Analysis

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Exports of industrial goods and materials decline for a third straight month

Exports of industrial goods and materials decreased 7.1% to $7.3 billion in June. Precious metal exports fell 24.1%, declining for a third consecutive month after reaching a record high in March. Other crude non metallic minerals and nickel ores also contributed to the decline.

Energy products exports decreased 5.5% to $7.4 billion, as volumes fell 5.2%. This represented the fifth decline in volume over the past six months. Exports of petroleum and coal fell 15.0%, largely a result of lower exports of fuel oils. Exports of crude petroleum decreased 4.9%, as prices declined 3.8%. After increasing throughout 2009, prices of crude petroleum declined during four of the past six months.

After growing 21.9% in May, exports of automotive products declined 4.6% to $5.2 billion, as volumes decreased 5.9%. Exports of passenger cars, which led the gain in the previous month, fell 7.1% as a result of declining volumes.

Exports of machinery and equipment grew 3.7% to $6.5 billion, on the strength of aircraft followed by industrial machinery such as engines and turbines as well as drilling and excavating machinery. The growth in the sector resulted from a gain in volumes.

Import volumes of energy products fall

Energy products imports fell 19.3% to $3.0 billion, reflecting a 15.0% decrease in volumes. Crude petroleum, down 26.3%, led the fall offsetting a strong gain in May. Petroleum and coal as well as coal and other related products also contributed to the decline in the sector.

Imports of industrial goods and materials grew 2.1% to $7.5 billion, on the strength of precious metals. Imports of precious metals, such as gold, increased 20.5%.