Mexico Trade

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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.

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 Trade Chart


Mexico Trade12m December 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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