Automotive sector boosts Mexican manufacturing exports during May
Mexican exports totaled US$ 35.46 billion in May, a year-on-year growth of 12.9% and higher than the 4.5% increase in April. The index now accumulates double-digit growth rates in three of the first five months of the year, according to figures from the National Institute of Statistics and Geography (Inegi). From January to May, Mexican exports increased 10.2% year-on-year.
Manufacturing exports in May totaled US$ 31.789 billion, a 12.9% increase, boosted in part by automotive exports, which totaled US$ 10.76 billion, a 13.8% increase.
Meanwhile, oil exports totaled US$ 1.630 billion, a 3.5% drop. The agricultural sector climbed 24.3%, to US$ 1.652 billion, and the non-oil extractives soared 60.5%, to US$ 394 million.
Other significant increases were observed in foreign sales of food, beverages and tobacco (28.4%), electrical and electronic equipment and equipment (19.7%), machinery and special equipment for various industries (16.8%) and professional and scientific equipment (11%).
Nonetheless Mexico had a negative balance in its trade of May for US$ 1.079 billion, with imports totaling US$ 36.545 billion. The year-to-date value of total imports reached US$ 164.892 billion, 7.4% higher compared to the same period of 2016.
During the fifth month of the year, the oil trade balance marked its 32nd month in deficit. Oil shipments amounted to US$ 1.63 billion, while imports totaled US$ 2.945 billion, resulting a deficit of US$ 1.314 billion, 86% higher than the same month last year.