Historical Record in Mexican Exports for 2024: $617.1 Billion

Mexican exports reached a new milestone in 2024, recording a value of $617.1 billion, up from $593.0 billion the previous year. According to information from Inegi regarding Mexico's trade balance, the 2024 figure represents a 4.1% increase compared to 2023, surpassing the projections from Cepal, which only anticipated a 2% growth.

In the last month of 2024

The $617.1 billion breaks down into non-oil exports totaling $588.7 billion and oil exports amounting to $28.4 billion. Non-oil exports experienced a growth of 5.2%, while oil exports saw a decline of 14.4%. Manufactured goods constitute 89.8% of total exports; oil products account for 4.6%; agricultural goods make up 3.8%; and non-oil extracted products represent 1.8%. Specifically, the automotive sector reached $193.9 billion in 2024, showing a 2.6% improvement over the previous year. Throughout 2024, Mexico's trade deficit stood at -$8.2 billion, which is an increase from the -$5.5 billion recorded in 2023. Inegi pointed out that the expansion of the deficit between 2023 and 2024 is due to a lower surplus in the non-oil product balance, which dropped from $13.1 billion in 2023 to $1.8 billion in 2024. In December 2024, exports totaled $51.7 billion, with a 4.9% increase compared to December 2023. Specifically, non-oil exports grew by 6.1%, while oil exports decreased by 16%. At the end of the year, a trade surplus of $2.6 billion was reported, lower than the $4.3 billion noted in the same month of 2023.

The growth in exports not only reflects the strength of the manufacturing industry but also poses a challenge for the oil sector, which has faced ongoing declines. It is crucial for Mexico to further diversify its economy to mitigate the impact of these setbacks. Promoting innovation and competitiveness in additional sectors could be key to maintaining sustained growth in the future.