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.