Thursday March 09 2017
Mexico Inflation Rate Highest Since 2010
INEGI | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Mexico jumped 4.86 percent year-on-year in February of 2017, following a 4.72 percent rise in January and above market expectations of 4.82 percent. The inflation rate quickened for the eighth straight month, reaching the highest since March of 2010, mainly boosted by rising energy cost.

Prices rose faster for energy (17.16 percent vs 16.31 percent in January); food, beverages and tobacco (6.03 percent vs 5.27 percent); housing (2.55 percent vs 2.46 percent) and education (4.40 percent vs 4.29 percent).

The core index which strips out some volatile food and energy prices advanced 4.25 percent, following a 3.84 percent increase in January.

On a monthly basis, consumer prices rose 0.58 percent, slowing from 1.7 percent in the prior month and the core index went up 0.76 percent.




Monday February 27 2017
Mexico Trade Gap Flat At $3.2B In January
INEGI | Joana Taborda | joana.taborda@tradingeconomics.com

Mexico recorded a USD 3.294 billion trade deficit in January of 2017, barely unchanged from a USD 3.299 billion shortfall a year earlier but well above market expectations of a USD 0.263 billion gap. Exports increased the most since October of 2012 and imports recorded the biggest rise since December of 2014.

Year-on-year, exports increased 11.4 percent to USD 27.49 billion, following a 6.6 percent rise in December and marking the third straight annual gain. Oil sales (6.8 percent of total sales) jumped 74.4 percent and non-oil ones went up 8.5 percent. 

Among non-oil sales, manufacturing ones increased 7.7 percent, mainly due to food, drinks and tobacco (21.2 percent); professional and scientific equipment (13.4 percent); electrical and electronic equipment (13.3 percent); special machinery and equipment for industries (10.6 percent) and automotive products (4 percent). In addition, shipments of agricultural and fishery rose 20.6 percent, mainly fresh strawberries (63.1 percent); pepper (48.8 percent); avocados (40.4 percent); pulses and vegetables (16.8 percent) and fruits and edible fruits (15.8 percent). 

Exports to the United States accounted for 81.7 percent of total non-oil shipments and rose 7.6 percent. Auto sales, accounting for 26.5 percent were up 1.5 percent and exports of other products increased 10.8 percent. Sales to the rest of the world increased 12.8 percent, with autos rising 21.1 percent and those of other products up 10.3 percent. 

Imports increased 10 percent to USD 30.78 billion, following a 4.2 percent gain in the previous month and also the third consecutive yearly rise. Consumption goods went up 8.6 percent: gasoline and butane and propane gas jumped 58.9 percent while non-oil ones fell 5.2 percent. In addition, imports of intermediate goods rose 11.1 percent and capital goods increased 4.4 percent. 

On a seasonally adjusted basis, exports shrank 4.86 percent from December, mainly due to a 5.48 percent fall in non-oil sales while oil shipments increased 4.86 percent. Imports declined 4.49 percent, bringing the trade deficit to a lower USD 0.783 billion. 




Monday February 27 2017
Mexico Jobless Rate Falls To 3.6% In January
INEGI | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

The jobless in Mexico decreased to 3.6 percent in January of 2017 from 4.24 percent a year earlier and below market expectations of 3.8 percent. It is the lowest jobless rate for a January month since 2006.On a seasonally adjusted basis, it declined to 3.6 percent from 3.7 percent.

Compared to a year earlier, the jobless rate decreased for both men (3.5 percent from 4.2 percent) and women (3.8 percent from 4.2 percent). Among unemployed people, 19.7 percent had not completed secondary education, and 80 percent had a higher education.

Those underemployed accounted for 7.5 percent of total employed, less than 8.6 percent a year earlier.

The participation rate declined to 58.9 percent from 59.1 percent in January of 2016.




Wednesday February 22 2017
Mexico Annual GDP Growth Revised Up To 2.4% In Q4
Joana Taborda | joana.taborda@tradingeconomics.com

The Mexican economy advanced 2.4 percent year-on-year in the last quarter of 2016, above 2.2 percent in the first estimate and higher than an upwardly revised 2.1 percent expansion in the previous quarter. Growth was steady for services and accelerated for agriculture while industrial output stalled, compared to a fall initially estimated, final figures showed.

The services sector rose 3.4 percent, above 3.2 percent in the preliminary estimate and the same as in the previous quarter. Activities increased faster for internal trade (2.6 percent form 1.3 percent in Q3); transportation (2.7 percent from 2.3 percent); restaurants and hotels (3.1 percent from 3 percent) and business support services and waste management and remediation (6.4 percent from 2.2 percent). In contrast, slowdown was seen for: financial and insurance (7.2 percent from 7.9 percent); professional, scientific and technical (4.4 percent from 7 percent); corporate services (1.7 percent from 6.6 percent); education (0.5 percent from 1.5 percent) and recreation and culture (5.2 percent from 10.8 percent). Real estate activities rose 1.8 percent, the same as in the previous period. 

Agriculture went up 6.4 percent, above 6.2 percent in earlier figures but below 6.8 percent in the previous quarter.

Industrial production stalled, compared to a 0.2 percent decline in the earlier release and a 0.8 percent contraction in the previous quarter. Oil went down 10.5 percent and non-oil mining output fell 5.4 percent, offsetting rises in construction (3 percent), utilities (2.8 percent) and manufacturing (1.9 percent).

On a quarterly basis, the economy advanced 0.7 percent, slowing from an upwardly revised 1.1 percent rise in the previous period but higher than 0.6 percent in the preliminary estimate. 

