Mexican exports increase for 24 months in a row, yet trade balance results in deficit
Mexico registered a trade deficit of US$ 2.93 billion last October––30.4% higher than the deficit of US$ 2.25 billion in the same month of 2017. This result derives from US$ 41.35 billion in exports and US$ 44.28 billion in imports, according to the latest data from Inegi (PDF).
It is the second largest deficit so far this year after the negative balance of US$ 4.42 billion registered in January. October marks the seventh month in a row with negative results in Mexico’s trade balance. In the first 10 months of the year, the trade balance registered a deficit of US$13.16 billion, which resulted in US$ 374.5 billion in exports and US$ 387.6 billion in imports.
The US$ 41.35 billion in exports during October represents a 12.6% increase compared to the same month of 2017. With this result, Mexican exports score 24 consecutive months of growth at an annual rate.
Oil exports increased 17.8% to US$ 2.68 billion and non-oil exports grew 12.3% to US$ 38.66 billion. In the non-oil export segment, agricultural products fell by 1.7%, extractive products decreased by 14.7% and manufacturing by 13.2%, totaling US$ 37.07 billion.
Regarding the manufacturing industry, automotive exports were of US$ 13.21 billion in October to total US$ 118.05 billion in the first 10 months of the year, which represents increases of 14.5% and 13.5% respectively.
Regarding imports, last October amounted to US$ 44.28 billion and totaled US$ 387.65 billion in the first 10 months, which represents increases of 13.7% and 11.6% respectively.
In October and throughout the year, the largest increase in imports occurred in oil-related products, which totaled US$ 2 billion in October and US$ 16.5 billion in the first 10 months, representing hikes of 37.3% and 38.7% respectively.