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In January, merchandise exports increased by 3.8 percent on a year-over-year basis (December: +10.8 percent). Meanwhile, goods imports increased by 18.5 percent year over year in January (December: +27.7% YoY), the lowest level since February 2021.
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As a result, the merchandise trade balance worsened in January compared to the previous month, with a USD 6.3 billion deficit (December 2020: USD 0.6 billion surpluses; January 2021: USD 1.2 billion deficit).
Finally, the trend was downward, with a USD 16.5 billion deficit in the 12-month trailing merchandise trade balance in January, compared to a USD 11.5 billion deficit in December.
Panelists polled for this month’s LatinFocus study predict that goods exports will climb 6.5 percent in 2022, while merchandise imports will rise 6.2 percent, resulting in a USD -3.0 billion trade deficit.
With a trade balance of USD -8.0 billion in 2023, our panel expects merchandise exports to rise 4.8 percent and merchandise imports to rise 5.7 percent according to Mexico Export Data.
In seasonally adjusted terms, the monthly index for economic activity (IGAE) increased 0.4 percent month over month in January (December: +0.9 percent mom).
The January slump was mostly fueled by slowing services and industrial sectors, as well as an increase in Covid-19 cases and resulting worker absences.
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The expansion of economic activity slowed in January shows Mexico export data yearwise
In January, economic activity increased at a quicker annual pace of 1.8 percent (December: +1.3 percent YoY). As a result, yearly average economic activity growth in January increased to 5.6 percent (December: +4.8 percent).
Experimental data from the statistics office for February reveals a similar moderate pace of increase.
While the number of Covid-19 instances fell substantially as the month proceeded, issues including high prices, increasing interest rates, economic uncertainty, and supply chain frictions are anticipated to continue to stifle growth in the months ahead.
The economy will grow 2.4 percent in 2022, according to FocusEconomics panelists, down 0.2 percentage points from last month’s projection. They expect GDP growth to slow to 2.3 percent in 2023.
Mexico import data suggest that Inflation is on the increase in February
Consumer prices increased 0.83 percent in February compared to the previous month, up from 0.59 percent in January. Looking at the specifics of the report, transportation prices increased at a faster rate in February than the previous month, while housing price pressures increased.
Inflation rose to 7.3 percent in February from 7.1 percent in January, significantly over the Central Bank’s goal range of 2.0 percent to 4.0 percent.
Meanwhile, the trend was upward, with annual average inflation in February coming in at 6.3 percent (January: 6.0 percent ). Finally, core inflation increased to 6.6 percent in February, up from 6.2 percent the prior month.
Inflation is expected to end in 2022 at 4.3 percent, according to FocusEconomics panelists, which is unchanged from last month’s projection. Year-end inflation is expected to be 3.7 percent in 2023, according to the panel.
You may also be interested in the import-export trade data of some other top global countries:
India import data India export data
Vietnam import data Vietnam export data
Indonesia import data Indonesia export data
Turkey import data Turkey export data
Bangladesh import data Bangladesh export data
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