Mexico: Merchandise exports increase at strongest pace in over two years in December
Merchandise exports surged 11.5% annually in December 2020, well above November’s 2.3% rise and marking the strongest increase since October 2018. December’s result primarily reflected a substantial pick-up in manufacturing exports, with those tied to the auto industry rebounding solidly.
Similarly, merchandise imports rose 3.7% over the same month of 2019 in December, contrasting November’s 3.9% dip and increasing for the first time since July 2019. The rebound was mainly attributed to a bounce back to growth of intermediate goods imports, while the purchase of consumer and capital goods declined at a softer pace compared to November.
As a result, the merchandise trade balance recorded a USD 6.3 billion surplus in December, more than double the USD 3.1 billion surplus logged in the same month of 2019. Lastly, the trend improved, with the 12-month trailing merchandise trade balance climbing to a USD 34.5 billion surplus in December from a USD 31.4 billion surplus in November.