Mexico's exports grow in September for 4th month, but at slower pace

Source: Xinhua| 2020-10-28 06:06:45|Editor: huaxia
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MEXICO CITY, Oct. 27 (Xinhua) -- Mexico's exports grew 0.93 percent in September compared to the previous month, marking the fourth month in a row of growth, but at a slower pace, the National Institute of Statistics and Geography (Inegi) said on Tuesday.

Mexico exported merchandise worth 37.376 billion U.S. dollars in September compared to 37.032 billion U.S. dollars in August, according to the institute's seasonally adjusted figures.

Imports also increased, by 5.32 percent in September compared to the previous month, to reach 32.251 billion U.S. dollars, the agency said in its monthly trade balance report.

Overall, Mexico registered a trade surplus of 5.125 billion U.S. dollars in September compared to 6.409 billion U.S. dollars in surplus the previous month.

More than 80 percent of Mexico's manufacturing exports are destined for the United States, its northern neighbor and main trade partner.

In response to the report, the Banorte financial group described the figures as "positive," but warned of a slowdown toward the fourth quarter of the year as a result of an increase in cases of the novel coronavirus (COVID-19) in Mexico and the United States.

The Mexican economy, the second largest in Latin America after Brazil, could shrink by 9 percent in 2020 due to the pandemic, according to the latest forecast by the International Monetary Fund (IMF). Enditem