Merchandise exports expanded 4.3% annually in July, following June’s 12.0% rise. Meanwhile, merchandise imports rose 21.5% y/y in July (June: +24.5% y/y).
As a result, the merchandise trade balance deteriorated from the previous month, posting a deficit of $3.7 billion in July (June 2022: $1.5 billion deficit; July 2021: $0.2 billion surplus). Finally, the trend was to the downside, with the 12-month overdue Goods Trade Balance posting a deficit of $10.2 billion in July, compared to a deficit of $6.4 billion in June.
FocusEconomics members expect exports to grow by 5.0% in 2022 and imports to grow by 7.6%, which would bring the trade surplus to $36.1 billion. In 2023, exports and imports are expected to increase by 5.0% and 5.8%, respectively, with a trade surplus of $36.1 billion.