Mexico's trade balance shifted to a USD 3,523 million deficit in May of 2020 from a USD 958 million surplus in the same month of the previous year and defying market expectations of a USD 1,417 million surplus. It was the largest monthly trade shortfall ever recorded, amid lingering effects of the coronavirus crisis. Exports tumbled 56.7% over a year earlier to a near eleven-year low of USD 18,070 million, as sales of oil slumped 63.8% and those of non-oil slipped 56.3%. The country exported 1.062 million barrels of crude oil per day, lower than 1.205 million barrels a year earlier, while the price was USD 21.88 per barrel, $38.43 below the price in May 2019. Non-oil exports to the US sank 57.2%, led by automotive (-90.7%) and other products (-39.7%). Meantime, imports fell 46.2% to a near eleven-year low of USD 21,592 million, dragged down by lower purchases of intermediate products (-46.7%); capital goods (-38.3%) and consumption goods (-55.8%).
Balance of Trade in Mexico averaged -303.18 USD Million from 1980 until 2020, reaching an all time high of 3335.53 USD Million in March of 2020 and a record low of -4625.28 USD Million in January of 2019. This page provides the latest reported value for - Mexico Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Mexico Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: Instituto Nacional de Estadística y Geografía (INEGI)
Balance of Trade in Mexico is expected to be -2000.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Mexico to stand at 800.00 in 12 months time. In the long-term, the Mexico Balance of Trade is projected to trend around 2500.00 USD Million in 2021 and 1500.00 USD Million in 2022, according to our econometric models.