Foreign trade in Mexico continues to strengthen. In April of this year, Latin America’s second-largest economy exported goods worth $51.319 billion, representing an 11.4% increase compared to the same month last year and a 3% increase compared to the previous month. According to data from the National Institute of Statistics and Geography (Inegi) published this Friday, this growth is primarily due to the automotive sector. On the other hand, oil exports decreased.
Foreign trade in Mexico has shown resilience despite the appreciation of the Mexican peso against the dollar, which has increased by around 17% since 2019, making Mexican products more expensive.
In April, Mexico not only increased its exports but also its imports, reaching a value of $55.066 billion, representing an annual increase of 15.4%. This increase is due to a 19.8% rise in non-oil imports and a 28% decrease in oil imports. Compared to the previous month, imports fell by 0.37%, with a 13.8% reduction in oil imports and a slight growth of 0.63% in non-oil imports.
According to a report from Banco BASE, signed by economic analysis director Gabriela Siller, Mexico’s trade deficit decreased by 0.9% in April compared to the same month in 2023, amounting to $6.452 billion, the lowest for a similar period since the first four months of 2021. ‘The accumulated deficit in 2024 is mainly explained by the oil balance, with a deficit of $3.527 billion, the lowest for a similar period since 2015. The non-oil balance has a deficit of $2.924 billion,’ wrote Siller, highlighting that although it is historically low, it is the first deficit for a similar period since 2016.
Exports totaled $49.207 billion in non-oil products and $2.113 billion in oil products. ‘Among non-oil exports, those directed to the United States increased by 13.8% annually, and those destined for the rest of the world increased by 9.5%,’ reported Inegi. As for imported goods, there were increases of 25.6% in consumer goods, 11.5% in intermediate goods, and 32.5% in capital goods.
