Merchandise trade deficit hits over three-year low in January

Latest reading: In January, the trade balance was USD -1.8 billion, following a USD -0.6 billion figure in the previous month. January’s reading marked the largest deficit since May 2022. Over the last 12 months, the trade balance summed to USD +14.9 billion. Merchandise exports increased 29.7% in year-on-year terms in January, following a 23.9% increase in the previous month. January's reading was the strongest since January 2024. Merchandise imports rose 49.2% in annual terms in January, following a 27.7% rise in the prior month. January's reading was the strongest since May 2021. That said, January’s reading was distorted by a calendar effect: The Lunar New Year holidays fell on February this year instead of on January as was the case last year, in turn giving January 2026 six more working days than a year earlier.

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