Mexico: Exports growth moderates in August
Exports increased 2.2% year-on-year in August, which was below July’s firm 7.0% expansion. The slowdown was mainly driven by a dive in oil exports, which contracted 29.1% (July: -14.1% year-on-year), and a moderation of manufacturing sales abroad (August: +3.7% yoy; July: +7.9% yoy).
Imports fell 5.9% over the same month last year in August, contrasting the 2.0% rise registered in July. The downturn largely reflected sharp declines in the purchase of intermediate goods and consumption goods, which contracted 3.7% and 11.9% respectively (July: +5.0% yoy and -0.7% yoy, respectively).
Meanwhile, the merchandise trade balance recorded a surplus of USD 775 million in August, contrasting the USD 2.6 billion deficit registered in the same month a year ago. Moreover, the 12-month rolling trade deficit narrowed to USD 893 million in August from USD 4.3 billion in July.