Merchandise trade surplus increases in November

Latest reading: In November, the trade balance was USD +2.5 billion, following a USD +0.8 billion figure in the prior month. Over the last 12 months, the trade balance summed to USD +11.0 billion. This was the largest surplus since May 2024. Exports increased 24.1% in year-on-year terms in November, coming on the back of 13.2% growth in the previous month. November’s rise was driven by a surge in primary exports, likely partly due to a weaker peso. November's reading was the strongest since December 2024. Imports increased 6.6% in year-on-year terms in November, coming on the back of 16.8% growth in the prior month. November's reading was the weakest since November 2024.

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