Mexico Trade


Trade balance shows fourth month of surplus

In May, the trade balance reached a USD 132 million surplus. The reading contrasted the USD 460 million deficit recorded in the same month last year, but came in well below the USD 425 million surplus the markets had expected. May’s result followed the USD 510 million surplus recorded in April and marked the fourth consecutive month of surplus. Moreover, the 12-month sum of the trade balance incurred a surplus of USD 1.08 billion, which is the highest value since September 2012.

May’s trade data reflected that export growth remains solid. Shipments abroad totaled USD 34.4 billion in May, which represented a 4.7% increase over the same month last year (April: +4.1% year-on-year). According, to the Statistics Institute (INEGI), the increase in exports was driven by strong growth in non-petroleum items and a healthy increase in petroleum products. Moreover, imports registered USD 34.3 billion in May, marking a 2.8% increase in annual terms (April: -1.5% yoy).

LatinFocus Consensus Forecast panelists expect exports to increase 6.6%, reaching USD 405 billion in 2014, while imports are expected to expand 8.0% and reach USD 412 billion. For 2015, the panel expects exports and imports to increase 7.8% and 8.1% respectively.

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Mexico Trade Chart

Mexico Trade12m May 2014

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Mexico National Statistics Institute (INEGI).

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