Mexico Trade Balance October 2020

Mexico

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.

LatinFocus analysts expect exports to reach USD 437 billion in 2021, which would represent a 7.2% year-on-year increase. Meanwhile, imports are expected to rise 10.1% and reach USD 427 billion. For 2022, the panel expects exports to expand 6.5% to reach USD 466 billion and imports to rise 8.2% and reach USD 462 billion.


Author:, Economist

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Mexico Trade Balance Chart


Mexico Trade12m October 20 20

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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