Mexico: Export growth moderates for the seventh month in a row
January 25, 2012
In December, the trade balance recorded a surplus of USD 8 million, according to preliminary data released by the statistics institute (INEGI) on 25 January. The reading contrasted both November's USD 232 million deficit and market expectations that predicted the trade balance would record a shortfall of USD 359 million. Export growth moderated for the seventh month in a row, falling from 10.1% in November to 8.2% in December, which marked the first single-digit expansion since October 2009. The slowdown was mainly driven by weaker exports of manufacturing products and oil, whereas exports of agricultural and mining commodities increased. Imports followed suit and moderated from a 10.6% expansion in November to a 7.4% increase in December, which was the result of slower imports of consumer and intermediate goods.