Trade balance – Recovery in flows in June suggests a less challenging backdrop

  • The trade deficit in June stood at US$3,957.2mn, benefited by improving trade conditions out of China

  • Exports & imports grew 1.3% and 6.0% m/m, each. We note autos in the first and non-oil intermediate goods in the second

  • Today’s report inserts some upside risks to our 2Q22 GDP forecast. Going forward, recession fears may dampen trade

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