Mexico: Merchandise exports drop in February
Merchandise exports fell 2.8% year-on-year in February, contrasting January’s 25.6% upturn. February’s figure marked the largest fall since August 2020, and was driven by lower oil exports. Non-oil exports also fell—albeit at a milder rate—on lower car exports. Meanwhile, merchandise imports climbed 4.1% in annual terms in February (January: +16.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 1.8 billion shortfall in February (January 2023: USD 4.1 billion deficit; February 2022: USD 1.3 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 27.4 billion deficit in February, compared to the USD 24.3 billion deficit in January.