Mexico: Merchandise exports increase in September
October 27, 2021
Merchandise exports rose 8.1% over the same month last year in September (August: +9.0% year-on-year), largely due to higher oil exports. September’s result marked the softest reading since February. Meanwhile, merchandise imports jumped 29.1% in annual terms in September (August: +43.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 2.4 billion shortfall in September (August 2021: USD 3.9 billion deficit; September 2020: USD 4.4 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 6.1 billion surplus in September, compared to the USD 12.9 billion surplus in August.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 14.5% in 2021 and merchandise imports to grow 22.1%, pushing the trade balance to a USD 9.9 billion surplus. For 2022, our panel sees merchandise exports increasing 6.1% and merchandise imports rising 7.3%, with a trade surplus of USD 5.3 billion.