In December, Mexico recorded a trade surplus of $4.24 billion, primarily due to a significant decline in petroleum imports. While exports were slightly lower compared to the same period in the previous year, the decrease was modest.
Export and Import Figures
According to the National Statistics Institute, exports in December dropped by 0.2% to reach $49.25 billion, while imports fell by 6.9% to $45.01 billion.
Petroleum Trade
Petroleum exports witnessed a decline of 8.7%, amounting to $2.6 billion, with crude oil accounting for $2.24 billion. Imports of petroleum, which encompassed gasoline, diesel, and natural gas, saw a substantial decrease of almost 46% to $2.76 billion. Although there was a deficit of $161 million in the petroleum sector, this was offset by a surplus of $4.4 billion in nonpetroleum goods trade.
Manufactured Goods
Exports of manufactured goods experienced a growth of 1.1% in December compared to the previous year, reaching $43.99 billion. This increase can be attributed to a surge of 13% in vehicle and auto parts shipments. However, agricultural and mining exports declined during this period.
Imports of Consumer Goods and Equipment
Imports of consumer goods, excluding petroleum, witnessed a notable increase of over 36% and amounted to $6.37 billion. This growth was driven by the strength of the Mexican peso. Additionally, imports of equipment and machinery rose by 7.9% to reach $4.91 billion.
Trade Performance in 2023
For the entire year of 2023, Mexico recorded a trade deficit of $5.46 billion, marking its smallest deficit in three years and a significant improvement from the $26.88 billion deficit in 2022. Full-year exports grew by 2.6% to reach $593.01 billion, while imports decreased by 1% to $598.48 billion.
