MEXICO CITY--Mexico posted a trade surplus of $962 million in December amid expectations for a trade deficit, pushing the 2012 trade balance to a surplus of $163 million, the National Statistics Institute, or Inegi, said Friday.
December's trade numbers were helped by robust manufacturing exports compared to the year-earlier month.
Economists surveyed by Dow Jones Newswires had expected a December trade deficit of $1.44 billion on lower prices for crude-oil exports and a drop in automobile exports.
The economists had been expecting a 2012 trade deficit of just over $2 billion. December exports grew 3.6% to $30.17 billion, on an 8.9% rise in manufacturing, with nonautomotive exports leading the way with a 10.2% gain compared to December 2011, Inegi said.
Auto-related exports were higher by 6%. Agricultural exports were up 1.7% to $951.5 million. December's petroleum exports fell by 19.3% on the year, affected by weaker prices and lower output.
Inegi said last month's oil exports averaged 1.174 million barrels a day, versus 1.282 million barrels a day in the year-earlier month.
The average price for export oil in December was $95.69 a barrel, which was lower by $9.25 a barrel compared to a year earlier.
Imports last month rose 0.3% to $29.21 billion, with a 0.8% rise to $21.63 billion in the biggest import category of intermediate goods that are used to make finished products, often for export.
Petroleum imports like gasoline were down 9.3%, imports of consumer goods were off by 1.3%, and imports of capital goods slipped by 1.4%, Inegi said.
The December trade numbers, particularly the 10.2% increase in non-auto manufacturing exports, bode well for economic growth in the final quarter of 2012.
Earlier this week, Inegi reported a bigger-than-expected 4.1% rise in economic activity in November, which followed a 4.5% rise in October.
Goldman Sachs said in a report that the November activity data suggest that the economy accelerated in the fourth quarter from the third quarter.
nasdaq.com
December's trade numbers were helped by robust manufacturing exports compared to the year-earlier month.
Economists surveyed by Dow Jones Newswires had expected a December trade deficit of $1.44 billion on lower prices for crude-oil exports and a drop in automobile exports.
The economists had been expecting a 2012 trade deficit of just over $2 billion. December exports grew 3.6% to $30.17 billion, on an 8.9% rise in manufacturing, with nonautomotive exports leading the way with a 10.2% gain compared to December 2011, Inegi said.
Auto-related exports were higher by 6%. Agricultural exports were up 1.7% to $951.5 million. December's petroleum exports fell by 19.3% on the year, affected by weaker prices and lower output.
Inegi said last month's oil exports averaged 1.174 million barrels a day, versus 1.282 million barrels a day in the year-earlier month.
The average price for export oil in December was $95.69 a barrel, which was lower by $9.25 a barrel compared to a year earlier.
Imports last month rose 0.3% to $29.21 billion, with a 0.8% rise to $21.63 billion in the biggest import category of intermediate goods that are used to make finished products, often for export.
Petroleum imports like gasoline were down 9.3%, imports of consumer goods were off by 1.3%, and imports of capital goods slipped by 1.4%, Inegi said.
The December trade numbers, particularly the 10.2% increase in non-auto manufacturing exports, bode well for economic growth in the final quarter of 2012.
Earlier this week, Inegi reported a bigger-than-expected 4.1% rise in economic activity in November, which followed a 4.5% rise in October.
Goldman Sachs said in a report that the November activity data suggest that the economy accelerated in the fourth quarter from the third quarter.
nasdaq.com
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