Mexico: Trade surplus widens in line with expectations
April 11, 2011
In February, the trade balance incurred a surplus of USD 274 million (January: USD 69 million surplus), according to revised figures released by the statistics institute (INEGI) on 11 April. The figure was broadly in line with market expectations that had the trade balance incurring a USD 300 million surplus. Exports continued to expand at a solid pace, growing 20.9% over the same month last year (January: +28.2% year-on-year) to reach a total of USD 25.8 billion. The slower growth rate responded to the waning of a favourable base effect, which will likely continue trimming down export growth to more normal levels in the months ahead. That said, the expansion was underpinned by oil as well as non-oil exports, which confirmed the notion that external demand, mostly from the United States, remains strong. Imports continued to recover vigorously as well, rising 22.0% (January: +24.9% year-on-year) to a total of USD 25.5 billion. Again, the healthy pace confirmed the notion of a sustained recovery in domestic demand, which seems to be gradually gathering momentum.