Mexico’s Trade Deficit in February Hits US$1.8 Billion: INEGI

The National Institute of Statistics and Geography (INEGI) reports that Mexico had a trade deficit of US$1.8 billion in February 2023, as the country continues to reduce oil exports and increase oil imports. 

INEGI highlighted that during the same month in 2022, the country recorded a surplus of US$1.3 billion. In January and February 2023, Mexico registered a negative trade balance of US$5.9 billion, explained INEGI via a press release. 

In February 2023, INEGI recorded that the value of merchandise exports reached US$44.9 billion, comprising US$42.6 billion of non-oil exports and US$2.2 billion from oil companies. Total exports presented an annual reduction of 2.8%, which INEGI attributed mainly to a setback of 1.8% in non-oil exports and 19.2% in oil exports. 

Non-oil exports to the US grew at a 2.2% annual rate. However, exports to the rest of the world fell by 17.8%, as total exports of merchandise fell by 5.84% due to setbacks of 5.42% in non-oil exports and 12.61% in oil exports, according to seasonally adjusted figures. 

The value of merchandise imports reached US$46.7 billion in February 2023, which represents an annual increase of 4.1%. The results were attributed to increases in non-oil imports and oil imports of 3.1% and 12.9%, respectively. Imports of goods for consumption registered a 15.8% increase and goods of capital a 28.4% increase. Goods of intermediate use presented a minimal increase of 0.1% annually. 

Total imports decreased by 0.22% at a monthly rate with seasonally adjusted figures, mainly due to a decrease in oil imports and non-oil imports of 0.56% and 6.07%, respectively. Only imports of capital goods presented growth, with an increase of 6.45%. On the other hand, imports of consumer goods and goods of intermediate use presented monthly decreases of 3.40% and 0.35%, respectively. 

INEGI explained that information for its calculations is provided by: the Tax Administration System (SAT), the Ministry of Economy (SE), the Bank of Mexico (Banxico), INEGI itself and the Commercial Balance of Merchandise of Mexico.