jueves, 24 de febrero de 2011

A trade SURPLUS in January

Thanks to oil, Mexico's export income exceeded its import bill by US$63 million in January.Without oil, the trade account would have been in DEFICIT to the tune of US$1.00 billion.

High oil prices are a big help, especially since the inexorable trend is for lower export volumes. In January, Mexico exported 1.444 million barrels a day, well above January 2010's 1.176 million level but a reduction from December's 1.501 million.

Just as the 40.6% year-over-year jump in oil export revenue drove the growth of exports (+28.2%), imported oil products were behind the 25.0% year-over-year rise in imports. Imported oil products climbed 41.0%; non-oil imports increased 22.8%. Fortunately for Mexico's trade and current accounts, imported oil products accounted for only 13.5% of the total import bill in January.   

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