Merchandise trade surplus narrows in February

Latest reading: In February, the trade balance was USD +12.8 billion, following a USD +18.9 billion reading in the previous month. Over the last 12 months, the trade balance summed to USD +171.4 billion. Merchandise exports rose 20.6% in year-on-year terms in February, following a 69.9% rise in the previous month. February's reading was the weakest since March 2025, though the slowdown was linked to the timing of the Lunar New Year holidays—in February this year vs January in 2025. Underlying demand for the country’s electronics remained strong. Merchandise imports increased 6.8% in annual terms in February, following a 63.6% increase in the previous month. February's reading was the weakest since January 2025.

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