Mexican exports slipped in May on a drop in world oil prices but non-oil exports remained steady. “For second straight month, Mexico posts trade deficit,” the news agency Reuters reported.
“Oil exports fell 10.59 percent last month, in seasonally adjusted terms, while non-oil exports were nearly flat with a 0.03 percent rise that pointed to slackening demand in the United States, Mexico’s top trading partner,” said the news agency.
“Slowing job growth in the United States could crimp the demand for Mexican exports that has so far helped shield Mexico from the global slowdown that has dragged on Brazil.
“Mexico is the world’s No. 7 oil producer and a top exporter to the United States. ‘We are still seeing good growth rates, even if the rate of growth is not as high,’ said Rafael Camarena, an economist at Santander in Mexico City.”