Mexico: Trade surplus widens to new historical high
May 9, 2011
In March, the trade balance incurred a surplus of USD 1.5 billion (February: USD 274 million surplus), according to revised figures released by the statistics institute (INEGI) on 9 May. The strong reading nearly tripled market expectations of a USD 458 million surplus and represented the largest trade surplus on record. Exports maintained the pace by expanding 20.1% over the same month last year (February: +20.9% year-on-year) to reach a total of USD 31.4 billion. The figure was boosted by high oil prices, although non-oil exports also contributed to the strong reading, suggesting sustained demand, mostly from the United States. Imports decelerated, growing 16.3% over the same month last year (January: +24.9% yoy) to a total of USD 29.9 billion. The deceleration underscored that the still incipient recovery of the domestic economy is only gradually gathering momentum.