Mexico city at goldenhour

Mexico Trade October 2022

Mexico: Merchandise exports rise at a softer rate in October

Merchandise exports shot up 17.7% in annual terms in October, following Septembers 25.3% upturn. The reading was driven by a 34% surge in automobile exports, which were held back by chip shortages last year. Non-vehicle manufacturing exports also saw double-digit growth. However, oil export growth was more modest, while mining exports fell. Meanwhile, merchandise imports shot up 14.8% over the same month last year in October (September: +20.8% yoy), marking the weakest result since March 2022.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 2.0 billion shortfall in October (September 2022: USD 0.9 billion deficit; October 2021: USD 2.8 billion deficit). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 26.8 billion deficit in October, compared to the USD 27.5 billion deficit in September.

Panelists surveyed for this months LatinFocus report project merchandise exports to rise 3.8% in 2023 and merchandise imports to grow 3.2%, pushing the trade balance to USD -18.8 billion. For 2024, our panel sees merchandise exports increasing 5.4% and merchandise imports rising 6.9%, with a trade balance of USD -29.1 billion.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest