Merchandise exports soared 23.0% annually in May, following April’s 16.7% jump. May’s result marked the most robust growth rate since December 2021. Meanwhile, merchandise imports climbed 29.4% in annual terms in May (April: +18.0% yoy), marking the strongest reading since November 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.9 billion surplus in May (April 2022: USD 5.5 billion surplus; May 2021: USD 3.3 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 62.1 billion surplus in May, compared to the USD 62.6 billion surplus in April.
FocusEconomics Consensus Forecast panelists project merchandise exports to grow 12.0% and imports to increase 17.1% in 2022, with the trade surplus rising to USD 56.0 billion. In 2023, our panelists see exports and imports expanding 2.8% and 4.3% respectively, with the trade surplus totaling USD 53.6 billion.
