Mexico‘s exports totaled US$42,590.6 million in January 2023, a year-on-year increase of 25.6%, driven by the automotive industry.

Conversely, Mexican imports (which, like exports, consider products without services) totaled 46,715.7 million dollars, an increase of 16.3% year-over-year.

With this, Mexico registered a deficit of 4,125.1 billion dollars in its trade balance, informed Inegi this Monday.

While oil exports were 2,712.3 billion dollars (+8.9%), non-oil foreign sales amounted to 39,878.3 billion dollars (+26.9%).

Mexico’s exports

Within non-oil exports, the amounts were as follows: agricultural (1,901.7 million dollars, +9.8%), extractive (655 million, +9.6%) and manufacturing (37,321.6 million, +28.3%).

However, within manufacturing, automotive exports grew 64.9%, to 13,603.5 million dollars, and non-automotive foreign sales rose 13.8%, to 23,718.1 million dollars.

Imports

Foreign purchases of consumer goods totaled 7.042 billion dollars, an annual increase of 30.2 percent.

This rate originated from variations of 33.8 percent in imports of non-oil consumer goods and 21.2 percent in those of oil consumer goods (gasoline, as well as butane and propane gas).

In the month in question, intermediate use goods were imported for a value of 35.56 billion dollars, a level 13.5% higher than that reported in January of the previous year.

This rate was the result of growth of 12.7% in imports of non-oil intermediate use goods and 20.3% in imports of oil intermediate use products.

Imports of capital goods reached 4.114 billion dollars and an annual increase of 19.7 percent.

In January 2023, the structure of the value of imports was as follows: intermediate use goods, 76.1 percent; consumer goods, 15 percent; and capital goods, 8.8 percent.

In January 2023 and with seasonally adjusted figures, the trade balance recorded a surplus of 32 million dollars, while in December 2022 it presented a deficit of 1.677 billion dollars.