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Mexico Trade April 2024

Mexico: Merchandise exports increase in April

Merchandise exports shot up 11.4% over the same month last year in April (March: -5.4% year-on-year). This was due to strong growth in non-oil exports—particularly car exports, which rose by over a quarter—more than offsetting tumbling oil exports. Healthy U.S. import demand underpinned the strong exports reading. Meanwhile, merchandise imports soared 15.4% in annual terms in April (March: -7.1% yoy), marking the strongest result since January 2023.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.7 billion deficit in April (March 2024: USD 2.0 billion surplus; April 2023: USD 1.6 billion deficit). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 5.5 billion deficit in April, compared to the USD 3.4 billion deficit in March.

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