Mexico: Exports pick up strongly in July
Exports increased a firm 7.0% year-on-year in July, well above June’s 1.2% expansion and the strongest reading in nine months. The acceleration was mainly driven by a notable pick-up of manufacturing sales abroad, particularly of automotive products.
Imports rose 2.0% over the same month last year in July, contrasting the 7.8% fall registered in June, which had marked the worst result in nearly three years. The rebound largely reflected a solid upturn in the purchase of intermediate goods.
Meanwhile, the merchandise trade balance came in at a USD 1.1 billion deficit in July, smaller than the USD 2.9 billion shortfall logged in the same month a year ago. The trend continued to improve, with the 12-month rolling trade deficit narrowing to USD 4.3 billion from USD 6.0 billion in June.