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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%).

Retrieved from:

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