Boost in Mexican exports lessens trade deficit to its lowest in three years

Boost in Mexican exports lessens trade deficit to its lowest in three years

Warning: foreach() argument must be of type array|object, bool given in /home/mexiconow/public_html/sites/mexiconow/wp-content/themes/mexiconowwpnew/single.php on line 253

Mexican exports ended 2017 with an annual increase of 9.5%, representing the most significant growth since 2011. Such rise contributed to reach the smallest trade deficit in three years as shipments of manufactured goods helped offset a widening gap in the country's petroleum products trade.

The country ran up a US$ 157 million deficit in December, bringing the full-year 2017 trade deficit to US$ 10.88 billion, the lowest since 2014, the National Statistics Institute said today. December exports rose 7.9% to US$ 35.82 billion, and imports rose 8.4% to US$ 35.98 billion. Total 2017 exports rose to US$ 409.49 billion while imports increased 8.6% to US$ 420.37 billion.

Full year manufacturing shipments totaled US$ 364.48 billion, which represented an 8.5% increase, boosted in part by an 11.8% hike in automotive exports to US$ 126.67 billion, while the rest of manufactures saw a 6.8% growth to US$ 327.81 billion, after remaining two years in negative terrain.

Despite the depreciation of the exchange rate over the course of the year, purchases of consumer goods increased 10.4%, signaling the first hike after two years of declines. Imports of intermediate goods, important for its relation to the product process, increased by 9.0% at the end of the year.

Purchases of capital goods, which are relevant for being a "thermometer" of fixed investment spending in the country, expanded 3.2% at annual rate, after having fallen close to 4.0% in 2016.

MexicoNow

Related News

- Mexico’s oil exports reach record high in November

- GM leads Mexican auto exports in 2017; Nissan ranks first in production volume

- Mexican ports handle more than 6 million containers in a year for the first time

- Production of heavy vehicles increased 14.5% in November; exports hiked 40%

×