Merchandise exports accelerate in January

Merchandise exports soared 42.2% year-on-year in January, following December’s 13.1% upturn. January’s result marked the fastest outturn since April 2021. However, the data was flattered by a low base effect, as exports plummeted in January 2023 amid Lunar New year celebrations—which this year fall in February. Looking at subsectors, the crucial electronics and textile industries saw rapid expansions in the month, driving the headline reading. Meanwhile, merchandise imports jumped 33.5% in annual terms in January (December: +12.3% yoy), marking the strongest reading since June 2021. As a result, the merchandise trade balance improved from the previous month, recording a USD 2.9 billion surplus in January (December 2023: USD 2.3 billion surplus; January 2023: USD 0.7 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 30.1 billion surplus in January, compared to the USD 27.9 billion surplus in December.

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