Macro Analysis /
Global

Trade balance – Mixed signals in October as supply chain issues remain

  • October’s trade balance posted a US$2,701 million deficit. Exports grew 0.2% m/m, with imports at +1.1%

  • The report suggests that supply shocks prevail, impacting flows. In addition, data might be skewed by global inflation

  • Despite modest results, we believe signals point to a recovery in activity in 4Q21, at least from consumption

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
26 November 2021
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