Merchandise exports jumped 30.2% year-on-year in August, following July’s 32.0% rise. Meanwhile, merchandise imports rose 32.8% year-on-year in August (July: +39.9% YoY).
As a result, the merchandise trade balance improved from the previous month, posting a surplus of US$5.8 billion in August (July 2022: US$4.2 billion surplus; August 2021: US$4.8 billion surplus). Finally, the trend was to the upside, with the 12-month overdue merchandise trade balance posting a surplus of $49.6 billion in August, compared to a surplus of $48.6 billion in July.
Committee members expected exports in 2022 to increase by 20.2% and imports to rise by 16.6%, with a trade surplus of US$49.7 billion. In 2023, members of the FocusEconomics Committee expect exports to increase by -1.3%, while imports will rise by 2.9%, with a trade surplus of $39.4 billion.