Macro Analysis /

Mexico: Trade balance – Strong imports in July, but with lingering risks ahead

  • July’s trade deficit stood at US$4,062.9 million, negative for the first time since March and at its highest since 2018

  • Exports rose 1.5% m/m despite weakness in autos, with imports up 4.9% and strength in capital and intermediate goods

  • The recovery will likely extend into 3Q21. However, risks to trade remain given COVID-19 and its effect on supply chains

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

27 August 2021
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