Mexico: Merchandise exports increase at a milder pace in June
Merchandise exports jumped 20.2% on an annual basis in June, following May’s 22.4% jump. Meanwhile, merchandise imports climbed 31.7% over the same month last year in June (May: +29.1% yoy). Exports and imports of oil drove the high readings, due to elevated oil prices. That said, non-oil exports were also up by double digits, driven by stronger exports to the U.S.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.0 billion deficit in June (May 2022: USD 2.2 billion deficit; June 2021: USD 0.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 25.3 billion deficit in June, compared to the USD 20.6 billion deficit in May.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 8.0% in 2022 and merchandise imports to grow 8.5%, pushing the trade balance to USD -14.1 billion. For 2023, our panel sees merchandise exports increasing 3.1% and merchandise imports rising 3.2%, with a trade balance of USD -15.2 billion.