Mexico Trade Surplus Hit a Record High in March

Mexico recorded an all-time high trade surplus of USD 1918 million in March of 2018 compared to a USD 63 million shortfall a year ago and beating market consensus of a 228 million surplus, as exports grew much faster than imports.
Luisa Carvalho | 4/27/2018 2:27:51 PM
Year-on-year, exports surged 10 percent to a record USD 39,650 million. Non-oil sales, which accounted for around 94 percent of total exports, rose 8.6 percent to USD 37,262 million. Shipments grew for manufactured products (7.5 percent), mainly steel products (29 percent); automotive products (16.8 percent); machinery and special equipment for diverse industries (8.3 percent) and food, beverages and tobacco (4.4 percent). Also, sales grew for mining products (51.7 percent) and agricultural goods (18 percent), especially fish, crustaceans and molluscs (156.2 percent); tomato (40.8 percent); pepper (37.5 percent); onion and garlic (37.3 percent) and avocados (24.8 percent).

Oil exports grew 38.9 percent to USD 2,388 million. Mexico sold 1.176 million barrels a day, above 1.001 million a year ago. Crude oil prices also were up to USD 55.45 a barrel, USD 13.38 more than in March of 2017.

Non-oil exports to the US, which represented more than 80 percent of total shipments, increased 5.5 percent, boosted by exports of autos (8.5 percent) and other products (4 percent). Sales to the rest of the world jumped 22.7 percent, as exports of autos climbed 64.7 percent and those of other products grew 6.4 percent.

Imports advanced at a slower 4.5 percent to USD 37.732 million in March 2018. Oil purchases rose 24.3 percent and non-oil imports grew 2.4 percent with biggest gains recorded for consumer goods (5.5 percent); intermediate goods (4.5 percent) and capital goods (3.4 percent).

On a seasonally adjusted basis, imports increased 3.2 percent in March 2018 from February and exports went up at a softer 2.6 percent, thus widening the trade deficit to USD 718,8 million from USD 486,3 million.

Mexico Trade Surplus Hit a Record High in March