Mexico: Trade balance records deficit for second month in a row
October 10, 2011
In August, the trade balance recorded a deficit of USD 806 million, according to revised figures released by the statistical institute (INEGI) on 10 October. The negative balance, which followed the July USD 1.18 billion deficit, came in slightly above market expectations of a USD 870 million deficit. Exports continued to moderate, stepping down from a 19.4% expansion in July to a 17.0% increase in August. The deceleration was mainly attributable to slower non-oil exports, in particular manufacturing, which more than offset a pick-up in oil exports. Meanwhile, imports followed suit and moderated from a 19.2% increase in July to a 16.9% expansion in August, reflecting slower growth in the import of intermediate goods, whereas consumer goods imports accelerated over the previous month.