Mexico Trade Shortfall Rises Sharply in December

Mexico recorded a USD 157 million trade deficit in December of 2017 from a USD 10.7 million in the corresponding month of the previous year. Figures came worse than market consensus of a USD 260 million surplus, as imports grew faster than exports.
INEGI | Luisa Carvalho | 1/26/2018 3:07:46 PM
Year-on-year, exports increased 7.9 percent to USD 35,825 million. Non-oil shipments, which accounted for more than 90 percent of total exports, grew 5.7 percent to USD 33,168 million. Within this category, sales rose mostly for mining products (21.7 percent) and agricultural goods (10.7 percent), such as frozen shrimp (119.7 percent); fish, crustaceans and molluscs (43.6 percent); citrus fruits (37.2 percent); tomato (27.4 percent) and fresh vegetables (7.6 percent). Also, shipments of manufactured products advanced 5.3 percent, namely machinery and special equipment for diverse industries (11.6 percent); steel products (10.6 percent); autos (9.3 percent); professional and scientific equipment (8.6 percent) and food, beverages and tobacco (4 percent).

Oil sales jumped 46.1 percent to USD 2,657 million. Mexico exported 1.401 million barrels a day, above 1,115 million a year ago. Crude oil prices also went up to USD 54.14 a barrel, USD 11.39 more than in December of 2016.

Non-oil exports to the US, which accounted for over 80 percent of total sales rose 2.8 percent, mostly on shipments of autos (5.1 percent). Exports to the rest of the world surged 19.6 percent, primarily autos (31.1 percent).

Imports advanced 8.4 percent in December of 2018 to USD 35,982 million. Non-oil purchases grew 6.2 percent and the oil ones soared 27.4 percent. Consumption goods increased 16.1 percent, intermediate goods 7.5 percent and capital goods 4.7 percent. 

Considering full year of 2017, exports jumped 9.5 percent and imports rose 8.6 percent, thus narrowing the trade deficit by 17.1 percent to USD 10,875 million.

 Mexico Trade Shortfall Rises Sharply in December