Mexico Had a Trade Surplus of US$984 Million in December: INEGI

In December 2022, Mexico recorded a trade surplus of US$984 million, which surpassed the US$603 million balance surplus of the same month in 2021, reports the National Institute of Statistics and Geography (INEGI). However, the country recorded a trade balance deficit of US$26.4 billion in 2022, which surpassed the US$10.9 billion deficit of 2021.

“The structure of the value of merchandise exports in 2022 was as follows: manufactured goods 87.9%, petroleum products 6.8%, agricultural goods 3.7% and non-oil extractive products 1.6 percent. In December 2022, the value of merchandise imports was US$48.34 million dollars, an annual increase of 2.6 percent,” explained INEGI via a press release. 

Mexico’s trade balance deficit during 2022 was linked to an increase in the acquisition of oil products, which went from 2021’s US$24.6 billion to US$35 billion in 2022. Non-oil products on the other hand went from US$13.7 billion in 2021 to US$8.5 billion in 2022.

In December 2022, merchandise exports reached US$49.3 billion, of which US$46.5 billion represented non-oil exports and US$2.8 billion oil exports. Total exports grew by 3.4% annually, as non-oil exports grew 3.5% and oil exports 1.5%, says INEGI. Non-oil exports to the US grew 2% at an annual rate, while those to the rest of the world increased by 11.2%. With seasonally adjusted figures, total merchandise exports showed a monthly decline of 1.44%. Non-oil exports fell 2.16% and oil exports rose 11.31% for the final calculation.  

That month merchandise imports stood at US$48.3 billion, with an annual increase of 2.6%. The growth corresponded to an annual increase of 3.4% in non-oil imports and a decrease of 3.8% in oil imports. Goods for intermediate use grew 2.1% and capital goods by 13.2%. However, imports in consumer goods fell by 1% during the period. 

INEGI’s most recent Timely Indicator of Economic Activity (IOAE) forecasted a 2.7% annual growth rate for December 2022, as reported by MBN. In Mexico, secondary and tertiary activities grew equally by 1.2% on seasonally adjusted figures during said month. Growth decreased in comparison to November 2022 by 0.4%, which was attributed to drops in the main sectors of the economy. Reductions were observed on secondary and tertiary activities, explained INEGI via a press release.