Mexico Unexpectedly Posts Trade Gap in April

Mexico recorded a trade deficit of USD 289.1 million in April 2018 compared to a USD 900.5 million surplus a year ago and missing market expectations of a USD 931 million surplus, as imports were stronger than exports.
INEGI | Luisa Carvalho | 5/25/2018 2:29:09 PM
Year-on-year, imports jumped 21.4 percent to USD 37,470 million in April 2018. Oil purchases rose 48.7 percent to USD 4,270 million; and non-oil imports advanced 18.6 percent to USD 33,200 million, boosted by intermediate goods (20.0 percent), consumer goods (26.1 percent) and capital goods (25.8 percent).

Meantime, exports grew at a slower 17 percent to USD 37,181 million. Non-oil sales, which represented around 93 percent of total exports, increased 15 percent to USD 34,588 million. Shipments went up for manufactured products (14.9 percent), especially steel products (37.4 percent); machinery and special equipment for diverse industries (21 percent); automotive products (19.9 percent) and food, beverages and tobacco (12.6 percent). Also, sales increased for agricultural goods (13.9 percent), mostly onion and garlic (96.5 percent); mango (40 percent); tomato (31.2 percent); fruits and edible fruits (18.8 percent); avocados (8.8 percent); and mining products (18.3 percent).

Oil exports rose 54.4 percent to USD 2,592 million. Mexico sold 1.266 million barrels a day, above 1.017 million a year ago. Crude oil prices also were up to USD 58.08 a barrel, USD 14.59 more than in April of 2017.

Non-oil shipments to the US, which accounted for more than 80 percent of total sales, increased 10.7 percent, driven by exports of other products (11.7 percent) and autos (8.6 percent). Exports to the rest of the world jumped 35.4 percent, with sales of autos climbing 95.3 percent and those of other products rising at a slower 16.5 percent.

On a seasonally adjusted monthly basis, the trade deficit narrowed to USD 640 million from USD 681 million, as imports fell 2.36 percent and exports declined 2.3 percent. 

Mexico Unexpectedly Posts Trade Gap in April