Mexico trade surplus soars as slowing demand damps imports

Mexico’s trade surplus was four times as large as economists had forecast in March as slowing demand damped imports. 

The country registered a surplus of $2.1 billion, far exceeding the $450 million median prediction of analysts surveyed by Bloomberg.

Exports fell 5.3% from a year earlier, to $50.8 billion, while imports plunged 7.1%, to $48.7 billion, the national statistics agency said Friday.

The result is “consistent with other data that shows activity and domestic demand losing momentum after strong growth in the past two years,” said Felipe Hernandez, who covers Latin America for Bloomberg Economics. “Imports of capital goods fell for the first time since January 2021. That also adds evidence that investment growth is slowing.”

Fuel imports fell 39% over the period, while imports of other goods dropped 3.6%, 

Mexico’s economy will grow 2.4% this year, according to analysts surveyed by Citi, from 3.2% in 2023.