2023 Balance of Payments Statistics for TRNC Released

The Turkish Republic of Northern Cyprus (TRNC) Central Bank and Statistics Institute have published the 2023 Balance of Payments Statistics, highlighting a 25.24% increase in the trade deficit and a 46.88% rise in net tourism revenues compared to the previous year.

Current Account Surplus

The current account showed a surplus of $123.1 million in 2022, which increased to $412.2 million in 2023.

Trade Balance

Exports rose by 21.8% from $144.7 million in 2022 to $176.24 million in 2023. Imports increased by 25.02%, from $2.279 billion to $2.849 billion, resulting in a trade deficit of $2.673 billion, up 25.24% from the previous year.

Services Balance

Net income from services grew from $1.786 billion in 2022 to $2.437 billion in 2023, driven by tourism and education. Tourism revenues surged by 46.88% to $1.707 billion, while education revenues increased by 14.95% to $741.22 million.

Primary and Secondary Income Balances

Primary income rose from $138.7 million in 2022 to $336 million in 2023, while secondary income fell from $332.4 million to $312.2 million.

Capital and Financial Accounts

Capital outflows totaled $15.8 million in 2023, up from $0.29 million in 2022. Financial account outflows dropped from $283.3 million in 2022 to $44.31 million in 2023. Direct investment inflows doubled to $843.6 million, with real estate leading the investments.

Reserves and Discrepancies

Reserve assets increased by $760 million, up from $539 million in 2022. Net errors and omissions rose significantly to $352.1 million from $160.4 million.