Mexico Trade Gap Widens Slightly in August

Mexico recorded a trade deficit of USD 2591 million in August of 2018 from USD 2585 million a year earlier and compared with market expectations of a USD 2204 million shortfall. Exports soared 10.1 percent and imports advanced at a softer 9.4 percent.
INEGI Luisa Carvalho | 9/27/2018 2:13:54 PM
Year-on-year, exports surged 10.1 percent to USD 39,537 million in August 2018, with non-oil sales, which represented around 93.1 percent of total exports, rising 8.0 percent to USD 36,813 million. Shipments increased for manufactured products (8.5 percent), mainly steel products (32.1 percent); machinery and special equipment for diverse industries (14.5 percent); automotive products (11.8 percent) and food, beverages & tobacco (8.3 percent): and mining products (10.3 percent). In contrast, they decreased for agricultural and fishing goods (-7.4 percent), namely frozen shrimp (-42.2 percent); chickpeas (-37.8 percent); raw coffee beans (-26 percent); mango (-18.4 percent) and avocados (-12.6 percent).

Oil exports increased 47.2 percent to USD 2,724 million in August 2018. Mexico exported 1,181 million barrels of oil a day, above the 1,114 million recorded in the corresponding month of 2017. Crude oil prices were up to USD 63.71 a barrel, USD 17.86 million more than in August of 2017.

Non-oil dispatches to the US, which accounted for more than 81 percent of total sales, rose 10 percent, boosted by exports of autos (15.9 percent) and other products (7.1 percent). Sales to the rest of the world fell 0.4 percent, as a 6.0 percent decline in exports of autos offset a 2.3 percent increase in those of other products.

Imports grew 9.4 percent to USD 42,127 million, as non-oil purchases advanced 7.8 percent to USD 37,175 million, driven by purchases of intermediate goods (8.4 percent), consumer goods (15.0 percent) and capital goods (9.3 percent). Meantime, oil imports surged 22.9 percent to USD 4,952 million.

On a seasonally adjusted monthly basis, the trade shortfall narrowed to USD 1,316 million from USD 1,616 million, as exports went up 3.58 percent to USD 38,387 million and imports rose at a slower 2.65 percent to USD 39,703 million.

Mexico Trade Gap Widens Slightly in August