Mexico: Merchandise exports accelerate in July
Merchandise exports climbed 2.9% in annual terms in July (June: +1.1% year-on-year). While oil exports tumbled, this was more than offset by a rise in manufacturing exports. In particular, automobile exports rose by more than a third, boosted by improved global supply chains. Mexico’s merchandise exports have expanded in the first seven months of the year, in contrast to the contraction recorded by G20 countries overall. Meanwhile, merchandise imports decreased 7.7% over the same month last year in July (June: -6.2% yoy), marking the weakest result since October 2020.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 0.9 billion deficit in July (June 2023: USD 0.0 billion surplus; July 2022: USD 6.2 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 15.1 billion deficit in July, compared to the USD 20.4 billion deficit in June.