Mexico Trade February 2020


Mexico: Exports growth slows in February

March 27, 2020

Exports climbed 0.6% year-on-year in February, below January’s 3.2% increase. The moderation was mainly driven by a collapse in exports of oil.

In contrast, imports fell 3.9% over the same month of 2019 in February, following the 3.2% drop logged in January and marking the seventh consecutive month of declining imports. The sharper contraction reflected a steeper decline in the purchase of oil and intermediate goods compared to January.

Meanwhile, the merchandise trade balance recorded a surplus of USD 2.9 billion in February, larger than the USD 1.3 billion surplus logged in the same month of 2019. Moreover, the 12-month rolling trade balance climbed to a USD 9.6 billion surplus in February from a USD 8.0 billion surplus in January.

LatinFocus analysts expect exports to reach USD 478 billion in 2020, which would represent a 3.6% year-on-year expansion. Meanwhile, imports are expected to expand 5.5% and reach USD 481 billion. For 2021, the panel expects exports to reach USD 502 billion and expand 5.1%, while imports are expected to expand 5.4% and reach USD 507 billion.

Author:, Economist

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Mexico Trade Chart

Mexico Trade12m February 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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