Mexico: Merchandise exports accelerate in February
Merchandise exports jumped 27.8% over the same month last year in February (January: +3.8% year-on-year), amid solid growth in both energy and non-energy exports, with the former boosted by higher oil prices. The result marked the largest expansion since June 2021. Meanwhile, merchandise imports climbed 34.2% over the same month last year in February (January: +18.5% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 1.3 billion surplus in February (January 2022: USD 6.3 billion deficit; February 2021: USD 2.7 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 17.9 billion deficit in February, compared to the USD 16.5 billion deficit in January.
Panelists surveyed for this month’s LatinFocus report project merchandise exports to rise 5.4% in 2022 and merchandise imports to grow 4.7%, pushing the trade balance to USD -8.7 billion. For 2023, our panel sees merchandise exports increasing 4.2% and merchandise imports rising 4.4%, with a trade balance of USD -10.4 billion.