Current account deficit widens more than projected in July

Latest reading: The current account posted a USD 7.1 billion deficit in July, deteriorating from the USD 5.3 billion deficit recorded in June (July 2024: USD 5.2 billion deficit) but still overshooting market expectations. Meanwhile, the 12-month trailing current account deficit widened, coming in at USD 75.3 billion in July (June: USD 73.3 billion deficit). The merchandise trade balance improved from the previous month, recording a USD 7.1 billion surplus in July (June 2025: USD 5.7 billion surplus). Merchandise exports climbed 4.8% year on year in July, following June’s 0.8% rise. The upturn marked the strongest growth in a year and reflected increases in manufacturing, extractive industries and the agricultural sector. Meanwhile, merchandise imports expanded 8.4% on an annual basis in July (June: +3.8% yoy), marking the strongest result since February.

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