Mexico: Trade balance records deficit in July
September 10, 2012
In July, the trade balance recorded a USD 427 million deficit, which came in well below the USD 1.18 billion shortfall recorded in the same month last year. The figure surprised the market on the upside, as analysts had forecasted a USD 962 million deficit. Exports swung from a 0.4% contraction in June to an 8.7% expansion in July, mostly buttressed by strong automobile shipments. Meanwhile, imports followed suit and expanded 5.8%, which contrasted the 2.1% decline witnessed in June. In the last 12 months up to July, the trade balance recorded a deficit of USD 571 million, which represents an improvement over the USD 1.3 billion deficit recorded in the same period up to June.