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Mexican exports grow 10.1 pct in Aug.: agency
Last Updated: 2018-09-28 15:27 | Xinhua
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Mexican exports saw a year-on-year growth of 10.1 percent in August, reaching a total of 39.536 billion U.S. dollars, its highest gain so far this year, the National Institute of Statistics and Geography (Inegi) said Thursday.

The growth was due to demand of products from the United States.

Imports increased 9.4 percent year-on-year in August, to 42.127 billion U.S. dollars, Inegi said in its monthly report on commercial balance of goods.

Mexico registered a trade deficit of 2.59 billion U.S. dollars in August, less than the 2.889 billion U.S. dollars registered in July, according to historical data from Inegi.

In regard to shipments abroad, Inegi said non-petroleum exports totaled 36.813 billion U.S. dollars, and petroleum exports 2.724 billion U.S. dollars.

Non-oil exports to the United States grew at an annual rate of 10 percent, while those sent to the rest of the world fell 0.4 percent, Inegi said in the report.

Mexico's trade is virtually geared toward the United States, its main trade partner in the North American Free Trade Agreement (NAFTA).

In a letter to its customers, financial group Banorte said the trade figures are consistent with a more vigorous economic expansion forecast during the third quarter of 2018.

"Similar to the previous month, we continue to hope that export will keep recovering in the coming months," Banorte said.

The factors that can help this drive are less uncertain following the preliminary agreement reached by the United States and Mexico regarding NAFTA on Aug. 27, said Banorte.

Another influencing factor will be the strength of industrial activity in the United States, which has been evident in recent data and would be especially favorable for the automotive sector, said Banorte.

Mexico's economy, the second largest in Latin America following Brazil, could see a growth of 2 to 2.6 percent this year, according to the estimates of the Central Bank of Mexico (Banxico).

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