Bilancia Pagamenti Novembre
Sono usciti i dati ufficiali. Il dato e' migliore delle attese , il deficit del current account (partite correnti) si e' ridotto ad appena 559 milioni di $ con un calo dell'83% rispetto allo stesso mese del 2007.
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- CURRENT ACCOUNT
The current account deficit decreased by 83,3 percent to USD 559 million in November 2008 in comparison with a deficit of USD 3.348 million in the same month of 2007. An analysis of the sub-items shows that the decrease of foreign trade deficit in the balance of payments presentation by 63,3 percent to USD 1.380 million and the increase of services surplus by 62,1 percent to USD 948 million, as well as the decrease of net outflows in income item by 26,5 percent to USD 255 million led to an improvement in the current account deficit in November 2008 compared to the same month of 2007. On the other hand, net inflows in current transfers item recorded USD 128 million with a 28,5 percent decrease in November 2008 over the same month of 2007.
In the January-November 2008 period, the current account deficit posted a growth by 17,6 percent as compared to the same period of 2007, from USD 33.056 million to USD 38.861 million.
Foreign Trade
The foreign trade deficit, according to the balance of payments presentation, reached to USD 50.385 million in January-November 2008 showing an expansion of 20,4 percent over the same period of 2007. As regards the sub-items, imports (CIF) rose by 23,8 percent to USD 190.527, while exports (FOB) increased by 27,4 percent to USD 124.253 million and shuttle trade revenues are estimated to increase by 3,3 percent to USD 5.671 million in January-November 2008 in comparison with the same period of 2007.
Services
Based on January-September 2008 realizations and October-November 2008 estimates, the travel revenues increased by 18,2 percent to USD 20.814 million, while the travel expenditures increased by 8 percent to USD 3.162 million in comparison with the eleven months of 2007. As a result, the net travel revenues are estimated to increase by 20,2 percent to USD 17.652 million in January-November 2008.
The other important item of this category, transportation balance, which had recorded a net outflow of USD 187 million during the eleven-month period in 2007, recorded a net inflow of USD 31 million in the same period of 2008. As regards to sub-items in this period of 2008, freight expenditures recorded a net deficit of USD 2.745 million corresponding to 13,9 percent increase, whereas other transportation showed a net surplus of USD 2.776 million reflecting 24,9 percent increase over the eleven months of 2007.
Revenues from construction services performed abroad by the resident construction companies increased by 27,1 percent to USD 873 million in January-November 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 642 million in January-November 2008 corresponding to 17,2 percent decrease over the same period of 2007.
As a result of these developments, trade in services, which had shown a surplus of USD 13.210 million during the eleven-month period in 2007, also generated a surplus of USD 16.660 million in the same period of 2008 reflecting 26,1 percent increase.
Income
Income account consisting of compensation of employees and investment income recorded a net outflow of USD 7.005 million in January-November 2008, reflecting 10,1 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 2.211 million with 16,7 percent increase and 5.710 million with 20,8 percent increase respectively, whereas portfolio investments recorded a net inflow of USD 984 million in January-November 2008.
In comparison with the eleven-month period in 2007, the interest expenditures of long and short-term loans increased by 13,1 percent, realizing as USD 7.545 million in the same period of 2008.
Current Transfers
Current transfers recorded an inflow of USD 1.869 million in January-November 2008 decreasing 3,9 percent over the same period of 2007. Specifically, General Government item recorded a net surplus of USD 700 million and the revenues from workers’ remittances under other sectors recorded an income of USD 1.186 million in January-November 2008.
II- CAPITAL AND FINANCIAL ACCOUNTS
The financial account recorded a net capital inflow of USD 36.481 million in January-November 2008, reflecting 17,9 percent growth over the same period of 2007. The main developments under financial account during this period are summarized as follows:
Direct Investment
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 16.055 million in January-November 2008 decreasing by 14,6 percent in comparison with USD 18.809 million observed in the same period of 2007. As regards the sub-items during the eleven-month period in 2008, estimated net real estate purchases of nonresidents in Turkey increased by 2,9 percent realizing as USD 2.751 million and net loans received from parent companies abroad recorded a net disbursement of USD 78 million in January-November 2008.
Residents’ net direct investment abroad recorded net amount of USD 2.378 million in January-November 2008, increasing from USD 1.992 million in the same period of 2007. As a result of these developments, direct investment indicated a net inflow of USD 13.677 million during the eleven months in 2008, a decline by 18,7 percent over the same period of 2007.
Portfolio Investment
Portfolio investment, which had resulted in a net inflow of USD 110 million in January-November 2007, showed a net outflow of USD 4.945 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 1.720 million in January-November 2007, and USD 1.274 million in the same period of 2008 as well.
As for the developments in portfolio investments’ liabilities side regarding the bond issues in international capital markets, General Government did not realize a new issue or repayment in November 2008. As a result, the previous net disbursement figure of USD 1.134 million in January-October 2008 remained unchanged in the eleven-month period as well.
Non-residents’ security transactions associated with equity securities recorded net sales of USD 256 million in November 2008 resulting in net purchases of USD 460 million in January-November 2008. Furthermore, government debt securities issued in the domestic capital market recorded net sales of USD 5.265 million in January-November 2008 including USD 820 million net sales observed in November of 2008.
Other Investment
The other investment account, which is composed of trade credits, loans and foreign exchange deposit accounts, recorded a net inflow of USD 30.089 million in January-November 2008, in comparison with USD 20.797 million observed in the same period of 2007.
a. Assets
As regards the trade credits extended in return for exports, USD 403 million were extended to non-residents on net basis in January-November 2008, decreasing from USD 2.086 million observed in the same period of 2007. With regard to the loans, non-residents realized net repayment of USD 162 million and USD 37 million during the eleven-month period of 2007 and 2008 respectively.
Banks’ foreign exchange holdings with foreign correspondents, which had decreased by USD 333 million in January-November 2007, recorded an increase of USD 6.486 million in the same period of 2008.
b. Liabilities
The liabilities of other investment indicated an expansion of USD 36.135 million in January-November 2008, increasing from USD 22.388 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 2.304 million in January-November 2008 compared with USD 3.922 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 1.906 million in January-November 2008 including the repayment figure of USD 102 million in November 2008. For the long-term loans received from international capital markets and other international organizations, the General Government materialized a net repayment of USD 1.001 million in January-November 2008. In comparison with the eleven-month period of 2007, the net credit disbursement of banking sector increased by 10,8 percent to USD 5.389 million and of other sectors rose by 4,9 percent to USD 24.164 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 2.940 million in January-November 2008, in contrast to USD 5.504 million decrease posted in the same period of 2007. Specifically, nonresident banks’ net deposit holdings in Turkey increased by USD 4.251 million in the eleven months of 2008.
Reserve Assets
Official reserves, a sub-item under reserve assets, which had recorded an increase of USD 6.779 million in January-November 2007, also recorded an increase of USD 2.340 million in the same period of 2008.
