Mexico: Merchandise exports increase sharply in July
Merchandise exports soared 14.7% over the same month last year in July (June: -5.7% year-on-year). July’s result marked the strongest print since January 2023, with double-digit growth in non-oil exports—especially to the U.S.—more than offseting a sharp fall in oil exports. Meanwhile, merchandise imports shot up 13.3% on an annual basis in July (June: -3.6% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 0.1 billion deficit in July (June 2024: USD 1.0 billion deficit; July 2023: USD 0.6 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 3.9 billion deficit in July, compared to the USD 4.5 billion deficit in June.