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Mexico Merchandise Imports

Mexico Merchandise Imports

Merchandise Imports in Mexico

Merchandise imports in Mexico were worth USD 605 billion in 2022, compared to USD 381 billion a decade earlier, and averaged at USD 440 billion over the last decade. For more imports information, visit our dedicated page.

Mexico Merchandise Imports Chart

Note: This chart displays Imports (USD billion) for Mexico from 2018 to 2017.
Source: Macrobond.

Mexico Merchandise Imports Data

2019 2020 2021 2022 2023
Merchandise Imports (USD bn) 455 383 506 605 598
Merchandise Imports (ann. var. %) -2.0 -15.9 32.0 19.6 -1.0

Merchandise exports grow at a slower rate in May

Merchandise exports rose 5.4% annually in May, on the heels of April’s 11.4% upturn. There was double-digit growth in oil exports in May, and a 50% jump in mining output. In contrast, the key automotive sector saw only a mild expansion. Looking at key markets, the U.S. was the key driver of higher exports, offsetting weaker demand from the rest of the world. Meanwhile, merchandise imports expanded 1.4% in annual terms in May (April: +15.4% yoy). As a result, the merchandise trade balance improved from the previous month, recording a USD 2.0 billion surplus in May (April 2024: USD 3.7 billion deficit; May 2023: USD 0.1 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 3.4 billion deficit in May, compared to the USD 5.5 billion deficit in April.

Giving their take on the trade outlook, Itaú Unibanco analysts said: “Our trade deficit forecast of USD 14 billion for 2024 has an upward bias (narrower deficit), after [the May] figures. We expect the recent depreciation of the currency, generated by greater post-election policy uncertainty, to support manufacturing exports. Internal demand is likely to soften in the 2H24, as fiscal expenditure slows, which will likely curb consumption and capital non-energy imports.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Mexican merchandise imports projections for the next ten years from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable merchandise imports forecast available for Mexican merchandise imports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Mexican merchandise imports projections.

Want to get access to the full dataset of Mexican merchandise imports forecasts? Send an email to info@focus-economics.com.

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