Considering full 2016, the Mexican GDP grew 2.3 percent, below 2.6 percent in 2015. The industrial sector was flat, services increased 3.4 percent and agriculture went up 4.1 percent. 




Wednesday February 22 2017
Mexico GDP Growth Revised Up to 0.7% In Q4
Joana Taborda | joana.taborda@tradingeconomics.com

The Mexican economy expanded 0.7 percent on quarter in the last three months of 2016, slowing from an upwardly revised 1.1 percent rise in the previous period but higher than 0.6 percent in the preliminary estimate. Services increased more than anticipated and industrial production rose slightly, final figures showed.

The services sector increased 0.8 percent, below 1.3 percent in the previous period but better than 0.7 percent in the initial estimate. Industrial production edged up 0.2 percent, higher than 0.1 percent in the third quarter and better than preliminary estimates of a flat reading. In contrast, the agricultural sector shrank 0.3 percent, the first fall in four quarters and compared to a 0.4 percent rise in earlier estimates. 

Year-on-year, the GDP advanced 2.4 percent, also above 2.2 percent in the first estimate and higher than 2.1 percent in the previous quarter. 




Thursday February 09 2017
Mexico Inflation Rate At 4-1/2-Year High Of 4.72%
INEGI | Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Consumer prices in Mexico jumped 4.72 percent year-on year in January of 2017, following a 3.36 percent rise in December and above market expectations of 4.7 percent. The inflation rate accelerated for the seventh straight month, reaching the highest since September of 2012, mainly due to rising energy cost after the government hiked gasoline prices by near 20 percent in the beginning of the year.

Prices rose faster for energy (16.31 percent from 2.42 percent in December); food, beverages and tobacco (5.27 percent from 4.42 percent); housing (2.46 percent from 2.41 percent) and education (4.29 percent from 4.26 percent). 

The core index which strips out some volatile food and energy prices went up 3.84 percent, following a 3.44 percent rise in December. 

On a monthly basis, consumer prices rose 1.7 percent, the most since January of 1999, and the core index increased 0.58 percent.


Tuesday January 31 2017
Mexico Annual GDP Growth Below Expectations in Q4
INEGI | Joana Taborda | joana.taborda@tradingeconomics.com

The Mexican economy expanded 2.2 percent year-on-year in the last three months of 2016, higher than 2 percent in the previous period but slightly below forecasts of 2.3 percent, preliminary estimates showed.

The services sector advanced 3.2 percent, lower than 3.4 percent in the third quarter while agriculture jumped 6.2 percent (5.3 percent in the previous period). In contrast, industrial production declined 0.2 percent, following a 0.8 percent contraction in the previous three months. 

On a quarterly basis, the economy grew 0.6 percent, below 1 percent in the previous quarter and lower than market expectations of 0.7 percent.


Tuesday January 31 2017
Mexico GDP Growth Slows To 0.6% In Q4
INEGI | Joana Taborda | joana.taborda@tradingeconomics.com

The Mexican economy expanded 0.6 percent on quarter in the last three months of 2016, below 1 percent in the previous quarter and lower than market expectations of 0.7 percent. Services eased and industrial output was flat, preliminary estimates showed.

The services sector was the main driver of growth, rising 0.7 percent (1.4 percent in the third quarter), followed by agriculture (0.4 percent compared to 2 percent). In contrast, industrial production stalled after edging up a meager 0.1 percent in the third quarter of the year. 

Year-on-year, the GDP expanded 2.2 percent, higher than 2 percent in the previous period but slightly below forecasts of 2.3 percent.


Thursday January 26 2017
Mexico Trade Balance Swings To Surplus In December
INEGI l Luisa Carvalho | luisa.carvalho@tradingeconomics.com

Mexico recorded a trade surplus of USD 28 million in December of 2016 compared to a trade gap of USD 715 million a year ago, as exports advanced more than imports.

Exports jumped 6.6 percent to USD 33,232 million as oil sales climbed 49.9 percent and non-oil sales rose 4.9 percent . By sector, sales increased for agricultural products (+11.9 percent); mining (+2.1 percent) and manufacturing (+4.6 percent). Within non-oil exports, those to the US rose 3.5 percent and to the rest of the world went up 11.6 percent.

Imports advanced 4.2 percent to USD 33,204 million as non-oil purchases increased 1.9 percent while oil products jumped 28.9 percent. Among sectors, imports rose for intermediate goods (6.8 percent)  while fell for consumer goods (-5.2 percent) and capital goods (-0.8 percent). 

On a seasonally adjusted basis, exports rose 4.1 percent and imports increased further by 7.2 percent.

Considering full 2016 year, the trade gap narrowed 10.1 percent year-on-year to USD 13,135 million as exports shrank 1.9 percent and imports declined 2.1 percent 


Friday January 20 2017
Mexico Unemployment Rate Declines to 3.4%
INEGI | Joana Taborda | joana.taborda@tradingeconomics.com

The jobless rate in Mexico decreased to 3.4 percent in December of 2016 from 3.96 percent a year earlier and below market expectations of 3.5 percent. It is the lowest jobless rate for a December month since 2005. On a seasonally adjusted basis, it increased to 3.7 percent from 3.6 percent.

Compared to a year earlier, the jobless rate decreased for both men (3.4 percent from 4 percent) and women (3.4 percent from 3.9 percent). Among unemployed people, 19.9 percent had not completed secondary education, and 80 percent had a higher education.

Those underemployed accounted for 6.7 percent of total employed, less than 7.6 percent a year earlier.

The participation rate declined to 59.4 percent from 59.7 percent in December of 2015.