Mexico: Merchandise exports accelerate in April
Merchandise exports soared 75.6% over the same month last year in April, on the heels of March’s 12.3% upturn. April’s result marked the strongest growth on record. Meanwhile, merchandise imports shot up 48.4% over the same month last year in April (March: +31.4% yoy), also marking the best result on record. It should be noted that both figures were highly distorted by the base effect, given the world was in lockdown in April 2020. That said, the export and import figures for April 2021 were higher than the corresponding figures for the same month in 2019, suggesting there was some underlying recovery in both external and internal demand. Exports were likely aided by Biden’s stimulus measures, with growth in non-oil exports to the U.S. outpacing those to the rest of the world.
As a result, the merchandise trade balance improved from the previous month, recording a USD 1.5 billion surplus in April (March 2021: USD 3.0 billion deficit; April 2020: USD 3.2 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 33.7 billion surplus in April, compared to the USD 29.0 billion surplus in March.