Mexico: Merchandise exports contract at a milder rate in February
Merchandise exports fell 1.1% year-on-year in February (January: -2.6% year-on-year), driven by lower non-oil exports. In contrast, oil exports expanded robustly. Meanwhile, merchandise imports inched down 0.6% over the same month last year in February (January: -5.9% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 2.7 billion surplus in February (January 2021: USD 1.2 billion deficit; February 2020: USD 2.9 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 35.5 billion surplus in February, compared to the USD 35.7 billion surplus in January.