Mexico June Trade Surplus Falls

(RTTNews) - Mexico's foreign trade surplus for June decreased from a year ago, as exports increased less than imports, figures from the statistical office INEGI showed Friday.

The trade surplus fell to $423.7 million from $920.1 million in the same month last year. Economists had forecast a smaller decline in the surplus to $756 million. However, the June surplus was larger than May's $131.8 million.

Exports grew 7.7 percent year-on-year, after a 4.7 percent increase in May. The latest gain was the biggest since October 2012, when shipments surged 13 percent. Export growth improved for a second straight month. Oil exports were 5.1 percent higher and non-oil exports rose 8 percent.

Imports rose 9.6 percent annually in June, following a 2.8 percent gain in the previous month. Imports rose for a second straight month and the latest increase was the biggest since April last year, when they climbed 11.8 percent. Oil imports increased 9.4 percent and non-oil imports grew 9.6 percent.

Month-on-month, exports declined a seasonally adjusted 0.04 percent and imports fell 0.36 percent. The seasonally adjusted trade deficit was $404 million versus $511 million in the previous month.

In the first six months of the year, the country registered a trade deficit of $249.2 million. Exports grew 4.2 percent year-on-year and imports rose 3.2 percent.