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Mexico - May 2021

ECONOMIC HIGHLIGHTS

MEXICO | Trade deficit. On 27 April Mexico’s national statistics institute (Inegi) released new trade statistics, which show that Mexico recorded a US$3bn trade deficit in March, compared with a US$3.34bn trade surplus in March 2020. Exports in March totalled US$43bn, up 12.2% on a year earlier, but this was offset by a 31.4% increase in imports to US$46bn. The value of trade in oil-related products increased markedly, with the value of oil-related exports growing 70.8% (compared with 10.2% for non-oil exports); meanwhile oil-related imports surged 104.7%. In seasonally adjusted terms, total exports grew 4.3% in March compared with February, while imports increased by 18.35%. In January-March this year, Mexico recorded a US$1.56bn trade deficit, with exports growing 3% year-on-year while imports increased 8.3%. Despite the March deficit, Mexico’s deputy minister for foreign trade, Luz María de la Mora, has highlighted that the country remains the US’s number trade partner. Citing figures from the US Census Bureau, De la Mora noted that trade between the two neighbours amounted to US$153.9bn in the first quarter of the year, equivalent to 14.8% of US foreign trade. This puts Mexico head of Canada (14.5%) and China (14.3%) as the US’s leading trading partner. According to US Census Bureau data, Mexican imports to the US amounted to US$89.9bn in the first quarter.

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