Goods Trade Surplus Back To Q1 2022 Levels

The August goods balance rose to $5060.9mn, from a revised $4438.5mn in July. This is the highest goods surplus since Q1 2022. Both exports and imports were higher, but the export gain outpaced the rise in imports.

• The services deficit fell to -$1603mn, as the travel deficit narrowed modestly. This was offset to some extent by a lower primary income surplus to $1467mn (form $2922mn). Lower dividend inflows from offshore equity investments drove this result.
• The current account surplus still rose to $4810mn in August from $3737mn in July. We are a touch below June highs in terms of the surplus.
• Focus will remain on the export outlook, with recent prints showing the worst of the downside momentum in growth is now behind.
• Note we get the first 10-days of October trade data today.