Current account deficit widens in June

The current account recorded a USD 4.0 billion deficit in June, deteriorating from the USD 2.3 billion shortfall booked in May (June 2023: USD 0.2 billion deficit). Meanwhile, in the 12 months leading up to June, the current account posted a USD 31.5 billion deficit, compared to the USD 27.6 billion one clocked in May. The merchandise trade balance worsened from the previous month, posting a USD 6.7 billion surplus in June (May 2024: USD 8.4 billion surplus). Merchandise exports fell 1.9% year on year in June (May: -7.4% year on year). Conversely, merchandise imports jumped 14.4% on an annual basis in June (May: +0.7% yoy).

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