Mexico: Trade balance turns negative amid surge in imports
December 10, 2012
In October, the trade balance posted a USD 1.6 billion deficit, which exceeded both the USD 530 million shortfall seen in the same month last year and market expectations of a USD 550 million deficit. As a result, the trade surplus attained in the previous 12 months fell from USD 1.4 billion to USD 266 million.
Imports swung from a 5.1% contraction in September to a strong 16.4% expansion in October, which represents the fastest pace in more than a year and prompted the moving 12-month sum of imports to increase 6.8% over the same period last year (September: +6.3% year-on-year).
Exports also accelerated the pace by expanding 13.0% in October, which came in well above the 1.8% rise observed in September. The figure was underpinned by strong growth in shipments of both manufacturing and mining products. As a result, exports increased 7.3% in the 12 months up to October, which mirrored the figure tallied in the previous month.