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Mexico Trade March 2024

Mexico: Merchandise exports slide in March

Merchandise exports decreased 5.3% on an annual basis in March, following February’s 13.0% jump. March’s figure marked the largest contraction since August 2020. The decline was broad based, though chiefly driven by lower oil exports. Meanwhile, merchandise imports fell 7.1% on an annual basis in March (February: +9.7% yoy), marking the weakest reading since July 2023.

As a result, the merchandise trade balance improved from the previous month, recording a USD 2.1 billion surplus in March (February 2024: USD 0.6 billion deficit; March 2023: USD 1.2 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 3.5 billion deficit in March, compared to the USD 4.4 billion deficit in February.

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