Mexico: Merchandise exports rise at a slower rate in July
Merchandise exports shot up 15.2% year-on-year in July, on the heels of June’s 29.1% upturn. Meanwhile, merchandise imports soared 50.6% on an annual basis in July (June: +52.3% yoy), partly driven by higher energy prices.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.1 billion shortfall in July (June 2021: USD 0.8 billion surplus; July 2020: USD 5.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 23.0 billion surplus in July, compared to the USD 32.7 billion surplus in June.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 13.0% in 2021 and merchandise imports to grow 18.6%, pushing the trade balance to a USD 17.2 billion surplus. For 2022, our panel sees merchandise exports increasing 5.2% and merchandise imports rising 6.7%, with a trade surplus of USD 11.2 billion.