Merchandise exports rise at a robust pace in April

Latest reading: Merchandise exports climbed 8.1% year-on-year in April, following March’s 12.4% upturn and well above market expectations. While exports to the U.S. slumped due to steep U.S. tariffs, this was outweighed by rising shipments to other markets such as ASEAN, the EU and Japan. This was likely partly a reflection of Chinese firms rerouting goods bound for the U.S. via third countries. Meanwhile, merchandise imports were broadly stable, falling just 0.2% over the same month last year in April (March: -4.3% yoy). As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 96.2 billion surplus in April (March 2025: USD 102.6 billion surplus; April 2024: USD 72.0 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 1106.1 billion surplus in April, compared to the USD 1081.9 billion surplus in March.

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