Mexico‘s merchandise exports, excluding services, totaled 578,193.4 billion dollars in 2022, which is 16.9% more than in 2021, Inegi reported.

In December 2022, the value of merchandise exports reached 49.323 billion dollars, a figure composed of 46.479 billion dollars of non-oil exports and 2.844 billion dollars of oil exports.

Thus, total exports reported an annual growth of 3.4%, as a result of increases of 3.5% in non-oil exports and 1.5% in oil exports.

Within non-oil exports, those directed to the United States advanced 2% at an annual rate, while those channeled to the rest of the world advanced 11.2%.

In December 2022 and with seasonally adjusted figures, total merchandise exports showed a monthly decline of 1.44%, reflecting a 2.16% drop in non-oil exports and an 11.31% increase in oil exports.

Mexico’s exports

Mexico’s balance of payments current account was moderately in deficit during 2017-2019, but experienced a sizeable surplus in 2020, before returning to a deficit, albeit a moderate one, in 2021.

The Covid-19 pandemic caused a sharp contraction in exports and imports of goods and services in 2020. However, the drop in imports was larger, resulting in a balance of payments current account surplus of $26.21 billion or 2.4% of GDP.

In 2021, the trade balance recorded a deficit of US$14.491 billion (0.9% of GDP) and a current account deficit of 0.4% of GDP.

The evolution of the financial account allowed for an accumulation of reserves during most of the period.

During most of the period under review, annual foreign direct investment (FDI) flows remained at around US$30 billion.

The main FDI recipient sectors were manufacturing, financial and insurance services, trade, transportation, mining and power generation.