Mexico Trade Balance June 2022

Merchandise exports jumped 20.2% year-on-year in June, after May’s jump of 22.4%. Meanwhile, merchandise imports rose 31.7% over the same month last year in June (May: +29.1% YoY). Oil exports and imports led the higher readings due to higher oil prices. However, non-oil exports also rose in double digits, driven by increased exports to the United States

As a result, the merchandise trade balance deteriorated from the previous month, posting a deficit of $4.0 billion in June (May 2022: $2.2 billion deficit; June 2021: $0.7 billion surplus). Finally, the trend was to the downside, with the 12-month overdue Goods Trade Balance posting a deficit of $25.3 billion in June, compared to a deficit of $20.6 billion in May.

Survey respondents in this month’s Latin Focus report expected merchandise exports to rise 8.0% in 2022 and merchandise imports to grow 8.5%, pushing the trade balance to -14.1 billion US dollars. For 2023, the expert panel sees an increase in merchandise exports by 3.1% and an increase in merchandise imports by 3.2%, with a trade balance of -15.2 billion US dollars.

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