The Mexican Ministry of Finance has strengthened the review of foreign trade operations, mainly in the areas of temporary imports and verification of origin.
Temporary imports are those goods that are introduced into a country for a limited time, with the intention of re-exporting them after fulfilling a specific purpose.
Verification of origin
As an effect of the strengthening of control actions with respect to verifications of origin, during 2023, there were various processes under the following treaties and trade agreements:
- NAFTA.
- MEXICO-MEXICO FTA.
- Mexico-Central America FTA.
- Mexico-Chile FTA.
- CPTPP.
- Mexico-Colombia FTA.
- Mexico-Uruguay FTA.
- Mexico-Peru FTA.
- Mexico-Israel FTA.
- Mexico-Japan FTA.
- Pacific Alliance FTA.
- USMCA.
- Mexico-Panama FTA
The sectors covered are: textiles, aircraft, steel, machinery and electronic equipment, motor parts, chemical industry, chemical, electronic and industrial products, automotive, vehicles and perfumery, aluminum, medical industry, cotton and synthetic fiber clothing, foundry manufactures, machinery and mechanical equipment, as well as metallurgy, doors and their frames, plastics and their manufactures, padlocks and locks, boats, pharmochemicals and pharmaceuticals, food preparations and glass.
The Ministry of Finance indicated that 11 acts of verification of origin have been initiated, including the «fish» sector, in addition to the sectors previously audited.
Foreign purchases
During 2023, total imports (excluding services) decreased 1.0% compared to 2022.
This was mainly due to a 3.1% increase and a 30.2% decrease in non-oil and oil imports, respectively, compared to 2022.
Of these imports, 75.7% were intermediate goods, 14.6% consumer goods and 9.7% capital goods.
According to preliminary figures, during 2023 total exports (excluding services) increased by 2.6% compared to 2022.
This was mainly due to a 3.9% increase in non-oil exports and a 14.8% decrease in oil exports compared to 2022.
In 2023, the most significant annual increases in exports were attributed to professional and scientific equipment (20.6 percent), automotive products (13.2 percent), photographic optics and watchmaking apparatus (12.9 percent), textile products, apparel and leather industry (1.8 percent). and chemical products (1.0 percent).
The increase in automotive product exports was the result of a 17.7 percent increase in sales to the United States and a 9.6 percent decrease in sales to other markets.