Macro Analysis /

Trade balance – Recovery in flows in June suggests a less challenging backdrop

  • The trade deficit in June stood at US$3,957.2mn, benefited by improving trade conditions out of China

  • Exports & imports grew 1.3% and 6.0% m/m, each. We note autos in the first and non-oil intermediate goods in the second

  • Today’s report inserts some upside risks to our 2Q22 GDP forecast. Going forward, recession fears may dampen trade

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

27 July 2022
Published byBanorte


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