Mexico's Trade Deficit Rises in November

12:37 23/12/2024 - PesoMXN.com
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Déficit Comercial de México Ascendente en Noviembre

In November 2024, Mexico reported a trade deficit of $133 million, contrasting with the surplus of $561 million recorded in the same month the previous year, according to figures released by the National Institute of Statistics and Geography (Inegi). During the first eleven months of 2024, the trade balance showed a cumulative deficit of $10.779 billion, compared to a deficit of $9.734 billion during the same period in 2023.

Non-Oil Exports on the Rise In this month, the value of merchandise exports reached $52.025 billion, composed of $49.643 billion in non-oil exports and $2.382 billion in oil exports. Total exports rose by 3.7% year-over-year, with non-oil exports growing by 4.0%, while oil exports decreased by 2.7%. Among non-oil exports, those directed to the United States increased by 4.4% annually, whereas exports to the rest of the world grew by 1.8%. In November 2024, after seasonal adjustments, total merchandise exports showed a monthly decline of 0.12%, resulting from a decrease of 0.39% in non-oil exports and an increase of 5.82% in oil exports. 5.1% Growth in Imports In November, the value of merchandise imports reached $52.158 billion, reflecting a growth of 5.1% year-over-year. This result is due to a 6.7% increase in non-oil imports and a 15.8% drop in oil imports. When analyzing imports by type of goods, there was a 6.5% increase in intermediate goods and a 3.3% rise in capital goods, while consumer goods imports decreased by 0.2%. During the month in question, the seasonally adjusted data showed that total imports grew by 1.98% month-over-month, driven by increases of 1.92% in non-oil imports and 3.01% in oil imports. By type of good, there were increases of 3.35% in consumer goods, 1.48% in intermediate goods, and 3.98% in capital goods.

The situation with Mexico's trade deficit serves as a reminder of the importance of diversifying the economy. While non-oil exports continue to grow, it is crucial for the country to maintain a focus on boosting competitiveness and local production to reduce dependence on imports. Additionally, with these changes, investors should stay alert to market trends and adjust their strategies to maximize opportunities in a complex economic environment.
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