Thu, 21 Jan 2021

Mexico sees record trade surplus in October

28 Nov 2020, 09:59 GMT+10

MEXICO CITY, Nov. 27 (Xinhua) -- Mexico registered a record trade surplus of 6.224 billion U.S. dollars in October, amid a rebound in exports mainly to the United States, the National Institute of Statistics and Geography (INEGI) reported on Friday.

Exports in October totaled 41.945 billion U.S. dollars, 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 INEGI.

"Exports of manufactured products in October 2020 reached 38.335 billion U.S. dollars, 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 U.S. dollars, 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," Monex added.

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