Automotive Sector Boosts Mexico's Exports

Mexico's international trade experienced double-digit growth in both exports and imports in April, following a weak March. This resulted in a trade deficit of US$3.746 billion in April, marking a 127.6% increase compared to April 2023.

INEGI's report indicated that exports surged by 11.4% annually, rebounding from a 5.5% decline in March, while imports recorded a 15.4% annual increase. The most substantial increases were observed in exports of automotive products by 27.7%, plastic and rubber products by 21.1%, electrical and electronic equipment by 14.1%, professional and scientific equipment by 12.8%, and food, beverages, and tobacco by 11.4%. 

"The rebound in exports in April is directly related to the growth in automotive production and exports, allowing for a 4.1% growth in exports in the first four months of the year, similar to the same period of 2023," noted Banco Base.

Humberto Calzada, Head, Rankio, suggested that maintaining this export rhythm will be a challenge due to the lower economic growth not only in Mexico but also worldwide. However, specialists believe that the appreciation of the peso and the dynamism of the Mexican economy could continue to boost imports.

According to INEGI's report, despite the increase in exports, April recorded a trade deficit of US$3.746 billion, contrasting with a surplus of US$1.992 billion in March. In 2023, Mexico reduced its trade deficit by nearly 80%, having a negative balance of US$5.463 billion, a significant improvement from the US$26.241 billion deficit in 2022.