Goods exports surged by 32.9% y/y in Mar-23 
In Mar-23, goods exports surged by 32.9% y/y to US$ 546.7mn, after a modest growth of 6.3% y/y in previous month. Similarly, imports also showed a marked increase, soaring by 33.4% y/y to US$ 1.2bn in March, after falling by 4.5% y/y in February. As a result, the trade deficit increased by 33.8% y/y to US$ 688.4mn, after a 12.3% y/y decline in February. Exports and imports figures suggest that both the external and domestic markets are experiencing a robust demand for goods.
Overall, in 1Q23, trade deficit increased by 18.2% y/y to US$ 1.9bn, as exports increased by 24.7% y/y to US$ 1.5bn, while imports were up by 21.0% y/y to US$ 3.3bn.