Similarly, South Africa, a major metals producer, saw its trade deficit widen to about 4.5% of GDP after a wave of strikes damaged the mining industry and sharp fall in exports. With the current accoutn of balance of payments still under pressure, some observers argue that South Africa is more vulnerable to capital outflows, BusinessDay reports.

While still exposed to potential currency risks and trade deficit, Turkey’s current account deficit was at 4.8 of GDP but fell to a 27-month low in January. Lower domestic demand and greater exports, supported by a weak lira, have helped reduce the deficit. However, as the country relies on oil imports, any changes in oil prices could weigh on the economy.

“We saw around $1.7 billion worth of improvement in Turkey’s foreign trade gap in January from the previous year, mainly due to the decrease in oil prices,” Oyak Investment economist Mehmet Besimoğlu said on Hurriyet Daily News.

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Max Chen contributed to this article.