Merchandise exports rise at a slower rate in August

Latest reading: Merchandise exports increased 1.3% year on year in August (July: +5.8% yoy). This was less than half market expectations, with exports to the U.S. falling by double digits due to tariffs. Once again, semiconductors buoyed overall exports thanks to surging global AI demand. Meanwhile, merchandise imports fell 4.0% over the same month last year in August (July: +0.7% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.5 billion surplus in August (July 2025: USD 6.6 billion surplus; August 2024: USD 3.6 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 62.6 billion surplus in August, compared to the USD 59.7 billion surplus in July.

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