Mexico: Merchandise exports rise at a quicker pace in August
Merchandise exports rose 3.8% in annual terms in August (July: +2.9% year-on-year). Rising non-oil exports—particularly vehicle exports to the U.S.—more than offset lower oil exports. This same picture has prevailed throughout 2023 so far, with double-digit growth in automobile sales to the U.S. more than offsetting lower energy exports in the January–August period. The normalization of supply chains and improved semiconductor availability have aided vehicle production this year. Meanwhile, merchandise imports fell 4.3% over the same month last year in August (July: -7.7% yoy).
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.4 billion shortfall in August (July 2023: USD 0.9 billion deficit; August 2022: USD 5.7 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 10.7 billion deficit in August, compared to the USD 15.1 billion deficit in July.