The May trade release underscored the difficulties facing exporters. On the face of it the data were positive, as exports rose by 1.1% while imports fell by 1.6% m/m. This was off the back of a grim April when the trade deficit widened to $7.6bn, however, so it remained near a record high at $5.9bn. Moreover, most of the rise in exports was driven by shipments of gold to the UK. One we strip out the category containing unwrought gold, exports declined 1.2% m/m.
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