Mexican exports register historical 56.72% drop in May

Mexican exports register historical 56.72% drop in May

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MEXICO – During May merchandise exports amounted to US$18 billion, which represented a 56.72% decrease at an annual rate, according to data from the National Institute of Statistics and Geography (INEGI).

In this regard, said figure represents the worst fall since data is available by the institute, accumulating three continuous decreases in shipments abroad.

For its part, shipments in the manufacturing sector amounted to US%15.2 billion, a decrease of 58.72% which represented its biggest contraction since 1981.

Disaggregated automotive exports fell 90.1%, while non-automotive exports fell 41.1%, compared to the same period last year. When monthly compared, total merchandise exports reported a 20.6% decrease, which was the net result of 22% declines in non-oil exports and an 18.94% increase in oil exports.

On the other hand, merchandise imports reached US$21.5 billion, which turned into a 47.07% annual decrease. The aforementioned represented its worst fall since 1983.

Disaggregated imports by type of intermediate good fell 46.7% at the annual rate, while imports of capital goods fell 38.3%. Imports of consumer goods showed an annual decrease of 55.8 percent.

On a monthly comparison, imports showed an 18.39% drop, which originated from 17.69% declines in non-oil imports, and 26.87% in oil imports.

By type of good, there was an 11.70 % monthly decrease regarding imports of consumer goods, 20.79% in those of intermediate-use goods and 6.32% in those of capital goods.

During the fifth month of this year, foreign trade has translated into a trade US$3.2 billion deficit, a balance that compares with the US$957 million surplus obtained in the same month of 2019.

Source: El Financiero