Mexico: Trade balance records first annual surplus in 15 years
February 11, 2013
In December, the trade balance posted a surplus of USD 962 million, according to revised data published by the statistical institute (INEGI) on 11 February. The figure contrasted both market expectations of a USD 963 million deficit as well as the virtually flat reading seen in the same month last year. As a result, in the full year 2012, the trade balance recorded a surplus of USD 163 million, which represents the first surplus attained in 15 years.
Imports decelerated from a 4.7% rise in November to a 0.2% increase in December, mostly as a result of falling oil-related imports. In the full year 2012, imports increased 5.7%, which came in well below the 16.4% expansion seen in the full year 2011.
Exports, in contrast, picked up from a 1.3% increase in November to a 3.6% expansion in December. The acceleration was buttressed by improving manufacturing exports, whereas oil shipments plunged 19.3% (November: -15.3% year-on-year). Overall in 2012, exports grew 6.2%, which came in well below the 17.1% rise seen in 2011.