Mexico: Merchandise exports increase in May
Merchandise exports increased 5.8% annually in May, following April’s 2.9% fall. A rise in non-oil exports—particularly of vehicles—explained the rise, as oil exports fell. Exports have been resilient so far this year, aided by the aforementioned recovery in vehicle shipments and strong sales to the U.S. Meanwhile, merchandise imports increased 1.4% on an annual basis in May (April: -3.3% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 0.1 billion deficit in May (April 2023: USD 1.5 billion deficit; May 2022: USD 2.3 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 24.4 billion deficit in May, compared to the USD 26.6 billion deficit in April.