- Trade surplus rose to USD 5.49 Bn in July, as softer exports are countervailed by a contraction in imports.
- Exports growth were driven by higher commodity prices, which were able to offset a decline in US-bound exports.
- All major import categories declined on a monthly basis, suggesting softer capex growth and slowdown in consumer spending.
- Mixed trade outlook combined with uncertain transmission into FX reserves may force BI to consider trade-offs between its pro-growth and pro-stability mandate.
