Mexico sees record high exports in March

MEXICO CITY, April 27 (Xinhua) -- Mexico's exports grew 10 percent in March compared with the same period last year, reaching a record of 39.65 billion U.S. dollars, according to data published Friday by the national statistics institute Inegi.

Total exports for the month are the highest since Inegi began to keep records in 1980.

In its monthly trade balance report, Inegi said the increase was largely due to a 5.5-percent rise in non-oil exports to the United States, and a 22.7-percent increase in non-oil exports to other countries.

Compared to last year, imports also rose in March, but by a more modest 4.5 percent, to reach 37.73 billion U.S. dollars, leading to a trade surplus of 1.918 billion U.S. dollars, higher than the 1.062 billion U.S. dollars registered in February.

The United States is Mexico's main trade partner, and the two countries, along with Canada, are members of the North American Free Trade Agreement (NAFTA), which is being renegotiated at the insistence of U.S. President Donald Trump.

In a recent report for clients, Mexico financial group Monex predicted stronger exports driven by expected economic growth in the United States and a cheaper peso, which has been affected by uncertainty in the lead up to presidential elections in July.

Financial group Banorte also forecast an election-influenced currency depreciation in the second quarter.

"That would entail higher external demand for Mexican products, which will have a positive impact on exports and Mexican manufacturing output," said Banorte's senior economist Alejandro Cervantes.

Mexico, as Latin America's No. 2 economy after Brazil, could see an economic growth between 2 percent and 3 percent this year, according to a government forecast.

In 2017, Mexico's gross domestic product grew 2 percent, slowing down compared to the 2.9 percent growth in 2016, according to the latest figures published on Feb. 23. Enditem