Mexico: Merchandise exports flatline in October
November 26, 2021
Merchandise exports were flat over the same month last year in October, on the heels of September’s 8.1% upturn. October’s result marked the weakest reading since February. The result was due to surging energy exports offsetting lower non-energy exports. Meanwhile, merchandise imports rose 25.1% on an annual basis in October (September: +29.1% yoy), marking the worst result since February 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.7 billion deficit in October (September 2021: USD 2.4 billion deficit; October 2020: USD 6.3 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 2.8 billion deficit in October, compared to the USD 6.1 billion surplus in September.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 5.4% in 2022 and merchandise imports to grow 5.7%, pushing the trade balance to a USD 6.6 billion surplus. For 2023, our panel sees merchandise exports increasing 5.7% and merchandise imports rising 7.6%, with a trade balance of USD -2.3 billion.