Mexico Exports US$40.3 billion in AugustBy Emilio Aristegui | Tue, 09/28/2021 - 18:19
Mexican exports amounted to US$40.3 billion in August, said the National Institute of Statistics and Geography (INEGI) via a press release, leaving the country with a trade deficit. During the first eight months of 2021, Mexico reported a trade deficit.
“The timely information on foreign trade for August 2021 indicates a trade deficit of US$3.9 billion, a balance compared to the US$6.1 billion obtained in the same month of 2020. In the first eight months of this year, the trade balance presented a deficit of US$6.8 billion.”
In August, Mexican exports were comprised of US$37.74 billion in non-oil goods and US$2.57 billion exports from oil companies. The month also represented an annual 9 percent increase in total exports, derived from a 6.9 percent growth in non-oil exports and of 53.1 percent in oil exports. Non-oil exports destined to the US grew at an annual rate of 6.3 percent, while those destined to the rest of the world registered a 9.3 percent increase. However, once adjusted seasonally exports declined by 4.58 percent during the month caused by a 4.48 percent decrease in non-oil exports and a 6 percent decrease in oil exports, reports INEGI.
During the month, Mexico registered a total of US$44.2 billion worth of imports, a 43.3 percent growth caused by the 37.5 percent growth in non-oil imports and 113.5 percent increase in oil imports, according to INEGI. Consumer goods’ imports grew 43.9 percent annually, intermediate-use goods by 44.5 percent and capital goods by 31.2 percent. INEGI indicates that after a seasonal adjustment, imports shrank by 3.36 percent caused by a 3.8 percent decrease in non-oil imports and a 0.18 percent increase in oil imports. Consumer goods imports decreased 6.32 percent, intermediate-use goods imports by 2.98 percent and capital goods imports by 2.53 percent.
A more detailed press release from INEGI indicated that merchandising exports tallied a major increase. “In the period January-August 2021, the value of total exports added a US$317 billion, which meant an annual increase of 24.3 percent.”