Mexico Trade Balance November 2021


Mexico: Merchandise exports rise at a faster pace in November

December 24, 2021

Merchandise exports jumped 19.2% on an annual basis in November, following October’s flat reading. November’s reading marked the sturdiest expansion since June 2021. Meanwhile, merchandise imports jumped 29.6% on an annual basis in November (October: +25.1% yoy). Both export and import figures were boosted by higher energy prices.

As a result, the merchandise trade balance improved from the previous month, recording a USD 0.1 billion deficit in November (October 2021: USD 2.7 billion deficit; November 2020: USD 3.0 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 5.9 billion deficit in November, compared to the USD 2.8 billion deficit in October.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 6.1% in 2022 and merchandise imports to grow 6.1%, pushing the trade balance to USD -1.5 billion. For 2023, our panel sees merchandise exports increasing 5.0% and merchandise imports rising 6.3%, with a trade balance of USD -8.0 billion.


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Mexico Trade Balance Chart

Mexico Trade12m November 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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