Mexico Trade Balance March 2021


Mexico: Merchandise exports increase in March

April 27, 2021

Merchandise exports soared 12.2% over the same month last year in March, on the heels of February’s 1.1% fall. March’s reading marked the best reading since October 2018, and was supported by higher oil and non-oil exports. Meanwhile, merchandise imports climbed 31.4% over the same month last year in March (February: -0.6% yoy), marking the best result since August 2010.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.0 billion deficit in March (February 2021: USD 2.7 billion surplus; March 2020: USD 3.3 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 29.2 billion surplus in March, compared to the USD 35.5 billion surplus in February.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 9.5% in 2021 and merchandise imports to grow 15.0%, pushing the trade balance to a USD 16.8 billion surplus. For 2022, our panel sees merchandise exports increasing 4.7% and merchandise imports rising 6.4%, with a trade surplus of USD 9.8 billion.


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Mexico Trade Balance Chart

Mexico Trade12m March 2021

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Mexico National Statistical Institute (INEGI).

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