Revenue from Mexican exports increased 11.2% annually in October and 4% in the first 10 months of 2024, according to official preliminary data.
The national statistics agency INEGI reported Wednesday that Mexican exports were worth US $57.67 billion in October, a 3.55% increase in seasonally adjusted terms compared to September.
Mexico’s export revenue between January and October was $513.38 billion.
The 4% annual increase in the value of exports in the first 10 months of the year – assisted of course by inflation – means that Mexico is on track to have a record-breaking year for export revenue.
Mexico’s exports were worth just over $593 billion in 2023, a record high.
The value of Mexico’s imports also increased 4% annually between January and October, reaching $524.03 billion.
The publication of the latest data on Mexico’s exports and imports comes two days after United States President-elect Donald Trump pledged to impose a 25% tariff on all Mexican and Canadian exports to the United States on the first day of his second term as U.S. president.
Mexican President Claudia Sheinbaum said that Mexico would retaliate with a reciprocal tariff on U.S. exports to Mexico.
Mexico and the United States are each other’s largest trade partner and can ship products to their neighbor tariff-free under the terms of the USMCA pact. Despite that, Trump has made repeated threats to impose tariffs on Mexican goods until the Mexican government stops or at least significantly stems the flow of migrants and drugs to the United States.
More than 80% of Mexico’s exports go to the United States (see data below).
Exports and imports in October
INEGI’s data shows that 91% of Mexico’s total export revenue in October came from the shipment abroad of manufactured goods.
Manufacturing sector export revenue totaled $52.49 billion, a 13.2% increase compared to October 2023. Auto sector exports generated almost 36% of that revenue, while the remainder came from goods made by other manufacturing sectors. A wide range of manufactured products are made in Mexico including electronics, medical devices, household goods, aerospace equipment, steel and clothes.
The value of Mexico’s agricultural exports increased 3.1% annually in October to reach $1.71 billion, while mining exports surged 57.1% to $1.08 billion.
Oil exports brought in revenue of $2.38 billion, a 24.2% decrease compared to October last year. Mexico is keeping more crude at home as it works toward achieving self-sufficiency for fuel
The strong year-over-year increase in export revenue in October allowed Mexico to achieve a rare trade surplus last month.
Expenditure on imports increased 9.7% annually to $57.3 billion, leaving Mexico with a trade surplus of $370.8 million.
Mexico’s expenditure on non-oil imports – including non-oil consumer goods, intermediate goods and capital goods – increased 12% compared to October 2023 to reach $54.05 billion, while its outlay on oil imports fell 18.3% to $3.24 billion.
Exports and imports between January and October
Just under 90% of Mexico’s total export revenue in the first 10 months of the year came from products made by the country’s vast manufacturing sector.
Manufactured goods shipped abroad brought in revenue of $461.33 billion, a 5% increase compared to the January-October period of 2023. Just over 35% of that revenue went to Mexico’s auto sector, which includes United States, Asian and European automakers.
Oil exports were worth $23.86 billion between January and October, a 15.2% decrease compared to the same period of 2023, while the value of agricultural exports increased 6.9% to $19.4 billion.
Mexico’s mining sector generated $8.78 billion in export revenue between January and October, a 12.5% increase compared to the first 10 months of last year.
Mexico’s overall export revenue between January and October was $10.64 billion lower than its outlay on imports. The country’s trade deficit was 3.4% higher than in the same period of last year.
Mexico’s expenditure on non-oil imports in the first 10 months of the year increased 7.3% annually to $491.61 billion, while its outlay on oil imports, including gasoline, declined 28.9% to $32.42 billion.
Majority of Mexican exports go to the US
INEGI reported that 84.06% of Mexico’s non-oil export revenue in the first 10 months of 2024 came from products shipped to the United States. Mexico overtook China as the top exporter to the U.S. in 2023 and has maintained that position this year.
Just under 16% of Mexico’s export revenue between January and October came from products shipped to other countries around the world.
The data underscores the importance of the United States as a market for Mexico’s exports. While importers pay tariffs, a 25% tariff on Mexican exports to the United States would have a significant impact on the competitiveness of Mexican products in the U.S. market.
President Sheinbaum said Tuesday that she was confident that Mexico and the United States would reach an agreement to avert Trump’s 25% tariff threat.
“I have a vision that there will be an agreement with the United States and with President Trump,” she said, adding that tariffs would hurt companies in both Mexico and the U.S.
Mexico News Daily
