Mexico Trade Surplus Hits Record High

Mexico trade balance shifted to a USD 1836 million surplus in December of 2018 from a USD 3 million deficit in the same month a year earlier. It was the largest trade surplus on record, as exports rose 4.3 percent year-on-year while imports fell 0.8 percent. Considering 2018 as a whole, the trade balance recorded a USD 13704 million gap, compared to a USD 10968 million shortfall in 2017.

Exports increased 4.3 percent year-on-year to USD 37529 million in December 2018. Non-oil exports rose 6.0 percent, driven by higher sales of manufacturing (6.5 percent), namely steel products (31.2 percent); machinery and special equipment (22.4 percent); professional and scientific equipment (8.4 percent); and automotive products (7.4 percent). Also, mining shipments went up 16.6 percent. Meanwhile, sales of agricultural products dropped 6.8 percent, mostly due to raw coffee beans (-42.6 percent), fresh strawberries (-38.5 percent), avocado (-17 percent), frozen shrimp (-16 percent) and pepper (-5.4 percent). Additionally, oil sales declined 16.8 percent. The country exported 1.198 million barrels of crude oil per day, lower than 1.401 million barrels a year earlier while the price was USD 50.49 per barrel, $3.65 below the price in December of 2017.

Non-oil exports to the US increased 8.8 percent, of which auto sales rose 11.9 percent. Sales to the rest of the world decreased 5.5 percent.

Imports dropped 0.8 percent to USD 35693 million, mainly due to sales of consumption (-9.7 percent), and capital (-4 percent) goods. On the other hand, sales of intermediate goods went up 1.4 percent.

On a seasonally adjusted basis, Mexico recorded a USD 138 million surplus in December, swinging from USD 2763 million deficit in November. Exports increased 1.7 percent month-over-month while imports fell 5.2 percent. 

Mexico Trade Surplus Hits Record High

INEGI | Stefanie Moya |
1/28/2019 2:32:32 PM