Mexico: Trade balance records surplus on strong exports
April 27, 2014
In February, the trade balance incurred a USD 976 million surplus. The reading was well above the USD 80 million surplus registered in the same month last year and contrasted the USD 200 million deficit that the market had expected.
February's unexpected trade surplus was the result of stronger exports. Overseas sales totaled USD 30.5 billion in February, which represented a 4.7% expansion compared to the same month last year (January: -1.0% year-on-year). According to the Statistical Institute (INEGI), shipments of petroleum products drove the increase. Meanwhile, imports totaled USD 29.5 billion in February, which represents a 1.6% increase over the same month last year (January: +0.3% yoy).
LatinFocus Consensus Forecast panelists expect exports to increase 7.2%, reaching USD 409 billion, while imports are expected to expand 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