The value of merchandise exports, one of the main drivers of Mexico’s economic recovery, reported last December a decline of 1.4% compared to the immediately previous period, with which it links three months down, according to seasonally adjusted figures published by the National Institute of Statistics and Geography (Inegi) and the Bank of Mexico.
The contraction of foreign sales was mainly due to the decrease in the non-oil component, with a monthly decrease of 2.2%, particularly manufacturing exports that fell 2.7%. Within it, automobiles fell 2.4% in December.
On the contrary, oil exports reported a monthly growth of 11.3%, after two consecutive periods of decline.
Based on original figures, the value of foreign sales also slowed down, adding 49 thousand 323 million dollars in the last month of 2022, an amount 3.4% higher than that reported a year earlier, the lowest annual rate since October 2021.
Growth of oil exports
This annual growth of total exports it was the result of advances of 3.5% in non-oil exports and 1.5% in oil exports. Within non-oil exports, those directed to the United States grew 2.0% at an annual rate and those channeled to the rest of the world, 11.2 percent.
Unlike exports, the value of purchases abroad still managed to register a monthly advance of 2.7% last December, after five consecutive periods of decline, while non-oil imports grew 1.99% in the month, oil companies increased 10.6 percent.
By type of good, there were monthly increases of 5.1% in imports of consumer goods, of 2.3% in those of goods for intermediate use and an increase of 3.2% in imports of capital goods.
The value of merchandise imports in the last month of last year was 48 thousand 339 million dollars, in December 2022. The amount implied an annual growth of 2.6% (its smallest increase since February 2021), as a result of progress of 3.4% in non-oil imports and a contraction of 3.8% in oil imports.
The timely information on foreign trade from last December reveals a trade surplus of 984 million dollars, with which, in all of 2022, the trade balance presented a negative balance of 26,421 million dollars, a record figure for that period.
Get the latest news in your email
Everything you need to know to start your day
Registering implies accepting the Terms and Conditions