Mexico: Merchandise exports increase in May
Merchandise exports jumped 22.4% on an annual basis in May (April: +16.0% year-on-year). Meanwhile, merchandise imports soared 29.1% on an annual basis in May (April: +25.7% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.2 billion shortfall in May (April 2022: USD 1.9 billion deficit; May 2021: USD 0.4 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 20.6 billion deficit in May, compared to the USD 18.0 billion deficit in April.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 6.6% in 2022 and merchandise imports to grow 6.8%, pushing the trade balance to USD -12.7 billion. For 2023, our panel sees merchandise exports increasing 3.8% and merchandise imports rising 3.9%, with a trade balance of USD -13.7 billion.