Mexico Trade Gap Flat At $3.2B In January


Mexico recorded a USD 3.294 billion trade deficit in January of 2017, barely unchanged from a USD 3.299 billion shortfall a year earlier but well above market expectations of a USD 0.263 billion gap. Exports increased the most since October of 2012 and imports recorded the biggest rise since December of 2014.

Year-on-year, exports increased 11.4 percent to USD 27.49 billion, following a 6.6 percent rise in December and marking the third straight annual gain. Oil sales (6.8 percent of total sales) jumped 74.4 percent and non-oil ones went up 8.5 percent. 

Among non-oil sales, manufacturing ones increased 7.7 percent, mainly due to food, drinks and tobacco (21.2 percent); professional and scientific equipment (13.4 percent); electrical and electronic equipment (13.3 percent); special machinery and equipment for industries (10.6 percent) and automotive products (4 percent). In addition, shipments of agricultural and fishery rose 20.6 percent, mainly fresh strawberries (63.1 percent); pepper (48.8 percent); avocados (40.4 percent); pulses and vegetables (16.8 percent) and fruits and edible fruits (15.8 percent). 

Exports to the United States accounted for 81.7 percent of total non-oil shipments and rose 7.6 percent. Auto sales, accounting for 26.5 percent were up 1.5 percent and exports of other products increased 10.8 percent. Sales to the rest of the world increased 12.8 percent, with autos rising 21.1 percent and those of other products up 10.3 percent. 

Imports increased 10 percent to USD 30.78 billion, following a 4.2 percent gain in the previous month and also the third consecutive yearly rise. Consumption goods went up 8.6 percent: gasoline and butane and propane gas jumped 58.9 percent while non-oil ones fell 5.2 percent. In addition, imports of intermediate goods rose 11.1 percent and capital goods increased 4.4 percent. 

On a seasonally adjusted basis, exports shrank 4.86 percent from December, mainly due to a 5.48 percent fall in non-oil sales while oil shipments increased 4.86 percent. Imports declined 4.49 percent, bringing the trade deficit to a lower USD 0.783 billion. 

Mexico Trade Gap Flat At $3.2B In January


INEGI | Joana Taborda | joana.taborda@tradingeconomics.com
2/27/2017 2:44:54 PM