Mexico: 2015 marks the worst year for Mexico's external sector since 2009
January 27, 2016
Mexico’s trade deficit totaled USD 927 million in December. The result contrasted the USD 283 million surplus registered in the same month of the previous year and the deficit was worse than the USD 722 million shortfall the markets had expected.
In the full year 2015, Mexico’s trade deficit totaled USD 14.5 billion, which was notably worse than the USD 2.8 billion shortfall observed in 2014 and represented the greatest deficit in seven years. The widening of the trade deficit can be attributed to a continuous deterioration in the oil trade balance.
Meanwhile, weak global demand continued to take a heavy toll in Mexico’s exports toward the end of 2015. Mexico’s merchandise trade registered yet another contraction in December, with shipments falling 9.3% year-on-year (November: -4.1% year-on-year). In 2015, as a whole, exports totaled USD 381 billion, which compared to the USD 397 billion registered in 2014 represented a 4.1% contraction. Meanwhile, imports totaled USD 395 billion in 2015, which represented a 1.2% decrease over 2014. The contraction in exports and imports in 2015 is the first since 2009.
Author: Ricardo Aceves, Senior Economist