Merchandise exports rose 20.3% y/y in September (August: +29.9% y/y). September results posted the slowest expansion since February 2021. Meanwhile, merchandise imports jumped 22.0% year-on-year in September (August: +32.8% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, posting a surplus of $5.0 billion in September (August 2022: surplus of $5.7 billion; September 2021: surplus of $4.4 billion). Finally, the trend was to the upside, with the 12-month overdue merchandise trade balance posting a surplus of $50.2 billion in September, compared to a surplus of $49.6 billion in August.
Committee members expected that in 2023 exports will decline 1.3% and imports will rise 2.9%. In 2024, members of the FocusEconomics Committee expect exports to increase by 2.8%, while imports will rise by 3.4%.