Mexico’s factory-made exports rose in June, bouncing back from a sharp drop a month earlier, while more consumer imports pointed to improving demand in Latin America’s No. 2 economy.
Manufactured exports rose 3.1 percent in June compared with May, in seasonally adjusted terms, the national statistics office said on Monday, after contracting by the most in over two years the prior month.
June’s expansion in factory exports was the biggest since December. Mexico exports mostly manufactured products, such as televisions and cars, nearly 80 percent of which go to the United States.
The data showed non-oil consumer imports rose in June by 1.2 percent from May. Consumer confidence last month rose despite a slump in the peso to a record low.
Mexico’s economy grew at its slowest pace in over a year in the first quarter, undermined by flagging oil revenue and weak U.S. growth. Analysts polled by the central bank expect growth of 2.6 percent this year.
Mexico posted a $1.354 billion trade deficit in June when adjusted for seasonal swings, the statistics agency said. In non-seasonally adjusted terms, Mexico posted a trade deficit of $749 million.
(Reporting by Michael O’Boyle; Editing by Bernadette Baum)
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