In 2024, Mexico’s total exports reached 617.1 billion dollars (mdd) , which meant an increase of 4.1% compared to 2023, a figure that represented a new record, however, the trade balance showed a deficit of 8.212 billion dollars in the year, according to the National Institute of Statistics and Geography (Inegi) .
In its most recent report on Mexico’s Merchandise Trade Balance , the organization detailed that in December of last year alone, the value of merchandise exports was $51,687 million , an amount 4.9% higher than in the same month in 2023.
According to the report, this rate reflected a 6.1% growth in non-oil exports and a 16% decrease in oil exports. Within non-oil exports, those directed to the United States advanced 6.3% at an annual rate and those directed to the rest of the world, 4.9 percent.
By type of product, the greatest advances in December were observed in exports of machinery and special equipment for various industries, with 28.6% ; mining and metallurgical products, with 21.9% ; electrical and electronic equipment and appliances, with 11.6% ; professional and scientific equipment, with 10.3% ; and food, beverages and tobacco, with 5.4 percent.
In December 2024, the value of oil exports was US$2.181 billion , which was made up of US $1.749 billion in crude oil sales and US $432 millionin exports of other oil products. Meanwhile, in 2024, the value of oil exports was US$28.426 billion , lower than the US $33.194 billion reported in 2023.
In 2024, automotive industry exports stood out , reaching 193 thousand 907.2 million dollars , an increase of 2.7% compared to 2023. Agricultural activities also had an optimal performance from January to December 2024 with an increase of 7.1% , as did extractive activities with an increase of 18.6 percent .
Imports
Inegi reported that the value of merchandise imports in 2024 was 625 thousand 311.8 million dollars , which represented an increase of 4.5%compared to 2023; meanwhile, in the last month of last year the value of imports was 49 thousand 120 million dollars .
This increase was due to purchases of intermediate goods, which registered a growth of 11.5% in the reference month , and in the period January-December 2024 it was 4.4 percent . In turn, non-oil imports at the end of 2024 were 63.6% , although in the accumulated amount they suffered a fall of 41.5 percent .
Trade balance
The agency indicated that the trade balance closed December 2024 with a surplus of 2,567 million dollars , while the annual balance showed a deficit of 8,212 million dollars , this compares with the 5,470 million dollars observed in 2023.
“The widening of the deficit between 2023 and 2024 was the result of a lower surplus in the non-oil products balance, which went from US$13.091 billion in 2023 to US$1.832 billion in 2024, and a decrease in the deficit in the oil products balance, which went from US$18.561 billion in 2023 to US$10.044 billion in 2024,” Inegi said.
These figures are given in the context of the threats of the President of the United States, Donald Trump , in the sense of wanting to impose a protectionist trade policy and impose tariffs of up to 25% on Mexico and other countries, which would affect world trade and one of the most successful industries in our country, such as the automotive sector, a sector that in the trade balance has shown optimal performance and is beginning to recover to pre-pandemic levels.
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