Mexico Trade Balance Swings to Surplus in April

Mexico’s trade balance shifted to a USD 1370 million surplus in April 2019 from a USD 289 million deficit in the same month of the previous year and compared with market expectations of a USD 544 billion shortfall. Exports rose 6.1 percent year-on-year and imports went up at a slower 1.6 percent. Considering the first four months of the year, the country posted a USD 446 million trade gap.

Exports increased 6.1 percent year-on-year to USD 39447 million in April. Non-oil exports jumped 7.6 percent, boosted by higher sales of manufacturing (7.8 percent), of which machinery & equipment for industries (13.6 percent), professional & scientific equipment (13.3 percent), food, alcoholic & beverages (12.1 percent), and automotive products (9 percent). Additionally, sales of agricultural products rose (14.5 percent), namely fresh fruit (81.8 percent), vegetables (38 percent), meat (37.3 percent) and pepper (26.5 percent). Meanwhile, sales of mining dropped 21.7 percent and oil exports fell 14.3 percent. The country exported 1.023 million barrels of crude oil per day, lower than 1.266 million barrels a year ago while the price was USD 61.61 per barrel, $2.70 above the price in April 2018.

Non-oil exports to the US went up 11.7 percent, driven by auto sales (15.8 percent) and others (9.7 percent). Sales to the rest of the world declined 8 percent.

Imports advanced 1.6 percent to USD 38077 million, due to higher purchases of intermediate goods (2.8 percent), in paticular non-oil (3.5 percent) and consumption goods (2.9 percent), namely gasoline, butane & propane gas (10.6 percent). On the other hand, purchases of capital goods fell 9.2 percent.

On a seasonally adjusted basis, Mexico trade balance swang to a USD 18 million surplus in April from a USD 238 million shortfall in March. Exports rose 2.18 percent month-over-month and imports advanced 1.49 percent.

Mexico Trade Balance Swings to Surplus in April

INEGI | Stefanie Moya |
5/24/2019 1:34:22 PM