Mexico: Merchandise exports rise again in October
November 27, 2020
Merchandise exports increased 2.9% in year-on-year terms in October, after climbing 3.7% in September and marking the second consecutive month of rising exports after falling since February due to the pandemic. October’s moderation primarily reflected softer growth of manufacturing shipments, weighed on by declining non-auto exports. Auto exports, on the other hand, picked up pace compared to September.
Imports, in contrast, plunged 13.8% over the same month in October, after falling 8.5% in September—marking the fifteenth successive month of decline. The sharper downturn was mainly attributed to steeper drops in the purchase of consumer, intermediate and capital goods.
Meanwhile, the merchandise trade balance recorded a surplus of USD 6.2 billion in October, contrasting the USD 688 million deficit logged in the same month of 2019. As a result, the 12-month trailing merchandise trade balance surged to a USD 29.1 billion surplus in October from a USD 22.2 billion surplus in September.
Author: Javier Colato, Economist