The Day at a Glance | December 24 2021

The Top

*Mexican exports grew in November, after a surge in auto exports; trade balance for the country was positive in the month.

*Mexico’s economy contracted 0.2% monthly during October (+0.3% annual).

*US real spending stagnated during November (0.03% monthly); PCE inflation hit its highest (5.7% annual) since 1982.

*Japanese inflation accelerated to its highest level since march 2020 during November (0.6% annual).

Economic environment

Exports accelerate in Mexico during November. According to preliminary figures published by INEGI, Mexican exports grew at a 19.2% annual rate (5.67% monthly) during November and reached a value of 45,587 million dollars. The rise was led by a surge in auto exports (13.6% annual) that shows a faster recovery in the sector, with the total value of these exports reaching its highest since late 2020. A positive sign for one of the most important sectors for growth in the economy. Imports grew 29.6% annually (0.89% monthly) to reach a total value of 45,698 in November. Growth was broadly based, with strong numbers in consumer goods imports (34.5% annual), intermediate goods (29%) and capital goods (28.3%). The acceleration in capital goods imports is to be noted (4.11% monthly), as it regained value levels not seen since late 2019. Given these numbers, the balance of trade for the country registered a surplus of 463 million dollars, the firs surplus since February of this year.