Mexico Trade Balance January 2021


Mexico: Merchandise exports fall for the first time in five months in January

February 26, 2021

Merchandise exports declined 2.6% annually in January, contrasting December 2020’s 11.5% surge and marking the first decrease in five months. January’s result primarily reflected declining manufacturing exports, dragged down mainly by falling non-auto exports, after they had soared in December.

Similarly, merchandise imports fell 5.9% over the same month of 2020 in January, contrasting December’s 3.7% rise. The slide was largely due to a decline in intermediate goods imports, which had risen in the previous month. Moreover, consumer and capital goods imports declined at a faster pace.

Consequently, the merchandise trade balance logged a USD 1.2 billion deficit in January, the first since May 2020. Lastly, the 12-month trailing merchandise trade balance rose to a USD 35.7 billion surplus in January from a USD 34.5 billion surplus in December 2020.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 8.3% in 2021 and merchandise imports to grow 11.8%, pushing the trade balance to a USD 13.0 billion surplus. For 2022, our panel sees merchandise exports increasing 5.0% and merchandise imports rising 6.7%, with a trade surplus of USD 6.3 billion.


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Mexico Trade Balance Chart

Mexico Trade12m January 2021 0

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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