Exports rose to USD 32.16 billion in July, marking the ninth consecutive month of annual gain. Non-oil sales, which account for 94 percent of total exports, increased 7.4 percent and exports of oil grew 19.3 percent. Within non-oil exports, sales of manufactured products rose 7.2 percent, driven by exports of food (27.2 percent); steel products (16.4 percent); automotive products (13.2 percent); special machinery and equipment for industries (4.7 percent) and professional and scientific equipment (11.3 percent). In addition, sales surged for agricultural and fisheries (10.8 percent) and mining products (14.5 percent).
Exports to the United Sates grew 6.7 percent, accounting for more than 80 percent of total non-oil shipments. Auto sales to the US rose 10.5 percent and exports of other products advanced 5 percent. Sales to the rest of the world increased 10.5 percent, with autos jumping 27.2 percent and other products soaring 4.7 percent.
Imports advanced to USD 33.69 billion, driven by higher purchases of intermediate goods (8.2 percent), consumption goods (2.4 percent) and capital goods (0.4 percent).
Considering the January to July period, the trade deficit shrank to USD 4.43 billion from USD 8.88 billion in the same period of 2016, as exports rose 10.1 percent to USD 229.69 billion and imports grew at a slower 7.6 percent to USD 234.12 billion.