Mexico registered a record trade surplus of $6.224 billion in October, amid a rebound in exports, mainly to the United States, the National Institute of Statistics and Geography (Inegi) reported on Friday, Nov. 27.
Exports in October totaled $41.945 billion, a year-on-year increase of 2.9 percent, underpinned by non-oil exports, the autonomous statistics agency said in a report.
However, imports in the month declined 13.8 percent annually, to $35.721 billion U.S. dollars, according to the Inegi.
“Exports of manufactured products in October 2020 reached $38.335 billion, which represented an increase of 3.5 percent at the annual rate,” the report said.
In the first 10 months of 2020, the trade balance presented a surplus of $25.182 billion, the monthly report indicated.
In that period, the United States received 82 percent of Mexico’s total non-oil exports, according to the institute.
In a report released separately, the Monex Financial Group said the surplus in October “constitutes an unusual pattern” and “is the highest figure in the past 24 years.”
Following “the covid-19 pandemic, the export sector in our country seems to be undergoing a structural transformation,” Monex said.
“Given that the impacts on domestic demand are more permanent, it is possible that the Mexican economy will operate under a surplus regime in the coming years.”
…Nov. 30, 2020