Current account deficit narrows in April

Latest reading: The current account posted a USD 1.3 billion deficit in April, improving from the USD 2.6 billion deficit clocked in March (April 2024: USD 1.7 billion deficit). Meanwhile, the 12-month trailing current account deficit deteriorated, coming in at USD 68.5 billion in April (March: USD 68.9 billion deficit). The merchandise trade balance improved from the previous month, recording a USD 8.2 billion surplus in April (March 2025: USD 7.8 billion surplus); April’s trade balance surplus was the largest since May 2024, but still undershot market projections. Merchandise exports were broadly stable rising just 0.3% over the same month last year in April (March: +4.1% year on year). Meanwhile, merchandise imports climbed 1.6% on an annual basis in April (March: +2.6% yoy), marking the weakest result in 11 months.

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