Mexico Trade Balance April 2020

Mexico

Mexico: Exports crumble at record pace in April on Covid-19 hit

May 25, 2020

Exports collapsed 40.9% year-on-year in April as Covid-19 took its toll, following March’s 1.6% slip and marking the steepest fall since data collection began in the early 1990s. The plunge reflected plummeting oil exports amid the oil price crash, and crumbling shipments of vehicles and auto parts as the auto industry shut down for the entire month as part of Covid-19 containment measures.

Similarly, imports nosedived 30.5% over the same month of 2019 in April, following March’s 6.7% decline and marking the sharpest drop since the height of the 2009 global financial crisis. 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 3.1 billion in April, contrasting the USD 1.5 billion surplus logged in the same month of 2019. As a result, the 12-month rolling trade balance declined to a USD 6.3 billion surplus in April from a USD 10.9 billion surplus in March.

LatinFocus analysts expect exports to reach USD 392 billion in 2020, which would represent a 14.9% year-on-year drop. Meanwhile, imports are expected to decline 15.4% and reach USD 385 billion. For 2021, the panel expects exports to expand 10.5% to reach USD 434 billion and, while imports are expected to expand 11.7% and reach USD 430 billion.


Author:, Economist

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Mexico Trade Balance Chart


Mexico Trade12m April 20 20

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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