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(Bloomberg) — Mexico’s trade surplus widened far more than expected in April to $4.52 billion, well above the median estimate of $476.35 million in a Bloomberg survey, as exports climbed to the highest since the data began in 1980. The surge highlights how the country continues to strengthen its role as a manufacturing hub for the US economy as Washington takes a tougher stance on trade. The cumulative trade surplus for the first four months of the year reached $3.51 billion, reversing from a $314 million deficit a year earlier, according to preliminary data from national statistics agency INEGI.
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Exports surged 32.6% from a year earlier to $72.04 billion, accelerating from March’s 27.7% increase, driven by a 33.5% jump in non-petroleum exports. More than 83% of Mexico’s non-oil exports went to the US during the first four months. Manufacturing continues to drive the export boom, accounting for $65.69 billion of April’s total exports and growing 34% from a year earlier. Non-automotive manufacturing exports surged 45.8%, while mining exports jumped 71%.
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Imports rose 24.1% to $67.52 billion, also a record. Imports of intermediate goods climbed 29.8% to $54.23 billion; these products used in manufacturing and assembly made up nearly 80% of total imports in the first four months of the year, highlighting Mexico’s deep integration into North American and global supply chains. The strong trade figures come as the US, Mexico and Canada move closer to a review of the USMCA, with trade tensions and renewed pressure from Washington over auto production and regional manufacturing probably playing a central role in upcoming negotiations.
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