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Mexico Trade Balance Swings To Deficit In July

Mexico's trade balance showed a deficit in July compared to a surplus in the previous month and the shortfall exceeded economists' expectations, figures from the statistical office INEGI showed Wednesday.

The trade balance turned to a deficit of $980 million in July versus a surplus of $424 million in June. Economists had forecast a shortfall of $810 million. In the same month of 2013, the country registered a deficit of $1.40 billion.

Total exports grew 4.5 percent annually in July with non-oil shipments rising 8.2 percent and oil exports falling 19.4 percent. Month-on-month, exports rose 1.59 percent.

Imports increased 3.1 percent from a year ago with non-oil imports logging 4.7 percent gain. Oil imports fell 10 percent. Imports declined 0.58 percent from the previous month.

For the January to July period, the trade balance revealed a deficit of $1.23 billion.

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