Mexico Unexpectedly Posts Trade Surplus


Mexico recorded a USD 399.2 million trade surplus in November of 2017, above a USD 72.6 million surplus a year earlier and beating market expectations of a USD 780 million gap. Exports reached a new record high while imports rose at a slower pace.

Exports went up 9.2 percent year-on-year to USD 37,480 million. Non-oil shipments increased 7.3 percent: manufactured products (7.5 percent) namely steel products (24.6 percent); autos (11.6 percent); food, beverages and tobacco (9.8 percent); machinery and special equipment for diverse industries (3.3 percent) and electrical and electronic equipment and appliances (2.3 percent); agricultural goods (5 percent), namely cucumber (65.8 percent); cattle beef (64.6 percent); frozen shrimp (54.9 percent); fresh vegetables (29.6 percent); fish, crustaceans and molluscs (24.4 percent); and mining products (2.2 percent). Oil sales jumped 44.7 percent. Mexico exported 1,88 million barrels a day, above 1,273 a year earlier. Crude oil prices also went up to USD 52.9 a barrel, USD 14.05 more than in November of 2016.  

Exports to the US which account for more than 80 percent of total sales went up 5.7 percent with shipments of autos rising 8.4 percent. Exports to the rest of the world increased 14.9 percent.

Imports rose 8.2 percent year-on-year to USD 37,081 million. Non-oil purchases rose 5.4 percent and oil ones surged 38.6 percent. Consumption goods went up 14.6 percent; intermediate goods 7.4 percent and capital goods 5.9 percent. 

Considering the first eleven months of the year, exports rose 9.7 percent and imports increased at a slower 8.6 percent, thus narrowing the trade gap by 18.3 percent to USD 10,718 million.

On a seasonally adjusted basis, exports declined 1 percent in November from October and imports increased 1.7 percent.

Mexico Unexpectedly Posts Trade Surplus


INEGI | Joana Taborda | joana.taborda@tradingeconomics.com
12/27/2017 2:36:10 PM