– Mexico‘s exports grew 19.5 percent on-year to 479.56 billion US dollars in the first 10 months, driven by manufactured goods and oil, the National Institute of Statistics and Geography said on Monday.
Imports rose 22.8 percent to $506.87 billion, leaving the trade deficit at $27.309 billion, the agency said in its monthly trade balance report.
In a separate report, Mexican financial group Banorte said global price distortions continue to affect trade flows, with some signs of “cooling off.”
The moderation in global demand could be due to “further monetary tightening” by central banks around the world, among other things, Banorte said.
“Considering all of the above, we believe that trade is likely to slow in the fourth quarter of 2022 and into 2023, in line with our general view of economic activity,” the financial group said.
The Mexican economy grew 4.8 percent in 2021, after an 8.2 percent drop from the previous year due to the COVID-19 pandemic. The country’s economy is expected to grow 2.1 percent this year and 2.1 percent in 2023, according to the World Bank. ■