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Financial News: Mexico Trade Balance Swings To Deficit In May

Mexico Trade Balance Swings To Deficit In May

06/27/2022 - 09:01:00 (RTTNews)

(RTTNews) - Mexico's foreign trade balance turned to a deficit in May from a surplus in the previous year, as imports grew much faster than exports, data from the National Institute of Statistics and Geography showed on Monday.

The trade balance showed a shortfall of $2.215 billion in May versus a surplus of $387 million in the corresponding month last year.

Exports were 22.4 percent higher in May compared to last year. Oil exports alone surged 63.0 percent, while non-oil exports registered an increase of 20.0 percent.

Imports rose at a sharper rate of 29.1 percent annually in May, driven largely by a 76.0 percent hike in inflows of oil.

On a monthly basis, both exports and imports increased a seasonally adjusted 0.91 percent and 0.42 percent, respectively, in May.

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