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Latino Daily News

Monday January 27, 2014

Mexico’s Trade Deficit Surges to $1 BN in 2013

Mexico posted a trade deficit of $1 billion in 2013, well above the deficit of $46 million registered in the prior year, the National Institute of Statistics and Geography, or INEGI, said Monday.

The deficit was caused by “the combination of a reduction in the petroleum products surplus, which went from $11.75 billion in 2012 to $8.71 billion in 2013,” a drop of 25.8 percent, “and a reduction in the non-petroleum products deficit, which went from $11.79 billion in 2012 to $9.72 billion in 2013,” a reduction of 17.5 percent, the INEGI said.

Mexico’s exports totaled $380.2 billion in 2013, up 2.6 percent from the 2012 level.

Non-petroleum exports rose 4 percent, while petroleum exports fell 6.2 percent last year.

Manufactured goods accounted for 81.5 percent of merchandise exports; while petroleum and petroleum derivatives represented 14.3 percent; agricultural goods accounted for 2.9 percent; and non-petroleum resources represented 1.3 percent, the INEGI said.

Imports totaled $381.21 billion last year, up 2.8 percent from the 2012 figure.

Non-petroleum imports rose 3.3 percent, while petroleum imports fell 0.70 percent.

Intermediate goods accounted for 75 percent of imports, while consumer goods represented 14.6 percent and capital goods accounted for 10.4 percent, the INEGI said.

Mexico’s economy grew 1.3 percent last year, according to preliminary official figures, with the forecast calling for gross domestic product (GDP) growth of 3.9 percent in 2014.

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