Mexico: Trade balance records unexpected surplus amid lower imports
November 9, 2012
In September, the trade balance recorded a USD 234 million surplus. The figure contrasted both the USD 1.9 billion shortfall recorded in the same month last year and market expectations of a USD 1.4 billion deficit. Consequently, in the 12 months up to September the trade balance posted a surplus of USD 1.4 billion, which represents the highest level on record and contrasted the USD 721 million deficit seen in the 12 months up to August. Imports swung from a 1.1% expansion in August to a 5.1% decline in September, which prompted the moving 12-month sum of imports to increase 6.3% over the same period last year (August: +8.3% year-on-year). On the other hand, export growth picked up, buttressed by higher oil exports, and rose from a 0.6% increase in August to a 1.8% expansion in September. As a result, in the 12 months up to September exports increased 7.3%, which, nevertheless, represents a deterioration over the 8.2% expansion witnessed in the same period ending in August.