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.
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