Mexico chalked up a small trade surplus in June as strength in exports of manufactured goods offset increased imports of petroleum products.
Exports last month rose 11.5% from June of 2016 to $35.61 billion, and imports grew 9.5% to $35.55 billion. The $62 million surplus brought the trade balance for the first half of the year to a deficit of $2.91 billion.
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State oil company Petróleos Mexicanos exported 1.157 million barrels a day of crude oil in June, up from 958,000 in May and 1.098 million a year earlier. The value of petroleum exports rose 10.4% to $1.78 billion, while imports of gasoline, natural gas and other fuels were 19.6% higher at $3.1 billion.
The $1.32 billion deficit in petroleum trade was offset by a $1.38 billion surplus in nonpetroleum goods. Exports of manufactured goods rose 11.3%, including a 17.8% jump in exports of vehicles and auto parts. Exports of steel products and processed foods also rose sharply.
The increase in crude-oil exports came as Pemex's biggest refinery at Salina Cruz in southern Mexico was shut down in mid-June because of damage from a major fire after tropical storm Calvin flooded the complex. Preliminary Pemex data for the first half of July point to even higher crude exports and less production of fuels this month.
A recovery in the Mexican peso from record lows in January has supported imports of consumer goods, which rose 10.2% excluding fuels and were up 0.9% in the first half of the year. Imports of intermediate goods used in production processes were 10.8% higher than in June 2016.
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(END) Dow Jones Newswires
July 27, 2017 10:03 ET (14:03 GMT)