Mexico recorded a trade deficit of 579 million dollars (mdd) in September 2024 , a balance that compares with the deficit of 1,498 million dollars in the same month last year, according to what the National Institute of Statistics and Geography (Inegi) announced on Monday .
The Mexican government’s statistics office detailed that this deficit balance was comprised of 49,626 million dollars in the value of merchandise exports , and 50,205 million dollars in the value of imports .
He specified that the export figure in September 2024 was made up of US $47.74 billion in non-oil exports and US $1.886 billion in oil exports.
Total exports thus remained at a similar level to the same month of the previous year, which resulted from a 44.9% decrease in oil exports and a 3.3% increase in non-oil exports.
Within non-oil exports, those directed to the United States advanced 5% at an annual rate and those channeled to the rest of the world fell 5.2 percent.
In the ninth month of the year, with seasonally adjusted figures, total merchandise exports showed a monthly decrease of 0.97% , due to drops of 0.38% in non-oil exports and 14.30% in oil exports.
In the period from January to August 2024, the value of total exports amounted to 455 thousand 717 million dollars , which meant an annual increase of 3.2 percent. This was due to the following structure: manufactured goods, 89.7%; petroleum products, 4.7%; agricultural goods, 3.9% and non-petroleum extractive products, 1.7 percent.
Imports
Meanwhile, the value of merchandise imports in September 2024 was US$50.205 billion , which represented an annual decrease of 1.8 percent.
Inegi announced that imports of consumer goods amounted to 7,688 million dollars , a figure that translated into an annual reduction of 5.3%; those of intermediate goods were worth 37,749 million dollars , a level 0.7% lower than that reported in said month of 2023.
Also, in September of this year, imports of capital goods reached 4,767 million dollars, which implied an annual decrease of 4.5 percent.
In the first nine months of 2024, the accumulated value of total imports was US$466,734 million , 3.4% higher than that observed in the same period in 2023.
The fall in oil exports, which have been declining for four months, and the increase in non-oil imports were among the factors behind the deficit in Mexico’s trade balance during the ninth month of the year, according to the Inegi report.
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