Mexico Trade Surplus Narrows in March

Mexico’s trade surplus narrowed to USD 1429 million in March 2019 from USD 1713 million in the same month of the previous year. Exports dropped 1.2 percent year-on-year and imports fell at a softer 0.5 percent. Considering the first quarter of the year, the country posted a trade shortfall of USD 2158 million.

Exports declined 1.2 percent year-on-year to USD 38961 million in March. Non-oil exports went down 1.2 percent, mainly due to lower sales of manufacturing (-0.9 percent), namely machinery and equipment for agriculture & livestock (-28.1 percent), steel products (-9.1 percent), and electrical & electronic equipment (-6.4 percent), plastic & rubber (-3.8 percent). Also, sales decreased for agricultural products (-5.6 percent), of which onion & garlic (-51 percent), sea products (-48.6 percent), and fresh fruit (21.3 percent); and mining (-4.6 percent). Additionally, oil exports fell 2.0 percent. The country exported 1.150 million barrels of crude oil per day, lower than 1.176 million barrels a year earlier while the price was USD 58.91 per barrel, $3.46 above the price in March 2018.

Non-oil exports to the US rose 1.0 percent, led by auto sales (6.1 percent). Sales to the rest of the world decreased 10.1 percent.

Imports dropped 0.5 percent to USD 37531 million, due to lower purchased of consumption (-4.6 percent), namely non-oil (-4.6 percent) and gasoline, butane & propane gas (-4.5 percent). On the other hand, purchases increased for intermediate goods (0.1 percent) and capital (0.2 percent).

On a seasonally adjusted basis, Mexico trade gap fell to USD 353 million in March from USD 388 million in February. Exports declined 1.94 percent month-over-month and imports went down 1.79 percent.

Mexico Trade Surplus Narrows in March

INEGI | Stefanie Moya |
4/26/2019 1:28:23 PM