Merchandise exports expanded 82.7% year-on-year in June, accelerating from May’s 47.0% increase.
Merchandise imports, meanwhile, grew 24.5% in June, easing from May’s 53.0% expansion, and marking the softest increase in 11 months. The merchandise trade deficit widened to USD 2.0 billion in June from the USD 1.7 billion shortfall recorded in May. However, the trend improved, with the 12-month trailing merchandise trade balance coming in at a USD 18.5 billion deficit in June (May: USD 19.1 billion shortfall).
LatinFocus Consensus Forecast panelists project merchandise exports to expand 14.1% in 2022, and merchandise imports to grow 14.6%, resulting in a USD 3.6 billion trade surplus. In 2023 our panel estimates merchandise exports to contract 0.8% and imports to grow 1.7%, with a trade surplus of USD 2.9 billion.