_________________________________________________________________________Yes - Mexico unexpectedly posted its biggest-ever trade surplus in June, as imports slumped while food exports surged
Mexico Surprises All Analysts With Record Trade Surplus
By Juan Pablo Spinetto
- Surplus reaches $5.55 billion versus forecast of $1.55 billion
- Imports crashed amid health crisis while food exports surged
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The gap between exports and imports widened to $5.55 billion last month from a deficit of $3.52 billion in May, Mexico’s national statistics agency reported on its website on Monday. That was higher than expected by all eleven analysts in a Bloomberg survey, whose median forecast was for a surplus of $1.55 billion.
Total exports fell almost 13% compared to a year ago to $33.1 billion, while imports declined by 22% amid weak economic activity due to the impact of the coronavirus. Shipments of agricultural products rose 32% while oil exports fell 36%. Car exports advanced 534% versus the previous month as the industry restarts after lockdowns imposed earlier this year
