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Mexico Trade March 2019

Mexico: All-important manufacturing exports fall in March; trade surplus persists

Merchandise trade recorded a sizable USD 1.4 billion surplus in March, down from the USD 1.7 billion windfall registered in the same month a year ago. Behind the rosy headline was, however, a disappointing outturn for the external sector; imports and exports both fell on an annual basis. Moreover, the result came in ahead of the USD 1.2 billion surplus recorded in February.

Exports contracted 1.2% year-on-year (February: +3.5% year-on-year), hurt by all-important manufacturing exports. For its part, automotive-sector export growth fell sharply from February. Imports, meanwhile, fell 0.5% year-on-year (February: +2.7% year-on-year). Intermediate-good imports—typically a bellwether for manufacturing output—held broadly steady, while consumer-good imports fell sharply.

As such, the 12-month trailing trade deficit widened to USD 14.1 billion from USD 13.8 billion in February.

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