Mexico: Trade balance remains in the red for second month in a row
January 14, 2013
In November, the trade balance recorded a deficit of USD 1.3 billion, which exceeded both the USD 200 million shortfall recorded in the same month the previous year and market expectations of a USD 1.0 billion deficit. As a result, the moving 12-month sum of the trade balance swung from a USD 267 million surplus in October to a USD 800 million deficit in November, which represents the lowest level in five months.
Both imports and exports decelerated markedly. Imports moderated from a strong 16.4% expansion in October to a 4.7% increase in November. As a result, in the 12 months up to November, imports increased 6.3%, which came in below the 6.8% expansion seen in October.
Meanwhile, exports grew a paltry 1.3% in November, which represents only a fraction of the 13.0% rise seen in October. Consequently, export growth in the 12 months up to November fell to 6.5% from the 7.3% seen in October.