Mexico: Merchandise exports increase in January
Merchandise exports climbed 3.8% in annual terms in January (December: +10.8% year-on-year). Meanwhile, merchandise imports grew 18.5% on an annual basis in January (December: +27.7% yoy), marking the worst result since February 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 6.3 billion shortfall in January (December 2020: USD 0.6 billion surplus; January 2021: USD 1.2 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 16.5 billion deficit in January, compared to the USD 11.5 billion deficit in December.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 6.5% in 2022 and merchandise imports to grow 6.2%, pushing the trade balance to USD -3.0 billion. For 2023, our panel sees merchandise exports increasing 4.8% and merchandise imports rising 5.7%, with a trade balance of USD -8.0 billion.