Mexico is on track to set a new record for exports in 2024, shipping goods worth almost US $300 billion abroad in the first six months of the year.
Preliminary data published by the national statistics agency INEGI on Friday showed that Mexican exports were worth $299.38 billion between January and June, a 2.6% increase compared to the same period of last year.
The value of Mexico’s exports in 2023 was just over $593 billion, a record high.
The majority of Mexico’s export revenue in the first six months of this year came from the shipment abroad of manufactured goods including vehicles, machinery and electronic products. Manufacturing sector exports generated revenue of $266.4 billion, or 89% of the total.
The remaining 11% of export revenue came from the shipment abroad of oil, agricultural products and minerals and metals.
Almost 84% of Mexico’s non-oil export revenue came from products shipped to the United States.
Imports exceeded exports, leaving Mexico with a trade deficit of over $5 billion
INEGI reported that Mexico imported products worth $304.88 billion between January and June.
The country’s biggest outlay was on intermediate, or semi-finished, goods, such as metal, wood, glass, wheat and sugar. Mexico spend $229.9 billion on intermediate goods, a figure that accounts for just over 75% of its total outlay on imports.
The remaining 25% of expenditure was on consumer products, oil and capital goods.
Mexico recorded a trade deficit of $5.49 billion in the first six months of the year, a 15.5% decrease compared to its deficit between January and June 2023.
Exports declined in June
Mexico’s export revenue totaled $48.87 billion in June, a 5.7% decline compared to the same month last year. On a month-over-month basis revenue fell 12.2%.
Expenditure on imports also declined, falling 3.6% in annual terms to $49.9 billion.
Mexico thus recorded a trade deficit of $1.03 billion in June.
Other ‘need-to-know’ economic data for Mexico
- The USD:MXN exchange rate was 18.46 at 5 p.m. Mexico City time on Friday, according to Bloomberg.
- The annual headline inflation rate was 5.61% in the first half of July, its highest level in 14 months.
- The Bank of Mexico’s benchmark interest rate is set at 11%. The central bank’s board will hold its next monetary policy meeting on August 8.
- The Mexican economy grew just 0.9% in annual terms in June.
Mexico News Daily
