Mexican product exports rose 14.7% year-on-year in July, reaching $54,788.6 million, mainly driven by the manufacturing sector, Inegi reported on Tuesday.
In July, Mexican product exports rose 14.7% year-on-year, reaching a total of $54,788.6 million, mainly driven by the manufacturing sector, Inegi reported on Tuesday. On the other hand, imports totaled $54,860.5 million, with a growth of 13.3%, resulting in a trade deficit of $72 million for the country.
Mexico has strengthened its manufacturing sector with the dual goal of taking advantage of lower production costs and its proximity to the United States, its main export trading partner.
During the first seven months of the year, Mexico exported manufactured goods worth 49,744.6 million dollars, representing an increase of 15.9% compared to the same period of the previous year.
In detail, automotive exports reached 17,106.8 million dollars, while non-automotive exports totaled 32,637.8 million, with respective increases of 7.2% and 21.1%.
In the long term, the Mexican manufacturing industry has a solid foundation to continue growing, given that Foreign Direct Investment (FDI) in this sector remains significant.
In the first half of 2024, Mexico attracted 31,100 million dollars in FDI, of which 54% was allocated to the manufacturing sector.
Dentro de este sector, los incrementos más notables se registraron en las exportaciones de maquinaria y equipo especial para diversas industrias (53.2%), productos minerometalúrgicos (28.5%), equipos y aparatos eléctricos y electrónicos (15.3%), alimentos, bebidas y tabaco (10.6%) y productos automotrices (7.2%).
El aumento anual en las exportaciones automotrices fue impulsado por un crecimiento del 8.3% en las ventas hacia Estados Unidos y del 2.0% en las dirigidas a otros mercados.
En julio de 2024, las exportaciones petroleras alcanzaron un valor de 2,500 millones de dólares, compuestos por 1,896 millones de dólares en ventas de petróleo crudo y 604 millones de dólares en exportaciones de otros productos petroleros.
En ese mes, el precio promedio de la mezcla mexicana de crudo de exportación fue de 74.86 dólares por barril, un incremento de 1.47 dólares respecto al mes anterior y de 2.52 dólares en comparación con julio de 2023.
El volumen de crudo exportado fue de 0.817 millones de barriles diarios, superior a los 0.788 millones de barriles diarios de junio, pero menor a los 1.070 millones de barriles diarios de julio de 2023.
Finalmente, en julio de 2024, las exportaciones agropecuarias y pesqueras alcanzaron un valor de 1,754 millones de dólares, representando un aumento anual del 16.9%.
The largest increases in exports were recorded in:
- Cattle (94.6%)
- Citrus fruits (38.9%)
- Avocado (31.1%)
- Tomatoes (22.7%)
- Fresh vegetables and legumes (9.1%)
On the other hand, the most significant decreases were observed in exports of fresh strawberries (53.8%) and grapes and raisins (23.3%).
Exports from the extractive sector reached 790 million dollars, reflecting an annual growth of 33.7%.
Regarding imports, there was an increase of 15.9% in non-oil imports, while oil imports decreased by 15.6%.
Breaking down imports by type of good, annual increases of 16.5% in consumer goods, 13.3% in intermediate goods, and 8.7% in capital goods were highlighted.
In July 2024, adjusted for seasonality, total merchandise exports grew by 5.78% monthly, with an increase of 5.49% in non-oil exports and 12.45% in oil exports.
With seasonally adjusted figures, total imports increased by 0.43% monthly, derived from a 0.52% increase in non-oil imports and a 0.93% decrease in oil imports.
