Mexico Trade Surplus Widens in February

Mexico’s trade surplus widened to USD 1222 million in February 2019 from USD 930 million in the same month of the previous year. Exports rose 3.5 percent year-on-year and imports went up at a slower 2.7 percent. Considering the first two months of the year, the country posted a trade gap of USD 3588 million.

Exports increased 3.5 percent year-on-year to USD 33730 million in February. Non-oil exports rose 3.8 percent, led by higher sales of manufacturing (4.0 percent), of which food, alcohol and beverages (13.2 percent) and machinery and equipment (12.4 percent). Additionally, sales of mining advanced 4.1 percent. Meanwhile, sales of agricultural products declined (-1.0 percent), namely mangoes (-46.5 percent), citrics (-28.8 percent) and avocado (-23.4 percent). Also, oil exports fell 0.7 percent. The country exported 1.475 million barrels of crude oil per day, higher than 1.451 million barrels a year ago while the price was USD 55.76 per barrel, $0.45 below the price in February 2018.

Non-oil exports to the US went up 4.6 percent, of which auto sales (3.1 percent) and others (5.4 percent). Sales to the rest of the world advanced 0.7 percent.

Imports advanced 2.7 percent to USD 35074 million, driven by higher purchases of intermediate (5.2 percent). On the other hand, imports dropped for consumption (-5.3 percent) and capital goods (-5.5 percent).

On a seasonally adjusted basis, Mexico trade gap narrowed to USD 388 million in February from USD 977 million in January. Exports fell 0.05 percent month-over-month and imports dropped 1.54 percent.

Mexico Trade Surplus Widens in February

INEGI |Stefanie Moya |
3/27/2019 2:25:52 PM