recorded a US$586 million surplus in November 2018, swinging into positive territory from October's revised US$74 million deficit and slightly lower than the US$588 million surplus recorded in the same month last year, the latest FocusEconomics' LatinFocus Consensus Forecast report informed.
"The reading represents the best result in five months," it expressed.
Within this framework,
exports declined 4.2% year-on-year in November, following October's fall.
November's drop was due to marked declines in
shipments of gold, copper, zinc, and oil-based fuels.
Exports to both China and the U.S. declined markedly, along with sales to South Korea.
"This was partially offset by significant expansions in the overseas sales of
fishing,
farm, and textile products. Meanwhile, imports dipped 3.2% annually in November, on shrinking purchases of consumption and capital goods, contrasting October's 11.4% growth," it stressed.
Panelists participating in the LatinFocus Consensus Forecast see
exports growing 3.9% in 2019, and the trade balance
recording a surplus of US$5.9 billion.
For 2020, the panel sees overseas sales expanding 3.4% and forecasts a trade surplus of US$5.7 billion.