Merchandise exports growth hits over one-year high in June

Latest reading: Merchandise exports jumped 26.1% in annual terms in June, following May’s 15.5% upturn. June’s figure marked the fastest outturn since April 2024 and was buoyed by surging electronics shipments, which made up more than half of export earnings. Gold shipments rose to 130.9% (May: +102.2% yoy) as global safe haven demand strengthened. Regarding key trading partners, growth in exports to the U.S. surged from 3.6% in May to 35.2% in June, likely reflecting export frontloading ahead of higher U.S. tariffs expected from 7 August. Meanwhile, merchandise imports jumped 10.8% over the same month last year in June (May: -1.1% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.0 billion shortfall in June (May 2025: USD 3.6 billion deficit; June 2024: USD 4.3 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 53.2 billion deficit in June, compared to the USD 53.6 billion deficit in May.

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