Mexico: Merchandise trade deficit shrinks in February
Latest reading: In February, the trade balance was USD -0.5 billion, following a USD -6.5 billion figure in the prior month. Over the last 12 months, the trade balance summed to USD -2.6 billion.
Merchandise exports increased 15.8% in year-on-year terms in February, following 8.1% growth in the prior month. February’s reading was driven by higher mining and non-vehicle manufactured exports. In contrast, vehicle exports fell, and oil exports tumbled amid the government’s policy of prioritizing domestic refining. Merchandise imports increased 20.8% in annual terms in February, coming on the back of 9.8% growth in the previous month. February’s reading was the strongest since September 2022.