Mexico: Trade surplus in February amid better global and domestic conditions

  • The trade balance showed a US$1,293.0mn surplus in February, broadly in line with seasonal trends

  • Higher dynamism in sequential terms, with exports at +16.0% m/m and imports at +9.2%, rebounding after the Omicron wave

  • We expect activity in 1Q22 to be positive. However, risks prevail due to COVID-19 and the war in Ukraine

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