Merchandise exports drop in May

Latest reading: Merchandise exports contracted 1.5% on an annual basis in May, contrasting April’s 14.8% upturn. The outturn marked the first decline since April 2024, and was potentially linked to the temporary suspension of gold mining in the north of the country plus export front-loading to the U.S. running its course. Meanwhile, merchandise imports shot up 11.5% on an annual basis in May (April: +3.3% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 1.4 billion surplus in May (April 2025: USD 1.4 billion surplus; May 2024: USD 1.9 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 26.2 billion surplus in May, compared to the USD 26.8 billion surplus in April.

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