Merchandise exports increase in April

Latest reading: Merchandise exports rose 2.3% annually in April, following March’s 2.3% increase. Higher agricultural and manufactured exports were partly offset by lower energy exports. Meanwhile, merchandise imports jumped 37.3% on an annual basis in April (March: +39.0% yoy), thanks to the strong peso in real terms, recovering economic activity, plus reduced government restrictions on imports. As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.2 billion surplus in April (March 2025: USD 0.6 billion surplus; April 2024: USD 1.8 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 14.0 billion surplus in April, compared to the USD 15.6 billion surplus in March.

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