Mexico: Trade balance shows surprising surplus due to rising exports
October 25, 2013
The trade balance recorded a USD 659 million surplus in September (August: USD 234 deficit). The reading was above both the USD 210 million surplus recorded in the same month last year and defied market expectations of a USD 257 million deficit.
The widening of the trade surplus in September showed exports expanding 7.2% over the same month last year (August: +3.2% year-on-year). A solid increase in shipments of manufacturing goods offset lower overseas sales of petroleum and mining products. Meanwhile, imports accelerated from a 0.8% increase in August to a 5.7% expansion in September.
LatinFocus Consensus Forecast panelists expect exports to increase 3.6% this year, while imports are expected to rise a stronger 5.0%. For 2014, the panel expects exports and imports to accelerate, growing 7.9% and 8.4% respectively.
Author: Ricardo Aceves, Senior Economist