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Mexico: Trade balance shows deficit in November as exports continue to slow

December 26, 2014

In November 2014, the trade balance incurred a USD 1.1 billion deficit, which contrasted the 315 million surplus registered in the same month of the previous year as well as the USD 500 million surplus the market had expected. The 12-month sum of the trade balance recorded a USD 1.1 billion deficit, which represented the first shortfall accumulated since March 2014.

November’s trade deficit stemmed from a deceleration in exports. Overseas sales reached USD 32.3 billion, which represented a 2.1% increase in year-on-year terms (October: +5.7% year-on-year). The reading marked the slowest growth rate in 10 months. Conversely, imports accelerated from a 4.9% increase in October to a 6.5% expansion, pushing imports to USD 33.4 billion in November.

LatinFocus Consensus Forecast panelists expect exports to increase 6.6%, reaching USD 428 billion in 2015, while imports are expected to expand 7.2% and reach USD 436 billion. For 2016, the panel expects exports and imports to increase 8.1% and 7.4% respectively.


Author:, Senior Economist

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Mexico Trade12m November 2014

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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