Mexico city at goldenhour

Mexico Trade February 2018

Mexico: Merchandise trade data remains upbeat in February

On the back of robust factory and auto output in the United States, the merchandise trade balance swung to a USD 1.1 billion surplus in February from the record-high USD 4.4 billion deficit recorded in January. Most components showed strength in February and continue to point to a gradual economic turnaround early in the year on the back of robust growth in the United States and waning domestic headwinds.

Exports rose a healthy 12.3% from the same month of the previous year in February, coming in only marginally below the 12.5% expansion recorded in the previous month. Exports in February totaled USD 35.2 billion. The solid reading was the result of strong manufacturing exports, with auto exports in particular recording an outstanding 17.9% expansion in the month thanks to strong production levels in the United States (January: +9.0% year-on-year). That said, overall manufacturing export growth was unchanged at a robust 10.5% in February due to a moderate deceleration in non-auto manufacturing exports.

Meanwhile, import growth lost some steam in February, with non-oil consumer imports—a proxy for domestic private consumption—taking a breather. Other components, however, were quite encouraging. Non-oil intermediate imports—which are closely interlinked with manufacturing activity—recorded a solid 9.1% expansion in February, only somewhat below the 13.0% leap recorded in January. Capital imports, a proxy for investment, recorded an outsized 20.1% increase in February, topping the already upbeat 18.8% rise recorded in January. Overall import growth moderated to 11.7% in February from 14.1% in January, totaling USD 34.1 billion.

The 12-month trailing trade deficit narrowed to USD 11.5 billion in February from USD 11.8 billion in January, below the USD 11.8 billion deficit recorded in February 2017.

Mexico Trade Balance Forecast

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