Mexico: Trade balance records modest trade deficit in October
November 24, 2011
In October, the trade balance incurred a deficit of USD 466 million, according to preliminary data released by the statistics institute (INEGI) on 24 November. The reading marked an improvement compared to the USD 1.8 billion deficit recorded in September and beat market expectations that had the deficit at USD 1.3 billion. Exports remained strong and expanded 13.4% (September: +13.7% year-on-year) on the back of virtually unchanged growth rates in both oil and non-oil exports. In contrast, imports moderated markedly from an 18.5% increase in September to an 11.8% expansion in October, reflecting slower imports of all consumer, intermediate and consumer goods. The peso slid in September and by the end of October had accumulated a year-to-date depreciation of 7.0%.