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.
Author: Javier Colato, Economist