Mexican exports register a monthly fall of 3.38%

MEXICO - In June 2024 and with seasonally adjusted figures, total merchandise exports in Mexico reported a monthly reduction of 3.38%, the highest in the last 16 months, according to information from the National Institute of Statistics and Geography (Inegi).

This fall in Mexican exports was due to reductions of 1.60% in non-oil exports and 31.88% in oil exports.

Meanwhile, total imports showed a monthly increase of 1.87%, the highest monthly increase in the last four months, due to a rise of 2.13% in non-oil imports and a decrease of 2.28% in oil imports.

By type of good, there were monthly increases of 2.92% in imports of intermediate use goods and 0.67% in capital goods. Imports of consumer goods fell by 2.59%.

Thus, in the sixth month of 2024 there was a trade deficit of US$1 billion, a balance that compares with a surplus of US$58 million in the same month of 2023.

With figures without seasonal adjustment (original), in June 2024, the value of merchandise exports reached US$48.8 billion, a figure comprising US$46.7 billion of non-oil exports and US$2.1 billion of oil exports.

With these figures, total exports showed a fall of 5.7%, compared to June 2013, representing the sharpest annual drop since August 2020.

This decline in Mexican exports was due to decreases of 4.4% in non-oil exports and 26.8% in oil exports. Within non-oil exports, those to the United States fell by 5.3 % at an annual rate and those to the rest of the world by 0.1 %.