Mexico: Trade balance shows fourth month of surplus
June 27, 2014
In May, the trade balance reached a USD 132 million surplus. The reading contrasted the USD 460 million deficit recorded in the same month last year, but came in well below the USD 425 million surplus the markets had expected. May’s result followed the USD 510 million surplus recorded in April and marked the fourth consecutive month of surplus. Moreover, the 12-month sum of the trade balance incurred a surplus of USD 1.08 billion, which is the highest value since September 2012.
May’s trade data reflected that export growth remains solid. Shipments abroad totaled USD 34.4 billion in May, which represented a 4.7% increase over the same month last year (April: +4.1% year-on-year). According, to the Statistics Institute (INEGI), the increase in exports was driven by strong growth in non-petroleum items and a healthy increase in petroleum products. Moreover, imports registered USD 34.3 billion in May, marking a 2.8% increase in annual terms (April: -1.5% yoy).
Author: Ricardo Aceves, Senior Economist