Mexico: Merchandise exports rise at a milder pace in June
Merchandise exports rose 1.1% year-on-year in June (May: +5.8% year-on-year). While oil exports declined sharply due to lower crude prices, vehicle exports rose by nearly double digits, thanks to the fading of supply constraints. Meanwhile, merchandise imports declined 6.2% on an annual basis in June (May: +1.4% yoy), marking the weakest reading since October 2020 and driven by the lower cost of energy imports.
As a result, the merchandise trade balance improved from the previous month, recording a flat reading in June (May 2023: USD 0.1 billion deficit; June 2022: USD 4.0 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 20.4 billion deficit in June, compared to the USD 24.4 billion deficit in May.