In 2024, both the value of exports and imports reached new historical maximums. However, Mexico’s commercial deficit increased 50 percent compared to 2023, the National Institute of Statistics and Geography (INEGI) revealed.
The timely information about the commercial balance details that exports reached a record of 617 thousand 99.6 million dollars in 2024, 4.1 percent more than in 2023.
Of the shipments of non -oil goods, 84 percent were destined for the US market and 15.94 percent the rest of the world.
Meanwhile, the value of imports reached 625 thousand 311.8 million dollars, 4.5 percent more than in 2023, and also achieved a historical maximum.
Thus, the trade balance of Mexico closed 2024 with a deficit of 8 thousand 212 million dollars, 50.12 percent above 5,470 million dollars observed in 2023, due to the increases of 4.5 percent of imports and 4.1 percent of exports.
This is a result of a minor surplus of the balance of non -oil products, which represent about 95 percent total, and a decrease in the balance of the balance of oil products
explained Alejandra Cortés, Valmex analyst.
This rate reflects a growth of 18.6 percent annual extractive exports; the agricultural, 7.1 percent; non -automotive, 6.1 percent, and automakers, 2.7 percent.
In 2024 the structure of exports was as follows: manufactures, 89.8 percent; oil products, 4.6; Agricultural goods, 3.8, and non -oil extractive products, 1.8 percent.
Non -oil imports advanced 7.3 percent per year and oil companies dropped 25.7 percent.
Among the intermediate goods, those of capital stood out, with an advance of 6.4 percent.
In 2024 the structure of imports was formed as follows: intermediate use goods, 75.6 percent; consumer goods, 14.5, and capital goods, 9.9 percent.
The growth of non -oil imports, the fall in crude oil exports (21 percent) and the lowest expansion in capital goods imports (6.4 percent in 2024 against 20 percent in 2023) were the main causes of This behavior, since the growth of non -oil exports (5.2 percent) and the fall in oil imports (25.7 percent) have favored the balance of goods in the country with the rest of the world.