Mexico’s trade surplus hikes 39.9% in February, preliminary figures show
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The trade balance of Mexico showed a surplus of US$ 1.06 billion in February, which compared with the same month of 2017 represented an increase of 39.9%, according to preliminary figures released today by the National Institute of Statistics and Geography (Inegi).
The surplus derives from an annual growth of 12.3% in exports which totaled US$ 35.2 billion. Oil exports increased 36.6% to US$ 2.6 billion, while non-oil-related shipments rose 10.8% to US$ 32.6 billion.
Manufacturing exports, one of the main engines of the Mexican economy, grew 10.5% in February to US$ 30.49 billion and represented 87% of the total exported goods.
In the manufacturing sector, automotive exports totaled US$ 11.4 billion, which represented a growth of 17.9% at annual rate.
Meanwhile, total imports amounted to US$ 34.15 billion, up 11.7% compared to February 2017. Oil imports showed an expansion of 28.9% to US$ 3.93 billion, while capital goods totaled US$ 3.39 billion, up 20.1% at an annualized rate.
Imports of intermediary goods totaled US$ US$ 26.18 billion, representing a 10.6% increase. Imports of consumer goods totaled US$ 4.57 billion, reflecting an upward variation of 12.1%, driven mainly by oil-related goods, which reported an increase of 32.5% to US$ 1.43 billion.