Mexico: Merchandise exports grow at a slower rate in April
Merchandise exports shot up 16.0% in annual terms in April (March: +20.6% year-on-year). This was largely due to surging oil prices. Meanwhile, merchandise imports shot up 25.7% over the same month last year in April (March: +12.7% yoy), also as a result of pricier energy, as non-energy imports broadly stagnated.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.9 billion deficit in April (March 2022: USD 0.1 billion surplus; April 2021: USD 1.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 18.0 billion deficit in April, compared to the USD 14.4 billion deficit in March.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 5.7% in 2022 and merchandise imports to grow 6.2%, pushing the trade balance to USD -14.9 billion. For 2023, our panel sees merchandise exports increasing 4.1% and merchandise imports rising 4.5%, with a trade balance of USD -18.0 billion.