Mexico ran up a $1.52 billion trade deficit in July, a shift from the surplus seen in June but smaller than the $1.83 billion deficit in the year-ago period as growth in exports outpaced the increase in imports, the National Statistics Institute said Monday.
Exports rose 8% from July 2016 to $32.16 billion on increased shipments of crude oil and gains in exports of manufactured products, agricultural goods and minerals. Imports rose 6.6% to $33.69 billion.
Vehicles and auto parts led the increase in manufacturing exports, rising 13.2% to $9.51 billion, while exports of other factory-made goods were 4.5% higher at $19.3 billion.
Petroleum exports were up 19.3% to $1.93 billion. State oil company Petróleos Mexicanos exported 1.26 million barrels a day of crude oil compared with 1.15 million barrels a day a year ago, with average prices up $5.06 to $43.81 a barrel.
Petroleum imports rose 4.6% to $3.13 billion. Mexico exports crude oil but imports more than half of its gasoline and natural gas.
The July results brought the accumulated trade deficit for the first seven months of the year to $4.43 billion, as a $9.4 billion deficit in petroleum trade was partially offset by a $4.97 billion surplus in nonpetroleum goods.
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(END) Dow Jones Newswires
August 28, 2017 10:10 ET (14:10 GMT)