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.
Author: Javier Colato, Economist