The 12-month sum of the trade balance recorded a $16.5 billion surplus in March, which was down from the $17.9 billion surplus seen in the previous month.

Exports in March rose 9.2% on an annual basis, contrasting the 2.8% decrease seen in February and well above market analysts’ forecast of a 1.9% increase.

Imports recorded another month of buoyant growth, rising 19.3% in March (February: +20.4% year-on-year).

In 2017, FocusEconomics Consensus Forecast panelists expect exports to increase 3.6% and they see the trade surplus reaching $30.9 billion.

For 2018, panelists expect exports to expand 3.8% and the trade surplus to be $28.0 billion. ■