Mexico: Trade surplus widens amid sharp fall in imports
July 11, 2012
In June, the trade balance incurred a surplus of USD 602 million, which came in well above the USD 94 million surplus recorded in the same month last year. In addition, the healthy reading contrasted market expectations, which had the trade balance recording a USD 100 million deficit. Exports declined 0.4% over the same month last year, which contrasted the 6.7% increase recorded in May, and represented the worst figure since October 2009. The subdued figure reflects slower growth in shipments of manufacturing products along with a contraction in oil exports amid lower oil prices. Meanwhile, imports declined 2.1%, which contrasted the 7.4% expansion seen in May and marked the worst reading since November 2009. In the last 12 months up to June, the trade balance recorded a deficit of USD 1.3 billion, which represents an improvement over the USD 1.8 billion deficit recorded up to May.