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Mexico Trade Balance July 2022

Mexico: Merchandise exports increase at a slower rate in July

Merchandise exports shot up 13.6% on an annual basis in July (June: +20.2% year-on-year). The result marked the slowest increase since January. Oil exports were up by over a third, while non-oil exports rose at a softer pace. Within non-oi exports, those to the U.S.—by far Mexico’s largest trading partner—rose by double digits. Meanwhile, merchandise imports climbed 16.7% in annual terms in July (June: +31.7% yoy), also largely driven by oil imports.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.0 billion deficit in July (June 2022: USD 4.0 billion deficit; July 2021: USD 4.0 billion deficit). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 27.2 billion deficit in July, compared to the USD 25.3 billion deficit in June.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 9.1% in 2022 and merchandise imports to grow 10.0%, pushing the trade balance to USD -16.6 billion. For 2023, our panel sees merchandise exports increasing 3.4% and merchandise imports rising 3.5%, with a trade balance of USD -17.7 billion.

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