Mexican Exports Down amid Fears of US Recession

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Mexican exports decreased in April amid slower U.S. economic growth and a greater likelihood of a recession in the United States, the government said on Friday, May 26.

Overall, Mexican exports fell by 2.9 percent year-on-year, to just $46.22 billion in April, said the National Institute of Statistics and Geography (INEGI) in a monthly report.

Imports also fell by 3.3 percent to $47.73 billion, but not as much as exports, the report showed.

As a result, Mexico registered a trade deficit in April of almost $1.51 billion.

“The deterioration of trade, especially exports, was already expected due to the fact that U.S. economic growth in the first quarter of 2023 was lower than expected, and because of the possibility of a recession in that country increased,” Grupo Financiero BASE, a Mexican financial group, said in a separate report.

Private analysts consulted by the Central Bank of Mexico (Banxico) estimated that the Mexican economy will grow 1.6 percent in 2023, although it did not meet its expected growth rate in the first quarter of the year.

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