Mexico Trade Balance November 2020


Mexico: Merchandise exports rise at a more moderate pace in November

December 24, 2020

Merchandise exports rose 2.3% annually in November (October: +2.9% year-on-year). The print marked the third month running of rising exports, following six months of contractions since February due to the pandemic. The moderation in growth in November was primarily driven by softer manufacturing exports, spearheaded by declining auto shipments.

In contrast, merchandise imports fell 3.9% on an annual basis in November (October: -13.8% yoy), marking the best result since February 2020. The improvement was broad-based, with softer drops recorded in consumer, intermediate and capital goods.

As a result, the merchandise trade balance recorded a USD 3.0 billion surplus in November, up from the USD 0.8 billion surplus logged in the same month of 2019 (October 2020: USD 6.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 31.4 billion surplus in November, compared to the USD 29.1 billion surplus in October.

Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 7.2% in 2021 and merchandise imports to grow 10.1%, pushing the trade balance to a USD 10.5 billion surplus. For 2022, our panel sees merchandise exports increasing 6.5% and merchandise imports rising 8.2%, with a trade surplus of USD 4.0 billion.

Author:, Economist

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Mexico Trade Balance Chart

Mexico Trade12m November 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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