Mexico Trade Balance May 2020

Mexico

Mexico: Exports and imports collapse at record-breaking pace in May

June 26, 2020

Exports crashed 56.7% year-on-year in May, marking a new record-breaking drop after April had already registered a record 40.9% fall. The collapse largely reflected plummeting oil exports and tumbling sales of manufactures, primarily those linked to the auto industry which saw a decline of over 90%.

Similarly, imports crumbled 47.1% over the same month of 2019 in May, following April’s 30.5% plunge and marking the steepest fall on record. The downturn reflected an across-the-board contraction in the purchase of oil, consumer, intermediate and capital goods.

Meanwhile, the merchandise trade balance recorded a deficit of USD 3.5 billion in May, contrasting the USD 957 million surplus logged in the same month of 2019. As a result, the 12-month rolling trade balance slumped to a USD 1.8 billion surplus in May from a USD 6.3 billion surplus in April.

LatinFocus analysts expect exports to reach USD 388 billion in 2020, which would represent a 6.39% year-on-year drop. Meanwhile, imports are expected to decline 15.8% and reach USD 381 billion. For 2021, the panel expects exports to expand 2.82% to reach USD 423 billion and, while imports are expected to expand 9.0% and reach USD 420 billion.


Author:, Economist

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Mexico Trade Balance Chart


Mexico Trade12m April 20 20 0

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Mexico National Statistical Institute (INEGI).


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