Mexico: Merchandise exports increase in February
Merchandise exports soared 13.0% year-on-year in February (January: -1.5% year-on-year). February’s result marked the strongest result since January 2023, and was driven by higher oil and non-oil exports. Within non-oil exports, car exports to the U.S. saw particularly strong growth. Meanwhile, merchandise imports expanded 9.7% in annual terms in February (January: -1.0% yoy), marking the strongest reading since January 2023.
As a result, the merchandise trade balance improved from the previous month, recording a USD 0.6 billion deficit in February (January 2024: USD 4.3 billion deficit; February 2023: USD 1.9 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 4.4 billion deficit in February, compared to the USD 5.7 billion deficit in January.