By Anthony Harrup
MEXICO CITY--Mexico ran up its fifth consecutive monthly trade deficit in August, led by a wide deficit in the exchange of petroleum goods.
Exports rose 25.2% from the year-earlier month to $50.67 billion, while imports grew 27% to $56.17 billion, for a trade deficit of $5.5 billion, the National Statistics Institute said Tuesday.
Petroleum exports were up 19.7% from August 2021 at $3.22 billion, with higher crude oil prices partly offset by a decrease in export volume. Petroleum imports, which include gasoline, diesel and natural gas, increased 49.5% to $7.58 billion, the institute said.
Exports of manufactured goods grew 27.1% to $45.21 billion, led by a 42.5% rise in shipments of vehicles and auto parts, the institute said.
Imports of intermediate goods used in production processes were up 24.2%. The increase, a reflection of rising output at Mexican factories, contributed to a second monthly deficit in nonpetroleum goods trade in August.
Imports of consumer goods excluding petroleum rose 32.9% to $5.18 billion, and imports of equipment and machinery increased 30.1% from the year-earlier month to $4.4 billion.
The August result brought the trade deficit for the first eight months of the year to $24.4 billion, almost four times as large as the deficit in the January-August period of 2021.
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(END) Dow Jones Newswires
September 27, 2022 08:06 ET (12:06 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.