Mexico: Merchandise exports increase in September
October 27, 2022
Merchandise exports soared 25.3% annually in September (August: +25.2% year-on-year). September’s result marked the fastest growth since February 2022, and was driven by large expansions in energy and non-energy exports. Among non-oil exports, car shipments were up over 40% for the second straight month, likely a reflection of an easing chip shortage. Exports rose strongly to both the U.S. and the rest of the world. Meanwhile, merchandise imports jumped 20.8% on an annual basis in September (August: +27.0% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 0.9 billion deficit in September (August 2022: USD 5.5 billion deficit; September 2021: USD 2.3 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 27.5 billion deficit in September, compared to the USD 29.0 billion deficit in August.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 11.1% in 2022 and merchandise imports to grow 12.5%, pushing the trade balance to USD -19.5 billion. For 2023, our panel sees merchandise exports increasing 4.1% and merchandise imports rising 3.7%, with a trade balance of USD -17.7 billion.