Merchandise exports rebound in January

Merchandise exports climbed 9.6% on an annual basis in January (December: -13.8% year-on-year). January’s outturn marked the best print since November 2022. Meanwhile, merchandise imports slid 14.3% on an annual basis in January (December: -15.2% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.8 billion surplus in January (December 2020: USD 1.0 billion surplus; January 2023: USD 0.4 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 5.7 billion deficit in January, compared to the USD 6.9 billion deficit in December.

Commenting on the outlook, UOB’s Andrés Pérez and Diego Ciongo stated: “For 2024, we expect a trade surplus of USD 20.0 million, led by a recovery in the agriculture sector and weaker imports due to the sharp depreciation of the currency and soft activity.”

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