Mexico: Merchandise exports increase for first time in seven months in September
October 27, 2020
Merchandise exports rose 3.7% in year-on-year terms in September, rebounding from August’s 7.7% drop and increasing for the first time since February. September’s result was primarily driven by a strong rebound in shipments of manufactures, particularly non-auto related. Sales of agricultural products also bounced back vigorously compared to August.
Imports, in contrast, fell 8.5% over the same month in September, after plunging 22.2% in August—marking the fourteenth consecutive month of decline. The less severe downturn was mainly attributed to softer drops in the purchase of consumer, intermediate and capital goods.
Meanwhile, the merchandise trade balance recorded a surplus of USD 4.4 billion in September, contrasting the USD 152 million deficit logged in the same month of 2019. As a result, the 12-month trailing merchandise trade balance surged to a USD 22.2 billion surplus in September from a USD 17.6 billion surplus in August.
Author: Javier Colato, Economist