inflow of USD 40.698 million in January-September 2008,
reflecting 57,4 percent growth over the same period of 2007. The main
developments under financial account during this period are summarized as
follows:
As
regards to non-residents’ net direct investment in Turkey, which
includes the inter-company loans received from parent companies abroad and real
estate purchases of non-residents in Turkey, it reached to USD 12.311 million
in January-September 2008 decreasing by 28 percent in comparison with USD
17.096 million observed in the same period of 2007. As regards the sub-items
during the nine-month period in 2008, net real estate purchases of
nonresidents in Turkey increased by 8,5 percent realizing as USD 2.226 million
and net loans received from parent companies abroad recorded a net
disbursement of USD 44 million in January-September 2008.
Residents’ net
direct investment abroad recorded a net outflow of USD 2.272 million in January-September 2008,
increasing from USD 1.790 million in the same period of 2007. As a result of
these developments, direct investment indicated a net inflow of USD
10.039 million during the nine months in 2008, a decline by 34,4 percent over
the same period of 2007.
Portfolio investment,
which had resulted in a net inflow of USD 4.082 million in January-September
2007, also showed a net inflow of USD 158 million in the same period of 2008.
As for the
developments in portfolio investments’ assets side, it is observed that
residents’ security transactions abroad recorded net purchases of USD 2.335
million in January-September 2007, and USD 1.770 million in the same period of
2008 as well.
As
for the developments in portfolio investments’ liabilities side, on
September 2008, General Government borrowed USD 1,5 billion in the form
of bond issues in international capital markets. As a result, net borrowing of
USD 1.134 million was observed in January-September 2008.
Non-residents’ security
transactions associated with equity securities recorded net sales of USD
260 million in September 2008 resulting in net purchases of USD 2.081 million
in January-September 2008. Furthermore, government debt securities issued in
the domestic capital market recorded net sales of USD 1.287 million in
January-September 2008 including USD 1.050 million net sales observed in
September of this year.
Other
Investment
The other investment account, which is composed of trade credits, loans
and foreign exchange deposit accounts, recorded a net inflow of USD 34.697
million in January-September 2008, in comparison with USD 14.409 million
observed in the same period of 2007.
a. Assets
As regards the
trade credits extended in return for exports, USD 1.231 million were
extended to non-residents on net basis in January-September 2008, increasing
from USD 776 million observed in the same period of the previous year. With
regard to the loans, USD 33 million were extended to non-residents on
net basis during the nine-month period in 2008 compared to USD 125 million net
repayment observed in the same period of 2007.
Banks’ foreign exchange
holdings with foreign correspondents, which had increased by USD 3.025 million in January-September 2007,
also recorded an increase of USD 5.017 million in the same period of 2008.
b. Liabilities
The liabilities
of other investment indicated an expansion of USD 40.978 million in
January-September 2008, increasing from USD 18.085 million posted in the same period of 2007.
As regards to
the subcategories of liabilities, trade credits, which are provided for
imports, indicated a net disbursement of USD 5.333 million in January-September 2008 compared with
USD 3.391 million in the same
period of 2007.
With regard to the sub-categories of the loans, due to the International Monetary Fund loans, the General Government realized a net disbursement of USD 2.243
million in January-September 2008 including the repayment figure of USD 213
million in September 2008.
For the long-term loans received from international capital markets and other
international organizations, the General Government materialized a net
repayment of USD 590 million in January-September 2008. In comparison with the
nine-month period of 2007, the net credit disbursement of banking sector
increased by 50,1 percent to USD 6.227 million and of other sectors rose
by 25,8 percent to USD 23.143 million in the same period of 2008.
Currency and deposits item, which is composed of the deposits of nonresidents held with the Central Bank and the resident banks, indicated an increase by USD 4.209 million in January-September 2008, in contrast to USD 4.937 million decrease posted in the same period of 2007. Specifically, nonresident banks’ net deposit holdings in Turkey increased by USD 5.021 million in the nine months of 2008.
