Mexico: Trade deficit doubles in 2014
January 27, 2015
In December 2014, the trade balance showed a USD 254 million surplus, which came in below both the USD 1.6 billion surplus registered in the same month of the previous year as well as USD 785 million surplus the markets were expecting. In the full year 2014, the trade balance incurred a deficit of USD 2.4 billion, which was double the USD 1.2 billion shortfall observed in 2013.
December’s trade surplus reflected an acceleration in exports. Mexico’s shipments abroad reached USD 34.1 billion, which represented a 6.4% increase compared to the same month of the previous year (November: +2.1% year-on-year). In the full year 2014, exports totaled USD 398 billion (2013: USD 380 billion), which marked a 4.6% increase. Meanwhile, imports in December totaled USD 33.9 billion, marking an 11.2% rise over the same month of the previous year (November: +6.5% yoy). In 2014, imports totaled around USD 400 billion (2013: USD 381 billion), which represented a 4.9% expansion.
Author: Ricardo Aceves, Senior Economist