Mexico: Merchandise exports decrease in April
Merchandise exports declined 2.9% year-on-year in April (March: +3.1% year-on-year). This was largely due to an over-30% fall in oil exports, while non-oil exports broadly stagnated. Meanwhile, merchandise imports decreased 3.3% on an annual basis in April (March: +1.1% yoy), marking the weakest result since January 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.5 billion deficit in April (March 2023: USD 1.2 billion surplus; April 2022: USD 1.8 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 26.6 billion deficit in April, compared to the USD 26.9 billion deficit in March.