Mexico: Exports growth shows signs of weakening
October 27, 2010
The strong recovery in exports observed since the beginning of the year is losing steam, as the favourable base effect is fading away and the U.S. economy is decelerating. In September, exports rose 20.8% year-on-year, which was well below the 37.6% increase registered in August. Despite the slowdown, exports continue to creep up towards pre-crisis levels, with the 3-month sum in exports reaching USD 75.5 billion in September, not far below the peak of USD 79.9 billion attained in July 2008. Meanwhile, imports continue to recover vigorously as well (September: +18.5% year-on-year), rising to USD 25.8 billion. As a result, the trade balance remained in negative territory for the fourth month in a row despite the continued rebound in exports, posting a USD 560 million deficit.