The Mexican exports of products grew by 2.9% in July, reaching $47.55 billion, marking three consecutive months of year-on-year increases, as reported by INEGI.
Mexico achieved this result despite the strength of the exchange rate, which averaged 16.9 pesos per dollar to meet foreign currency obligations during that month.
In contrast, imports to Mexico experienced a year-on-year decline of 7.7%, amounting to $48.43 billion, marking the second consecutive drop.
As a result, the country recorded a trade deficit of $881.2 million, representing an 85.9% reduction compared to the same month in 2022.
After growing at double-digit rates for nine out of twelve months in 2022, with an annual average of 18.5%, Mexico's exports have slowed down in the current year, with an average increase of 3.8% in the first seven months.
The economic challenges for Mexico in 2023 include a complex global economic environment and increased uncertainty, which may lead to lower economic activity in the coming quarters.
The Bank of Mexico estimated core inflation to be 4.9% by the end of December 2023 and continues to evaluate that core inflation will converge to its target of 3% +/- 1% by the fourth quarter of 2024.
In July, petroleum exports fell by 28.5% to $2.73 billion, while non-petroleum exports increased by 5.7% to $44.82 billion compared to the previous year.
Within the non-petroleum category, both agricultural and extractive exports decreased by 6.0% and 25.9%, totaling $1.33 billion and $591.0 million, respectively.
On the other hand, automotive exports reached $15.95 billion (+35.7%), while non-automotive exports amounted to $26.95 billion (-5.2%).
El Economista. (2023, Agosto 28). Exportaciones mexicanas crecen 2.9% en julio a pesar del Superpeso. El Economista. https://www.eleconomista.com.mx/empresas/Exportaciones-mexicanas-crecen-2.9-en-julio-a-pesar-del-Superpeso-20230828-0035.html