Mexico Trade Balance Swings to Deficit

Mexico reported a USD 2382 million trade deficit in November of 2018 compared to a USD 408 million surplus a year earlier. Exports rose 2.8 percent, boosted by sales to the US while imports jumped at a faster 10.4 percent. Considering the first eleven months of the year, Mexico recorded a USD 15541 million gap, 41.7 percent higher than in the same period of 2017.

Exports went up 2.8 percent year-on-year to USD 38544 million. Non-oil exports increased 3.3 percent, mainly boosted by sales of manufacturing (4.1 percent), namely machinery and special equipment (15.8 percent); professional and scientific equipment (9.7 percent); food, beverages and tobacco (8.5 percent) and automotive products (5.6 percent). On the other hand, sales of agricultural products declined 8.8 percent, mainly due to coffee in grain (-67.6 percent); avocado (-38.6 percent); cucumber (-32.6 percent); fresh vegetables (-14.7 percent) and tomato (-6.7 percent). Shipments of mining dropped 11.9 percent and oil sales fell 4.5 percent. The country exported 1.135 million barrels of crude oil per day, below 1.388 million a year earlier while the price was USD 60.69 per barrel, $7.49 above the price in November of 2017.

Non-oil exports to the US increased 4.3 percent, of which auto sales went up 8.4 percent. Sales to the rest of the world dropped 0.6 percent.

Imports rose 10.4 percent to USD 40926 million, led by sales of consumption (4 percent), intermediate (11.8 percent) and capital (6.8 percent) goods.

On a seasonally adjusted basis, Mexico reported a USD 2763 million deficit, above a USD 1649 million gap in October. Exports declined 1.6 percent while imports rose 1.3 percent.

Mexico Trade Balance Swings to Deficit

INEGI | Joana Taborda |
12/28/2018 2:45:55 PM