Mexican exports set new record high in first half of 2017
Mexico exported a record high of US$ 198 billion during the first half of the year, a 10.4% year-on-year increase as the start of NAFTA renegotiations looms in mid-August.
According to figures by the National Institute of Statistics and Geography (INEGI), Mexican exports were boosted by strong growth in the manufacturing sector as well as a big jump in the value of oil exports.
Manufacturing exports grew 9.2% over the year led by automotive exports (comprised by finished cars and autoparts), which grew 10.9%.
Total exports to the United States were up 7.7% while automotive exports up 9.8%. In the first half of 2017, exports to the U.S. accounted for 82.2% of total.
Oil exports soared in the first half of 2017 by more than 30% to US$ 10.6 billion, largely on the back of higher prices for Mexico’s crude mix.
Mexican imports, meanwhile, showed equally strong growth, expanding 7.8% over the year to US$ 200 billion.