Exports Grew 25.6%, Trade Deficit Decreases US$2.1 billion: INEGI
Mexico’s trade deficit decreased by US$2.1 billion from January 2022 to January 2023, as exports grew by 25.6% annually, writes the National Institute of Statistics and Geography (INEGI) in its Timely Information about Mexico’s Trade Balance of Merchandise report.
In January 2023, Mexico registered a trade deficit of US$4.1 billion, which represented a decrease from the January 2022 deficit of US$6.2 billion. The report is developed by INEGI, the Tax Administration System (SAT), the Ministry of Economy (SE) and the Bank of Mexico (Banxico), explains INEGI via a press release.
During the first month of 2023, Mexican exports were valued at US$42.5 billion, comprising US$39.8 billion in non-oil exports and US$2.7 billion in oil exports. Total exports reported a 25.6% annual growth, with increases of 26.9% in non-oil exports and 8.9% in oil exports. Non-oil exports directed to the US grew at a 26.6% annual rate, while those directed to other countries by 28.5%. Total exports of merchandise showed a monthly increase of 6.06% with seasonally adjusted figures, reflecting increases in non-oil exports and oil exports of 6.28% and 2.63%, respectively.
Imports, on the other hand, were valued at US$46.7 billion, an annual increase of 16.3%. Non-oil imports and oil imports presented increases of 15.7% and 20.6%, respectively. INEGI explained that imports by type of goods increased 30.2%, as consumer goods showed growth of 13.5% for intermediate use goods and 19.7% for capital goods. Total imports registered a 2.39% monthly rate growth with seasonally adjusted series. INEGI attributed the growth to increases of 1.47% in non-oil imports and 10.11% in oil imports. However, consumer goods for intermediate use presented a fall of 0.06% and those of capital goods of 0.64%
INEGI highlights that the timely information on foreign trade from January 2023, indicates that Mexico has a trade deficit of US$4.1 billion despite a surplus of US$984 million in December 2022.