Mexico: Merchandise trade returns to a surplus in March
Latest reading: In March, the trade balance was USD +5.9 billion, following a USD -0.5 billion figure in the previous month. This was the largest surplus since December 2020. Over the last 12 months, the trade balance summed to USD 0.0 billion.
Merchandise exports increased 27.7% in annual terms in March, coming on the back of 15.8% growth in the prior month. March’s reading was the strongest since February 2022, driven by higher mining and non-vehicle manufactured exports. In contrast, vehicle exports grew only mildly, and oil exports tumbled amid the government’s policy of prioritizing domestic refining. Merchandise imports rose 24.3% in year-on-year terms in March, following 20.8% growth in the previous month. March’s reading was the strongest since August 2022.