Mexico Registers November Trade Surplus on Export Rebound

Mexico registered an unexpected US$200 million trade surplus in November as exports of manufactured goods posted double-digit gains and oil exports rose from a year before, the National Statistics Institute said Friday. Exports rose 11.1% to US$34.47 billion, while imports increased 5.1% to US$34.27 billion. The surplus compared with a US$900 million deficit in October and US$1.57 billion deficit in November 2015. Oil exports rose 6.8% from a year before as state oil company Petróleos Mexicanos exported 1.273 million barrels a day of crude oil, compared with 1.179 million barrels a day in November 2015. Petroleum imports, mostly natural gas, gasoline and diesel, jumped 23.9%, leading to a US$1.2 billion petroleum deficit last month. That was offset by a US$1.4 billion non-petroleum trade surplus, as shipments of factory-made goods increased 10.3% and agricultural exports rose by nearly a third.