Merchandise trade surplus widens in December

Latest reading: In December, the trade balance was USD +2.4 billion, following a USD +0.7 billion reading in the prior month. Over the last 12 months, the trade balance summed to USD +0.8 billion. This was the largest surplus since March 2025. Merchandise exports rose 17.2% in year-on-year terms in December, following a 7.9% rise in the prior month. December's reading was the strongest since January 2023 and driven by higher mining and non-vehicle manufactured exports. In contrast, vehicle exports broadly stagnated, and oil exports tumbled amid the government’s policy of prioritizing domestic refining. Merchandise imports were up 16.7% in year-on-year terms in December, coming on the back of a 5.2% increase in the previous month. December's reading was the strongest since April 2024.

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