Mexico: Exports moderate on lower oil exports
July 12, 2012
In May, the trade balance recorded a surplus of USD 363 million, which came in below the USD 538 million surplus attained in the same month last year. The figure, however, exceeded market expectations that had the trade surplus at USD 245 million. Exports slowed from an 11.6% year-on-year expansion in April to a 6.7% increase in May. The weaker figure was the result of a 13.6% contraction in oil exports, while non-oil exports increased a resilient 10.6%. Imports followed suit and moderated from a 12.1% increase in April to a 7.4% in May. In the last 12 months up to May, the trade balance recorded a deficit of USD 1.8 billion, which was a notch below the USD 1.7 billion deficit recorded in the 12 months up to April.