The National Institute of Statistics and Geography (Inegi) reported that in April of this year, Mexico experienced a trade deficit reflecting notable changes in the country’s export and import dynamics.
During the fourth month of the year, this trade deficit amounted to 3.746 billion dollars (USD), a significant increase compared to the 1.646 billion USD deficit recorded in the same month of the previous year.
Mexican exports, on the other hand, reached a total value of 51.319 billion USD in the fourth month of the year, representing an annual increase of 11.4 percent. This growth is broken down as follows:
Non-oil exports, which totaled $49.207 billion, increased by 13.1% compared to April 2023, with the automotive sector being one of the main export categories.
Those destined for the United States increased by 13.8% year-on-year. Those destined for the rest of the world increased by 9.5% year-on-year. Lastly, oil exports, which decreased significantly by 17.5%, amounted to $2.113 billion.
These figures indicate the strength of the non-oil sector, especially in the US market, although the decline in oil exports is notable.
Regarding imports, in April of this year, they amounted to 55.066 billion USD, showing a yearly increase of 15.4 percent. This growth is due to non-oil imports, which increased by 19.8%, and oil imports, which dropped by 28.2 percent.
Furthermore, consumer goods increased by 25.6%, while intermediate goods rose by 11.5%, and capital goods grew by 32.5 percent.
Cumulative
In the first four months of 2024, the trade balance showed an accumulated deficit of 6.452 billion USD, similar to the deficit of 6.464 billion USD in the same period in 2023.
During this period, exports showed an annual growth of 11.4%, with a notable increase of 13.1% in non-oil exports and a decline of 17.5% in oil exports.
Meanwhile, imports increased by 15.4% year-on-year, driven by a 19.8% increase in non-oil imports and a 28.2% reduction in oil imports.
With seasonally adjusted figures, total merchandise exports in April 2024 registered a monthly decrease of 2.59%, driven by reductions of 2.64% in non-oil exports and 1.48% in oil exports. On the other hand, adjusted imports showed a monthly decline of 0.37%, with a significant decrease of 13.77% in oil imports and a slight increase of 0.63% in non-oil imports.
In that regard, the April 2024 trade balance report from Inegi reveals that the increase in Mexico’s trade deficit was driven by strong growth in imports and mixed performance in exports. While non-oil exports show a positive trend, especially towards the United States, oil exports have decreased significantly.
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