Mexico External Debt (% of GDP)

External Debt in Mexico

Merchandise exports rebound in March

Merchandise exports rose 3.2% year-on-year in March (February: -2.8% year-on-year). While oil exports fell sharply due to lower oil prices compared to a year ago, non-oil exports—particularly car exports—grew strongly. Meanwhile, merchandise imports expanded 1.1% on an annual basis in March (February: +4.1% yoy), marking the weakest reading since February 2021.

As a result, the merchandise trade balance improved from the previous month, recording a USD 1.2 billion surplus in March (February 2023: USD 1.8 billion deficit; March 2022: USD 0.1 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 26.3 billion deficit in March, compared to the USD 27.4 billion deficit in February.