López-Gatell Adjusts Peak to May 8

Mexico’s total number of deaths from COVID-19 now stands at 2,507 and 26,025 positive cases have been identified said Deputy Minister of Health Hugo López-Gatell in today’s COVID-19 special briefing, adding that the contagion’s peak is expected for Friday May 8, and not tomorrow as he stated last Friday.

López-Gatell stressed that every Tuesday the Ministry of Health has a virtual meeting with state health secretaries, where questions and concerns discussed by the officials provide new insights on how to face the COVID-19 pandemic. Later every Tuesday, the deputy minister has another meeting with President Andrés Manuel López Obrador to assess the epidemic and the progress of the contingency plan.

During today’s special report, INSABI’s Coordinator of Supplies Alejandro Antonio Calderón detailed the program already ongoing to distribute 211 ventilators that arrived from the US.

As of Tuesday, May 5

1,120     new cases (from yesterday)

26,025   confirmed cases nationwide

16,099   under investigation

2,507     deaths

Impact on markets (19.30 hrs)

US Dollar              MX$23.87            (-1.21%)

BMV IPC               36,616.06             (0.68%)

Dow Jones          23,883.09             (0.56%)

Mexico's exports to the US falls 3.9 percent

Despite exports to the US falling in March, Mexico consolidated its position as the main trading partner of the US during Q1 2020 with a joint participation of 15.3 percent in imports and exports, according to data from the Census Bureau. This share is the highest that Mexico has recorded historically. Canada is the second trading partner with a 14.9 percent participation while China’s 10.1 percent placed the Asian giant in third place. In March, the value of Mexico's exports to the US fell 3.9 percent, recording the worst drop at the annual rate since October’s 2016 4.7 percent. Foreign sales recorded a rise to US$30.1 billion in the third month of 2020.

MX$449.23 billion loss estimated

Restaurants, hotels and businesses will lose an estimated MX$449.23 billion from March 17 to May 10, CONCANACO has warned. The tourism business chamber confederation head José Manuel López explained that the revenue generated for traditional celebrations will fall by MX$68.4 billion, following the MX$20.4 billion that was lost on April 30 Children's Day. An estimated MX$48 billion will be missed out on for Mother’s Day on May 10. “This is hard economic blow for thousands of micro, small and medium-sized enterprises, but also for large corporations,” he said.

Mexican crude reaches US$21.67

The Mexican crude basket rose 19.26 percent to U$21.67 per barrel, adding a second straight day of major gains, according to PEMEX data. After the epic drop in prices in April, crude futures rose for the fifth straight trading session. WTI rose 20 percent, closing above US$24 per barrel, its highest price in nearly a month, while Brent broke the US$30 barrier for the first in weeks. As OPEC+ producers begin to cut production as part of a landmark deal, the US is shutting down production on the country's largest shale fields.

211 respirators for high contagion spots

The 211 respirators that arrived today from the US will be distributed in zones with the highest number of COVID-19 positive cases, INSABI head Juan Antonio Ferrer said. The ventilators, manufactured by the Swiss company Hamilton, will be sent to Quintana Roo, Tabasco, Baja California and the metropolitan area of ​​the Valley of Mexico said Ferrer.

SEP calls on agreement with private schools

The Ministry of Public Education (SEP) called on private schools and parents to reach an agreement on tuition and services payments during the health crisis. “To overcome the COVID-19 health emergency and its economic impact, private schools must be flexible. Schools must pay teachers’ salaries, but they also have to consider parents who have reduced their incomes or even lost their jobs,” SEP stated.

Five doctors have died in Mexico City

At least five doctors have died from COVID-19 in Mexico City, Head of Government Claudia Sheinbaum has reported. Sheinbaum said there are 200 new specialists hired working in Mexico’s capital city and that the Milpa Alta and Villa general hospitals will be enabled to care for patients with COVID-19 as of May 10, while the army's Chivatito hospital will start tomorrow receiving COVID-19 patients.

Impact until April-June

The Mexican economy will not register any annual growth until the April-June period of 2021, CIBanco has estimated. An analysis by the financial institution states that Mexico’s GDP could register a 16 percent fall on Q2 2020.