Industry News

Mexico Factory Exports, Consumer Imports Climb in First Quarter

Mexico Factory Exports, Consumer Imports Climb in First Quarter

By: Reuters | May 26 2015

Mexico Latin America’s No. 2 economy.

Manufactured exports rose 2.23% by the end of April in seasonally-adjusted terms, the national statistics institute said. Auto exports rose 2.76%, while non-auto exports climbed 1.95%.

Mexico exports mostly manufactured exports, such as televisions and cars, versus reliance on raw materials like iron and soy beans elsewhere in the region. Nearly 80% of exports head to the United States.

The data showed non-oil consumer imports rose in April by 0.95% from March, marking their fastest pace of expansion since October 2014, pointing to stronger consumer demand after two months of contractions.

A sharp slump in the peso to a record low in March has made imports more costly.

Mexico’s economy grew at its slowest pace in over a year, data showed last week, undermined by flagging oil revenue and weak U.S. growth.

The economy is expected to grow around 2.7% this year, up from a 2.1% expansion in 2014.

Mexico posted a $1.224 billion trade deficit in April when adjusted for seasonal swings, the data showed. In non-seasonally adjusted terms, Mexico posted a trade deficit of $85 million.

 

 

Mexican flag in blue sky{Photo Source: Depositphotos.com/ChepeNicoli}

To read the entire article visit AJOT