Mexico unexpectedly posted its biggest-ever trade surplus in June as its economic crisis caused imports to slump, while food exports surged.
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.
“We expect the ongoing recovery of US demand to generate a welcome impulse to Mexican exports while imports are expected to remain subdued given the weak domestic demand dynamics,” Alberto Ramos, chief Latin America economist for Goldman Sachs Group Inc., wrote in a research note.