Mexican exports decline amid heightened fears of U.S. recession

Xinhua
26 May 2023, 11:30 GMT+10

MEXICO CITY, May 25 (Xinhua) -- Mexican exports decreased in April amid slower U.S. economic growth and a greater likelihood of a U.S. recession, reports said on Thursday.

Mexican exports fell by 2.9 percent year-on-year to 46.22 billion U.S. dollars in April, said the National Institute of Statistics and Geography in a monthly report.

Imports fell by 3.3 percent to 47.73 billion dollars, it showed.

Thus, Mexico saw a trade deficit in April of almost 1.51 billion dollars.

"The deterioration of trade, especially exports, was already expected due to the fact that U.S. economic growth in Q1 was lower than expected and that the probability of recession in that country increased," Grupo Financiero BASE, a Mexican financial group, said in a report.

Private analysts consulted by the Bank of Mexico estimate that the Mexican economy will grow 1.6 percent in 2023.

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