Merchandise trade surplus increases in November

Latest reading: In November, the trade balance was USD +9.7 billion, following a USD +6.0 billion figure in the previous month. Over the last 12 months, the trade balance summed to USD +72.6 billion. This was the largest surplus since September 2017. Exports rose 8.4% in year-on-year terms in November, coming on the back of a 3.5% increase in the previous month and beating market expectations. Imports rose 1.2% in annual terms in November, coming on the back of a 1.5% drop in the prior month. The increase in exports was driven largely by semiconductors, which soared due to booming demand for AI products.

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