Items exports fell 5.7% yearly in November after falling 4.2% in October. In the meantime, items imports rose by 4.5% yoy in November (October: -3.2% yoy).
Consequently, the products commerce steadiness deteriorated from the earlier month, registering a deficit of USD 1.3 billion in November (October 2022: USD 0.6 billion deficit; November 2021: USD 1.0 billion surplus). Lastly, the pattern was down, with the 12-month merchandise commerce steadiness registering a deficit of $17.3 billion in November, in comparison with a deficit of $14.9 billion in October.
FocusEconomics panellists forecast exports to develop 5.0% and imports 7.6% in 2023, bringing the commerce surplus to $36.1 billion. In 2024, exports and imports are anticipated to extend by 5.0% and 5.8%, respectively, with a commerce surplus of US$36.1 billion.