Merchandise trade surplus narrows in April

Latest reading: In April, the trade balance was USD +23.8 billion, following a USD +26.2 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD +140.1 billion. Merchandise exports increased 48.0% in annual terms in April, following 49.2% growth in the prior month, fueled by strong AI investment and rising memory chip prices. Exports also jumped for petroleum products, boosted by rising oil prices due to the ongoing U.S.-Iran conflict. Merchandise imports increased 16.7% in year-on-year terms in April, following 13.2% growth in the prior month. April's reading was the strongest since September 2022.

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