What's striking about the first quarter trade account statistics is that automotive exports are the only major export category that grew. Oil export revenues were 10.6% less than in the first quarter of 2012; agricultural export revenues were 4.0% less; extractive, 15.7% less: and non-automotive manufactured exports, 2.0% less. In contrast, automotive export revenues were 6.9% higher - even though export sales in units were down 3.8%.
Imagine for a moment that automotive export revenues remained at the same level as in the first quarter of 2012. This year's US$1.11 billion trade account deficit in the first quarter would have more than doubled, to US$2.53 billion.
Imagine for a moment that automotive export revenues remained at the same level as in the first quarter of 2012. This year's US$1.11 billion trade account deficit in the first quarter would have more than doubled, to US$2.53 billion.
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