Mexico Trade Balance May 2021


Mexico: Merchandise exports and imports post record growth in May on base effect

June 28, 2021

Merchandise exports jumped 125.2% annually in May, on the heels of April’s 75.6% upturn. May’s reading marked the strongest growth on record, and was driven by higher oil and non-oil exports. Meanwhile, merchandise imports soared 87.5% on an annual basis in May (April: +48.4% yoy), also marking the best result on record, with particularly strong growth recorded for consumption goods imports. However, both readings were highly distorted by the base effect, and were still below the corresponding pre-pandemic figures for May 2019, suggesting the economy is still not firing on all cylinders.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.3 billion surplus in May (April 2021: USD 1.5 billion surplus; May 2020: USD 3.5 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 37.5 billion surplus in May, compared to the USD 33.7 billion surplus in April.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 12.1% in 2021 and merchandise imports to grow 17.4%, pushing the trade balance to a USD 17.8 billion surplus. For 2022, our panel sees merchandise exports increasing 5.0% and merchandise imports rising 6.2%, with a trade surplus of USD 13.4 billion.


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Mexico Trade Balance Chart

Mexico Trade12m May 2021

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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