Mexico: Merchandise exports rise at a softer pace in November
Merchandise exports rose 8.0% over the same month last year in November (October: +17.7% year-on-year). Novembers result marked the slowest expansion since January, and was driven by a double-digit contraction in oil exports. In contrast, manufacturing exports rose 10.0%, amid higher vehicle and non-vehicle production and underpinned by still-robust export growth to the U.S. Meanwhile, merchandise imports expanded 8.1% on an annual basis in November (October: +14.8% yoy), marking the weakest reading since February 2021.
As a result, the merchandise trade balance improved from the previous month, recording a USD 0.1 billion shortfall in November (October 2022: USD 2.0 billion deficit; November 2021: USD 0.0 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 26.8 billion deficit in November, compared to the USD 26.8 billion deficit in October.
Panelists surveyed for this months LatinFocus report project merchandise exports to rise 3.0% in 2023 and merchandise imports to grow 2.1%, pushing the trade balance to USD -19.5 billion. For 2024, our panel sees merchandise exports increasing 6.7% and merchandise imports rising 7.6%, with a trade balance of USD -26.3 billion.