Merchandise exports increase in May

Merchandise exports soared 16.8% year-on-year in May, on the heels of April’s 11.6% plunge. The outturn marked the strongest reading since June 2022, and was largely due to higher prices for key agricultural and mining exports, and an increased volume of gold output. Meanwhile, merchandise imports climbed 2.1% in annual terms in May (April: +12.1% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 1.7 billion surplus in May (April 2024: USD 0.6 billion surplus; May 2023: USD 0.9 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 17.5 billion surplus in May, compared to the USD 16.7 billion surplus in April.

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