Mexico registers a trade deficit of 1,481 million dollars in September: Inegi

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Mexico registered a trade deficit of 1,481 million dollars in September, although it was accompanied by a 0.31% increase in exports, the National Institute of Statistics and Geography (Inegi) reported this Friday.

The figure is greater than the deficit of 910 million dollars in the same month of 2022, as recalled by the autonomous body in its report.

In this way, Mexico accumulated a trade deficit of 10,084 million dollars in the first nine months of 2023, a year-on-year reduction of 60.7%.

In September alone, total exports totaled 49,658.1 million dollars, an amount 5.1% lower than the same month last year, the agency specified based on original figures.

But oil sales increased 5% year-on-year, reaching 3,446.1 million dollars.

While non-oil companies decreased 5.8% to 46,212 million dollars.

Regarding non-oil exports, “those directed to the United States fell 6.4% at an annual rate and those channeled to the rest of the world fell 2.5%,” Inegi elaborated.

On the other hand, imports totaled 51.14 billion dollars in September, 3.9% less than the same month last year.

Mexico registers a trade deficit of 1,481 million dollars in September: Inegi

Oil purchases plummeted 31.7% year-over-year, reaching 4,690.6 million dollars.

While non-oil companies increased 0.2%, adding 46,448.9 million dollars.

“When considering imports by type of good, an annual decrease of 8.8% was observed in imports of intermediate use goods. Advances of 10.3% were recorded in imports of consumer goods and 19.6% in imports of capital goods,” detailed the Inegi.

In the first nine months of 2023, Mexico’s exports rose 2.7% year-on-year to $441,537 million.

On the other hand, imports from January to September fell 0.9% year-on-year to 451,620.5 million dollars.

In 2022, Mexico had a trade deficit of 26,241.1 million dollars, a figure 141.5% higher than the also negative figure of 10,939 million dollars in 2021.

The country has joined the Treaty between Mexico, the United States and Canada (T-MEC) to boost its economic growth, which was 3.1% in 2022, a figure that the Government intends to replicate in 2023.

Source: Forbes