UPDATE 1-Mexico factory exports, consumer imports climb in July

viernes 26 de agosto de 2016 09:41 GYT
 

(Adds data, background)
    MEXICO CITY, Aug 26 (Reuters) - Mexico's factory-made
exports and non-oil consumer imports rose in July, data showed
on Friday, suggesting a possible renewal in economic growth
after the gross domestic product contracted in the second
quarter.
    Manufactured exports rose 0.47 percent in July from June in
seasonally adjusted terms, the national statistics agency INEGI
said, helped by a 2.8 percent rise in auto exports. Non-auto
exports slid 0.65 percent.
     Mexico exports mostly manufactured goods like televisions
and cars to the United States as well as industrial components
used by American factories to turn out finished products.
    Exports have been weak to the United States, Mexico's main
market, despite a sharp drop in the peso against the
dollar.
    Non-oil consumer imports rose 0.26 percent in July from
June. Domestic household consumption has helped buoy the Mexican
economy while exports and oil production have faltered.
    On Monday, data showed Mexico's economy shrank in the second
quarter for the first time in three years, as industrial output
contracted at its fastest pace since 2009, prompting the
government to revise down its 2016 outlook. 
    Standard & Poor's on Tuesday lowered Mexico's sovereign
credit rating outlook to negative from stable, adding that a
downgrade could happen in the next two years if the government's
debt or interest burden deteriorated. 
    Mexico posted a $1.022 billion trade deficit in July when
adjusted for seasonal swings, the national statistics agency
said. In non-seasonally adjusted terms, Mexico
posted a trade deficit of $1.827 billion.

 (Reporting by Alexandra Alper Editing by W Simon)