Mexico’s trade deficit widens in May

Mexico’s trade deficit widened in May 2017. The trade balance came in at a deficit of USD 1.079 billion in May, more than double the deficit of USD 442 million recorded in May 2016, showed the National Statistics Institute. Given the balance in May, the trade balance for the initial five months of this year presented a deficit of USD 2,971 billion.

Mexico’s exports were up 12.9 percent year-on-year, rising to USD 35.47 billion, owing to the strong gains in shipments of factory-made goods. Non-oil exports came in at USD 33.835 billion, while oil exports came in at USD 1.631 billion. Within non-oil exports, exports to the U.S. rose 12.6 percent year-on-year and those shipped to the rest of the world rose at 20.4 percent.

On a seasonally adjusted basis, the total merchandise exports saw a monthly rise of 0.74 percent, thanks to 1.68 percent change in non-oil exports and a drop of 15.63 percent in oil companies.

Meanwhile, imports rose 14.7 percent in May to USD 36.54 billion, owing to the 14.1 percent rise in non-oil imports and 23 percent in oil companies. When considering imports by type of goods, there were annual rises of 10.7 percent in imports of consumer goods, 15.9 percent in intermediate goods and 11.1 percent in capital goods.

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