$81.42 billion: record exports in Mexico, but with a deficit
WHAT HAPPENED
Mexico exported a record $81.42 billion in July, 43.7% more than a year earlier. But it imported $82.268 billion, resulting in a trade deficit of $848 million: it bought more than it sold.
WHY IT MATTERS
Oil explains much of the red: Mexico bought $3.657 billion more in oil and fuels than it sold. Additionally, purchases grew faster than sales, although electronics and other manufacturing boosted exports.
AND FOR YOUR PORTFOLIO
The export boom supports jobs in manufacturing, electronics, and automotive, especially in the north and Bajío. However, dependence on imported fuels can pressure public finances and, indirectly, the price of gasoline. The year still accumulates a surplus of $9.255 billion.
💬 TELL IT LIKE THIS
“Mexico sold to the world like never before in July, but spent even more; oil was the main reason for the deficit.”