The current account registered a record surplus of $2,631 million in 1994 compared with the record deficit of $6,433 million a year previously, according to the central bank. The trade deficit contracted by 70 per cent to $4,216 million in 1994 compared with a year previously.
Exports increased by 18 per cent to $18,390 million on the strength of a cheaper lira, due mainly to the large devaluation during the economic crisis. The government also significantly increased credit support to traders in its export drive designed to alleviate the crisis.
Imports fell by 24.1 per cent to $22,606 million because of a crisis- induced slump in demand. Consumer goods imports plummeted by 32.5 per cent, and capital goods imports fell by 27.9 per cent, according to the central bank. Imports of oil products fell by 13.7 per cent.
Tourism earnings increased by 9 per cent to around $4,321 million on the strength of an 8 per cent rise in visitors. Remittances from expatriate workers fell by 10 per cent to $2,627 million.
Net direct investment fell back by around 10 per cent to $559 million, and portfolio investment even more by around 70 per cent to $1,158 million. Other long-term capital flows were a minus $784 million, compared with a positive $1,370 million a year earlier. Net short-term capital flows registered a negative $5,100 million, compared with a positive $3,000 million the year before. The total overall balance declined to $206 million from $308 million in the period.