Mexico: Merchandise trade slips into deficit in January
Latest reading: In January, the trade balance was USD -6.5 billion, following a USD +2.4 billion figure in the prior month. Over the last 12 months, the trade balance summed to USD -0.5 billion.
Merchandise exports were up 8.1% in year-on-year terms in January, following 17.2% growth in the prior month. Higher mining and non-vehicle manufacturing exports drove the reading. In contrast, vehicle exports fell, and oil exports continued to tumble amid the government’s policy of prioritizing domestic refining. Merchandise imports were up 9.8% in year-on-year terms in January, following a 16.7% rise in the prior month.