Reserve
Assets
Official reserves, a sub-item under reserve assets, which had recorded an increase
of USD 7.934 million in January-September 2007, also recorded an increase of
USD 4.196 million in the same period of 2008.
|
DETAILED
PRESENTATION (*) |
2007 |
2008 |
2008 |
2008 |
2008 |
2008 |
2008 |
2008 |
2008 |
2008 |
2008 |
|
|
|
(Million US Dollars) |
Jan.-Sept. |
January |
February |
March |
April |
May |
June |
July |
August |
September |
Jan.-Sept. |
|
I
- |
CURRENT
ACCOUNT |
-26074 |
-4087 |
-3824 |
-4202 |
-5065 |
-4695 |
-5520 |
-4002 |
-3053 |
-914 |
-35362 |
|
|
Goods, Services and Income (A+B+C) |
-27676 |
-4242 |
-3979 |
-4383 |
-5178 |
-4857 |
-5669 |
-4209 |
-3198 |
-1237 |
-36952 |
|
|
Goods and Services (A+B) |
-22204 |
-4074 |
-3279 |
-3341 |
-4528 |
-4009 |
-4672 |
-3741 |
-2571 |
-557 |
-30772 |
|
A. |
GOODS |
-33822 |
-4573 |
-3404 |
-4074 |
-4999 |
-5335 |
-6278 |
-6348 |
-6358 |
-3404 |
-44773 |
|
|
Exports |
82257 |
11230 |
11762 |
12245 |
12055 |
13245 |
12440 |
13350 |
11995 |
13687 |
112009 |
|
|
Imports |
-116079 |
-15803 |
-15166 |
-16319 |
-17054 |
-18580 |
-18718 |
-19698 |
-18353 |
-17091 |
-156782 |
|
1. |
General Merchandise |
-29683 |
-4981 |
-3732 |
-4373 |
-4978 |
-4721 |
-5539 |
-5938 |
-4799 |
-2543 |
-41604 |
|
1.1. |
Exports f.o.b. |
81689 |
10259 |
10997 |
11842 |
11939 |
13187 |
12399 |
13308 |
11966 |
13637 |
109534 |
|
1.1.1. |
Exports f.o.b. |
76334 |
10642 |
11094 |
11457 |
11401 |
12509 |
11770 |
12602 |
11043 |
12831 |
105349 |
|
1.1.2. |
Shuttle trade |
4394 |
441 |
485 |
522 |
462 |
503 |
441 |
490 |
704 |
577 |
4625 |
|
1.1.3. |
Adjustment: Coverage |
961 |
-824 |
-582 |
-137 |
76 |
175 |
188 |
216 |
219 |
229 |
-440 |
|
1.2. |
Imports f.o.b. |
-111372 |
-15240 |
-14729 |
-16215 |
-16917 |
-17908 |
-17938 |
-19246 |
-16765 |
-16180 |
-151138 |
|
1.2.1. |
Imports c.i.f. |
-121684 |
-16339 |
-16027 |
-16812 |
-17889 |
-19305 |
-19472 |
-20552 |
-19249 |
-17873 |
-163518 |
|
1.2.2. |
Adjustment: Classification |
7022 |
782 |
1061 |
773 |
1074 |
952 |
1018 |
1148 |
1120 |
953 |
8881 |
|
1.2.3. |
Adjustment: Coverage |
3290 |
317 |
237 |
-176 |
-102 |
445 |
516 |
158 |
1364 |
740 |
3499 |
|
2. |
Non Monetary Gold (net) |
-3782 |
448 |
364 |
363 |
49 |
-528 |
-658 |
-310 |
-1449 |
-759 |
-2480 |
|
|
Exports |
518 |
967 |
761 |
399 |
111 |
52 |
32 |
36 |
22 |
43 |
2423 |