Mexico: Merchandise exports increase in August
Merchandise exports shot up 9.0% in annual terms in August (July: +15.2% year-on-year). August’s outturn marked the softest growth since February. Meanwhile, merchandise imports soared 43.3% over the same month last year in August (July: +50.6% yoy), marking the worst result since March 2021.
As a result, the merchandise trade balance improved from the previous month, recording a USD 3.9 billion deficit in August (July 2021: USD 4.1 billion deficit; August 2020: USD 6.2 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 12.9 billion surplus in August, compared to the USD 23.0 billion surplus in July.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 14.2% in 2021 and merchandise imports to grow 21.1%, pushing the trade balance to a USD 12.4 billion surplus. For 2022, our panel sees merchandise exports increasing 5.7% and merchandise imports rising 7.0%, with a trade surplus of USD 6.9 billion.