Mexico: Exports growth slows in June
Exports increased 1.2% year-on-year in June, which was below May’s solid 6.7% expansion. Oil exports plunged 20% and manufacturing sales abroad lost steam, driving the slowdown.
Imports contracted a notable 7.8% over the same month last year in June (May: +0.1% yoy), the worst result since July 2016. Notably, imports of capital goods plummeted, boding poorly for investment at the end of the second quarter.
Accordingly, plunging imports caused the merchandise trade surplus to come in at a healthy USD 2.6 billion in June, contrasting the USD 0.9 billion deficit registered in the same month a year ago. The trend continued to improve, with the 12-month trailing trade deficit narrowing to USD 6.0 billion from USD 9.5 billion in May.