Current account deficit narrows in May

The current account posted a USD 1.2 billion deficit in May, narrowing from the USD 5.4 billion deficit booked in April (May 2023: USD 7.8 billion deficit). Meanwhile, the 12-month trailing current account deficit improved, coming in at USD 25.2 billion in May (April: USD 31.7 billion deficit). The merchandise trade balance also improved from the previous month, recording a USD 4.2 billion deficit in May (April 2024: USD 7.7 billion deficit). Merchandise exports rose 9.8% annually in May (April: -1.7% year-on-year). Meanwhile, merchandise imports plunged 13.3% over the same month last year in May (April: +1.0% yoy).

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