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Mexico: Trade balance shows deficit after five months of surpluses

August 27, 2014

In July, the trade balance incurred a deficit of USD 980 million. The reading was below the USD 1.4 billion shortfall recorded in the same month last year but overshot the USD 810 million deficit the markets had expected. July’s result, however, marked the first trade deficit after five consecutive months in which the trade balance registered surplus. Moreover, in the 12 months up to July, the sum of the trade balance incurred a surplus of USD 1.0 billion.

July’s trade deficit reflected a slowdown in exports. Shipments abroad totaled USD 33.7 billion in July, which represented a 4.5% year-on-year increase and was weaker than the 7.7% expansion observed in June. Meanwhile, imports grew 3.1% over the same month last year, which pushed imports’ value to USD 34.7 billion in July. (June: +9.6% yoy).

LatinFocus Consensus Forecast panelists expect exports to increase 6.6%, reaching USD 405 billion in 2014, while imports are expected to expand 8.0% and reach USD 412 billion. For 2015, the panel expects exports and imports to increase 7.8% and 8.1% respectively.


Author:, Senior Economist

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Mexico Trade Chart


Mexico Trade12m July 2014 0

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Mexico National Statistics Institute (INEGI)


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