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Mexico Trade October 2023

Mexico: Merchandise exports rebound in October

Merchandise exports increased 5.6% on an annual basis in October (September: -5.1% year-on-year). The figure marked the best result since May 2023, and was driven by higher exports of oil and vehicles – with the latter driven by strong U.S. demand. Meanwhile, merchandise imports increased 1.8% in annual terms in October (September: -3.9% yoy), marking the strongest result since February 2023.

As a result, the merchandise trade balance improved from the previous month, recording a USD 0.3 billion deficit in October (September 2023: USD 1.5 billion deficit; October 2022: USD 2.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 9.5 billion deficit in October, compared to the USD 11.3 billion deficit in September.

On the automobile sector, EIU analysts said:

“The Mexican auto market is surging: car production crossed the 3m mark in October and domestic sales hit 1m. [Moreover,] export sales have also been robust, rising by 14.5% in January October, to 2.7m. […] The prospect of additional investments from nearshoring also bodes well for the medium and long term.”

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