Merchandise exports decline in May

Latest reading: Merchandise exports contracted 7.4% annually in May, on the heels of April’s 2.3% increase. The figure marked the sharpest fall since December 2023, and was driven by lower energy and manufactured food products. Meanwhile, merchandise imports climbed 29.4% in annual terms in May (April: +37.3% yoy), aided by recovering consumer demand, the strong peso in real terms, and reduced import restrictions. As a result, the merchandise trade balance improved from the previous month, recording a USD 0.6 billion surplus in May (April 2025: USD 0.2 billion surplus; May 2024: USD 2.7 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 11.9 billion surplus in May, compared to the USD 14.0 billion surplus in April.

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