Mexico: Drop in exports and imports moderates in June
July 27, 2020
Exports decreased 12.8% year-on-year in June, substantially less than May’s 56.7% collapse. This slowdown in the fall of exports was driven by smaller rates of decline in all sub-categories, in addition to a mild recovery of agricultural exports.
Similarly, imports fell 22.2% over the same month of 2019, after falling 47.1% in May. The slowing down of this contraction reflected an across-the-board reduction in the purchase of oil, consumer, intermediate and capital goods.
Meanwhile, the merchandise trade balance recorded a surplus of USD 5.5 billion in June, way above the USD 2.5 billion surplus recorded in the same month of 2019. As a result, the 12-month rolling trade balance improved to a USD 4.8 billion surplus in June from the USD 1.8 billion surplus in May.
Author: Edward Gardner, Economist