Current account deficit widens in May

Latest reading: The current account posted a USD 2.9 billion deficit in May, deteriorating from the USD 1.9 billion deficit booked in April (May 2024: USD 2.5 billion deficit). Meanwhile, in the 12 months leading up to May, the current account posted a USD 69.4 billion deficit, widening from the USD 69.0 billion deficit clocked in April. The merchandise trade surplus narrowed from the previous month and undershot market expectations in May, recording a USD 7.2 billion surplus (April 2025: USD 7.6 billion surplus). Merchandise exports were broadly stable, falling just 0.1% annually in May (April: -1.4% year on year). Meanwhile, merchandise imports increased 4.7% over the same month last year in May (April: +1.7% yoy).

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