Mexico’s exports grew by 9.81 percent in July compared to June, mainly driven by vehicle exports to the United States, the National Institute of Statistics and Geography (Inegi) said on Thursday, Aug. 27.
The total value of exports amounted to $34.847 billion in July, representing the second consecutive month of growth after dropping in April and May due to the novel coronavirus (covid-19) pandemic, Inegi said.
Imports grew 3.19 percent in July compared to June, amounting to $28.095 billion, the agency said.
Inegi’s president, Julio Santaella, said via Twitter that Mexico’s vehicle exports, which mainly go to the United States, accounted for one of the most dynamic trade flows in the past two months.
Mexico’s Banorte Financial Group responded to the Inegi report, saying the figures confirm signs that external demand will be the main engine of Mexico’s economic recovery, with greater dynamism in exports relative to imports.
“While we continue to see a recovery led by manufacturing, the situation continues to be very challenging,” said Banorte, referring to the ongoing covid-19 pandemic.
“Production capacity continues to be limited by the need to maintain sanitary and social distancing measures at plants, although it has been gradually improving.”
Mexico began to gradually reactivate some sectors of the economy on June 1, which had been closed since the end of March to prevent the spread of covid-19.
The International Monetary Fund (IMF) forecasts a 10.5 percent contraction in Mexico’s economy in 2020, due to the pandemic.
…Aug. 28, 2020