Mexico: Trade balance – Exports outperformed at the end of 3Q22

  • September’s trade balance stood at -US$895.4 million, above expectations albeit on deficit for sixth month in a row

  • With seasonally adjusted figures, exports outperformed at +5.0% m/m. Meanwhile imports dropped 0.7%

  • Despite mixed drivers for trade, we believe downside risks are growing larger due to recession fears

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