Mexico's trade balance for June was much higher than forecasters anticipated, coming in at $5.5 billion. This result reflects a combination of stronger-than-expected non-automobile exports and weaker-than-expected imports.
While the surge in exports is positive news for manufacturing, the slowdown in imports underlines the impact of COVID-19 on domestic demand. However, overall, we are seeing signs of an economic recovery. What is unclear though is if the recovery will continue and if it will move at an encouraging pace, as the pandemic is starting to slow work in factories.