Mexico: Trade balance – Large deficit in July as flows and prices moderated

  • Trade balance deficit of US$5,959.5mn, with a seasonal effect pushing the result along weak auto exports

  • Imports and exports fell 3.1% and 0.3% m/m, each. In the latter, we highlight the decline in manufacturing at -0.9%

  • We anticipate more challenging trade conditions ahead, with the highest risk being a slowdown in US demand

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