Mexico: Trade balance records second consecutive month of surplus
April 28, 2014
In March, the trade balance incurred a USD 1.03 billion surplus. The reading came in below both the USD 1.75 billion surplus recorded in the same month last year as well as the USD 1.60 billion the marked had expected. March's result followed the USD 976 million surplus recorded in February.
The trade surplus in March was the result of healthy growth in exports. Overseas sales totaled USD 33.3 billion in March, which represented a 4.5% increase compared to the same month last year (February: +4.7% year-on-year). According, to the Statistics Institute (INEGI), the increase in exports was driven by strong growth in shipments of non-petroleum products. Meanwhile, imports totaled USD 32.3 billion in March, which marked a 7.2% increase over the same month last year (February: +1.6% yoy).
LatinFocus Consensus Forecast panelists expect exports to increase 7.2%, reaching USD 409 billion in 2014, while imports are expected to expand 8.4% and reach USD 420 billion. For 2015, the panel expects exports and imports to increase 8.8% and 7.7% respectively.
Author: Ricardo Aceves, Senior Economist