Mexico Trade Gap Highest on Record

Mexico’s trade deficit widened to USD 4810 million in January 2019 from USD 4420 million in the corresponding month of the previous year and compared with market expectations of a USD 3539 million shortfall. It was the largest trade gap on record, as imports rose 6.1 percent year-on-year and export increased at a softer 5.7 percent.

Imports went up 6.1 percent to USD 37263 million in January 2019, mostly boosted by higher purchases of intermediate (7.8 percent) and capital (4.8 percent) goods. Meanwhile purchases of consumption goods declined 2.3 percent.

Exports increased 5.7 percent year-on-year to USD 32453 million. Non-oil exports advanced 7.1 percent, driven by higher sales of manufacturing (8.5 percent). On the other hand, sales dropped for mining (-27.6 percent) and agricultural products (-4.5 percent). Additionally, oil sales decreased 12.4 percent. The country exported 1.071 million barrels of crude oil per day, lower than 1.107 million barrels a year earlier while the price was USD 51.81 per barrel, $5.90 below the price in January 2018.

Non-oil exports to the US rose 7.9 percent, of which auto sales increased 7.4 percent. Sales to the rest of the world went up 3.8 percent.

On a seasonally adjusted basis, Mexico recorded a USD 1151 million gap in January, swinging from a USD 50 million surplus in December. Exports increased 1.0 percent month-over-month and imports rose 4.1 percent.

Mexico Trade Gap Highest on Record

INEGI | Stefanie Moya |
2/27/2019 2:27:46 PM