June 2, 2021
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Merchandise trade data show export rebound and import recovery, resulting in a narrower but persistent trade deficit.
Preliminary May 2021 merchandise trade statistics show strong year-on-year export recovery and pronounced import recovery, with exports driven by non-petroleum and non-gems-and-jewellery categories and imports influenced by oil and select industrial inputs. Commodity-group breakdowns identify significant positive performers (cereals, iron ore, engineering goods, certain textiles, petroleum products) and continued weakness in others (gems and jewellery, leather, some textiles). The trade balance remained a deficit in May 2021, wider than May 2020 but narrower than May 2019.