General: Mexico continues to escape unscathed the economic downturn of the US. Employment of tax reductions and increased spending are helping to move along the economy very nicely. Growth is solid if not spectacular. The Central Bank kept the benchmark interest rate unchanged for the fifth consecutive month. Mexican workers in the US sent home $1.74 billion, which is $81.9 million more than in February 2007. The currency seems to be strengthening against the US currency, a development that is cause for concern for the government because their exports to the US could suffer.
GDP: +4.2% in January compared to the previous year. For 2008, the Central Bank forecasts a growth rate of 2.75 to 3.25%.
Consumer Prices: +3.7% in February (4.1% a year ago)
Industrial Production: +3.1% in January
Unemployment: 3.8% in February
Trade Balance: -$13.3 billion in February
Automotive Industry: A total of 180,115 units were built in January, or 14.3% more than last year. In the first two months of the year, 351,125 units were built, or 17.6% more than last year.
Steel Production: 1.4 (e) million metric tons were produced in February, or 1.9% ahead of last year. In the first two months of the year, 3.0 million mt were produced, or 3.9% more than last year.
Currency: Peso 10.6 to US$1 as of April 2 (Peso 11.1 to US$1 a year ago)
GDP: + 2.2% in January over last year, +0.6% in January over the previous month
Consumer Prices: +1.8% in February (2.0% a year ago)
Industrial Production: -1.3% in December 2007
Unemployment: 6.0% in March
Trade Balance: +$44.8 billion at end of January for the latest 12 months
Automotive Industry: 210,244 units were built in February, or 0.6% less than in February 2007. In the first two months of the year, 370,699 units were built, or 15.6% less than last year.
Steel Production: 1.4 million metric tons were produced in February, or 8.1% more than in February 2007. In the first two months of the year, 2.9 million mt were produced, or 9.0% more than last year.
Currency: C$1.02 to US$1 as of April 2 (C$1.16 to US$1 a year ago)
Nafta Steel Trade:
The latest numbers covering intra-North American Free Trade Agreement (NAFTA) steel trade are per the end of November 2007. Here are the highlights:
Canada:
From US: 5.1 million metric tons
From Mexico: 49,405 metric tons
Mexico:
From the US: 3.6 million metric tons
From Canada: 473,000 metric tons
United States of America:
From Canada: 5.6 million mt
From Mexico: 2.6 million mt