Merchandise exports grew 12.0% over the same month last year in April (March: +26.3% year-on-year). Meanwhile, merchandise imports climbed 26.1% in annual terms in April (March: +15.2% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.2 billion surplus in April (March 2022: USD 1.2 billion surplus; April 2021: USD 0.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 15.7 billion surplus in April, compared to the USD 16.2 billion surplus in March.
LatinFocus Consensus Forecast panelists project merchandise exports to increase 2.7% in 2022, and merchandise imports to grow 5.1%, resulting in a USD 14.0 billion trade surplus. In 2023, our panel estimates merchandise exports and imports to grow 3.1% and 4.1% respectively, with a trade surplus of USD 14.0 billion.