Mexico Trade Balance July 2020


Mexico: Merchandise exports decline at softer pace in July

August 27, 2020

Merchandise exports dropped 8.9% on annual basis in July, less severely than June’s 12.8% decline. July’s moderation was mainly driven by a softer fall in sales of manufactures, primarily those linked to the auto industry. In contrast, exports of oil plummeted at a sharper rate while those of agricultural products swung to contraction compared to June.

Imports, on the other hand, shrank 26.1% over the same month of 2019 in July, more severely than June’s 22.2% plunge. The sharper downturn largely reflected steeper falls in the purchase of intermediate and capital goods.

Meanwhile, the merchandise trade balance recorded a surplus of USD 5.8 billion in July, contrasting the USD 1.3 billion deficit logged in the same month of 2019. As a result, the 12-month trailing merchandise trade balance surged to a USD 11.9 billion surplus in July from a USD 4.8 billion surplus in June.

LatinFocus analysts expect exports to reach USD 375 billion in 2020, which would represent a 18.5% year-on-year drop. Meanwhile, imports are expected to decline 19.3% and reach USD 367 billion. For 2021, the panel expects exports to expand 10.5% to reach USD 415 billion and, while imports are expected to expand 11.9% and reach USD 411 billion.

Author:, Economist

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Mexico Trade Balance Chart

Mexico Trade12m July 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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