Mexico Trade Balance February 2021


Mexico: Merchandise exports contract at a milder rate in February

March 26, 2021

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.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 8.9% in 2021 and merchandise imports to grow 14.3%, pushing the trade balance to a USD 16.8 billion surplus. For 2022, our panel sees merchandise exports increasing 4.5% and merchandise imports rising 6.3%, with a trade surplus of USD 9.5 billion.


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Mexico Trade Balance Chart

Mexico Trade12m February 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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