Mexico: Merchandise exports gain steam in August
September 27, 2022
Merchandise exports jumped 25.2% year-on-year in August, following July’s 13.6% upturn. August’s result marked the most robust expansion since February 2022. In contrast to recent months, non-oil export growth outpaced oil export growth. Among non-oil exports, car shipments were up over 40%, likely a reflection of an easing chip shortage. Meanwhile, merchandise imports jumped 27.0% in annual terms in August (July: +16.7% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 5.5 billion deficit in August (July 2022: USD 6.0 billion deficit; August 2021: USD 3.7 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 29.0 billion deficit in August, compared to the USD 27.2 billion deficit in July.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 11.1% in 2022 and merchandise imports to grow 12.2%, pushing the trade balance to USD -17.8 billion. For 2023, our panel sees merchandise exports increasing 2.6% and merchandise imports rising 2.4%, with a trade balance of USD -17.1 billion.