Mexico: December trade balance surplus larger than expected
January 27, 2014
In December, the trade balance recorded a USD 1.7 billion surplus. The result came in above the USD 1.0 billion surplus registered in the same month of the previous year and more than doubled the USD 0.82 billion surplus that the market had expected. In the full year 2013, the trade balance incurred a deficit of USD 1.0 billion.
December's larger-than-expected surplus primarily reflected a sharp acceleration in exports. Shipments abroad totaled USD 32.1 billion in December, which represents a 6.4% expansion compared to the same month of the previous year (November: +0.8% year-on-year). In the full year 2013, Mexican overseas sales totaled USD 380 billion (2012: USD 371 billion). Meanwhile, imports bounced back from a 4.1% year-on-year decrease in November to a 4.2% expansion in December, which pushed imports to USD 30.4 billion. In 2013, imports recorded USD 381 billion (2012: USD 371 billion).
LatinFocus Consensus Forecast panelists expect exports to increase 7.2%, reaching USD 409 billion, while imports are expected to rise 8.4% and reach USD 420 billion. For 2015, the panel expects exports and imports to increase 8.8% and 7.7% respectively.
Author: Ricardo Aceves, Senior Economist