Merchandise exports continue to surge in August

Latest reading: Merchandise exports soared 34.1% over the same month last year in August, on the heels of July’s 42.0% upturn and well above market expectations. The ongoing export boom was linked to burgeoning global demand for AI applications. Looking at key trading partners, sales to almost all key markets rose by double digits, with sales to the U.S. recording the fastest growth. Meanwhile, merchandise imports jumped 29.7% over the same month last year in August (July: +20.8% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 16.8 billion surplus in August (July 2025: USD 14.3 billion surplus; August 2024: USD 11.5 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 115.1 billion surplus in August, compared to the USD 109.7 billion surplus in July.

Panelist insight: On the outlook, Nomura analysts said: “We expect export growth to stay resilient in coming months, owing to the upcoming iPhone 17 launch and continued Blackwell GPU shipments. Section 232 semiconductor tariffs are a risk, but we expect the impact to be constrained, given that leading Taiwanese tech companies have investments in the US.”

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