Despite a 12.5% increase in exports, Mexico’s trade deficit hikes 27% in January
Mexico’s total exports increased 12.5% at annual rate in January despite uncertainty over the renegotiation of the North American Free Trade Agreement (NAFTA) with the United States and Canada.
Last January, shipments from Mexico abroad totaled US$ 30.7 billion, according to figures released Tuesday by the National Institute of Statistics and Geography (INEGI). Meanwhile, imports totaled US$ 35.1 billion, an increase of 14.1%, the highest for a month of January in seven years.
From those figures resulted a trade deficit of US$ 4.4 billion, representing a 27% hike compared to same month of 2017, which was US$ 3.4 billion.
Exports of non-oil goods grew 11.6% to US$ 28.4 billion. This growth of exports has been the best for a month of January since 2012. Meanwhile, oil exports, which account for about 7% of the total, rose 24.1% in response to a recovery in international oil prices.
Non-oil exports sent to the United States grew 10.1%, while those destined to the rest of the world increased by 18.5%.
In the primary sector, agricultural exports grew 20.9%, while extractive exports increased 60.7%.
Manufacturing exports, which account for 85% of Mexico’s total exports, grew 10.5%. Exports related to the automotive sector totaled US$ 8.7 billion, which represented an increase of 9% annually, while non-automotive shipments grew 11.2%, with a value of US$ 17.6 billion.
Oil imports totaled US$ 3.9 billion, representing a 14.8% hike, while non-oil imports amounted to US$ 31.3 billion a 14.1% increase.
Purchases of intermediate goods, which are used for the manufacture of other products, increased 13%, while imports of consumer goods grew 16.9%. The capital assets acquired during this period totaled US$ 3.8 billion, observing an increase of 18.8%.