Mexico: Merchandise exports rise at a softer rate in October
November 29, 2022
Merchandise exports shot up 17.7% in annual terms in October, following September’s 25.3% upturn. The reading was driven by a 34% surge in automobile exports, which were held back by chip shortages last year. Non-vehicle manufacturing exports also saw double-digit growth. However, oil export growth was more modest, while mining exports fell. Meanwhile, merchandise imports shot up 14.8% over the same month last year in October (September: +20.8% yoy), marking the weakest result since March 2022.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.0 billion shortfall in October (September 2022: USD 0.9 billion deficit; October 2021: USD 2.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 26.8 billion deficit in October, compared to the USD 27.5 billion deficit in September.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 3.8% in 2023 and merchandise imports to grow 3.2%, pushing the trade balance to USD -18.8 billion. For 2024, our panel sees merchandise exports increasing 5.4% and merchandise imports rising 6.9%, with a trade balance of USD -29.1 billion.