Macro Analysis /
GlobalTrade 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
Director of Economic Research @ Banorte
Francisco Jose Flores Serrano
Senior Economist, Mexico @ Banorte
27 July 2022
Published byBanorte
