Mexico: Trade balance unexpectedly turns positive in January
February 24, 2011
In January, the trade balance recorded a surplus of USD 63 million (December: USD 218 million deficit), based on preliminary figures released by the statistics institute (INEGI) on 24 February. The print contrasted market expectations that had the trade balance incurring a USD 300 million deficit. A revised set of data will be released on 9 March. Exports expanded a robust 28.2% over the same month the previous year to reach USD 24.6 billion, which nearly doubled the 16.4% increase recorded in December. The figure marked a good start to the year and was buttressed by strong growth in both oil and non-oil exports, suggesting that external demand remains strong. Meanwhile, imports continued to recover, increasing 24.9% (December: +17.0% year-on-year) to a total of USD 24.5 billion. The strong reading confirms the notion of a sustained recovery in domestic demand, which preliminary data suggest was gathering momentum at the end of 2010.