Merchandise trade slips into deficit in August

Latest reading: In August, the trade balance was USD -1.9 billion, following a USD 0.0 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD -1.1 billion. Exports rose 7.4% in year-on-year terms in August, coming on the back of 4.0% growth in the previous month. While car exports fell slightly—likely dampened by U.S. tariffs—this was more than compensated by higher sales of other goods. Moreover, overall export sales to the U.S. continued to rise at a solid pace. Imports dropped 0.1% in year-on-year terms in August, coming on the back of 1.7% growth in the previous month.

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