Merchandise exports growth soars in April

Latest reading: Merchandise exports jumped 25.7% on an annual basis in April (March: +13.6% year-on-year). April’s figure marked the strongest growth since August 2022. The spike was largely due to shipment frontloading ahead of expected tariff increases in July and should give exports only a temporary boost. Meanwhile, merchandise imports climbed 29.6% on an annual basis in April (March: +3.3% yoy), marking the strongest result since August 2024. The merchandise trade balance deteriorated from the previous month, recording a USD 1.2 billion surplus in April (March 2025: USD 5.6 billion surplus; April 2024: USD 1.6 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 31.6 billion surplus in April, compared to the USD 32.1 billion surplus in March.

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