Mexico registers a trade deficit of 2,012 million dollars in October

Mexico had a deficit in its trade balance of 2,012 million dollars last October, a lower figure than the also negative figure of 2,799 million dollars for the same month of 2021, the National Institute of Statistics and Geography (Inegi) reported this Monday.

With this report, the trade balance accumulated a deficit of 27,309 million dollars in the first 10 months of 2022specified the autonomous body in its report.

Despite the deficit exports in October grew by 17.7% year-on-year, based on original figures, up to a total of 49,275.3 million dollars.

Within this indicator, the Oil sales grew by 6.9% to settle at 2,892.3 million dollars, while non-oil rose 18.5% to 46,383 million dollars.

“Within non-oil exports, those directed to the United States grew 19.1% at an annual rate and those channeled to the rest of the world, 15.3%”, the report deepened.

On the other hand, the Imports totaled 51,287.2 million dollars in October, an increase of 14.8% compared to the same month of 2021.

Oil purchases grew by 13.5% annually, to settle at 5,310.2 million dollars, while non-oil increased 15% to add 45,976.9 million dollars.

“When considering imports by type of good, se annual increases of 14.3% were observed in imports of consumer goodsof 14.3% in those of goods of intermediate use and of 21.7% in those of capital goods”, added the organism.

In this way, so far this year, Mexico has registered a total of 479,559.2 million dollars in exports and 506,868.2 million dollars in imports.

Exports have increased by 19.5% year-on-year in the first 10 months of 2022, but imports have risen by 22.8%.

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Mexico had in 2021 a trade deficit of 11,491.1 million dollarsa negative figure that compares with the surplus of 34.013 million dollars reported in 2020, a year in which both exports and imports fell due to the covid-19 pandemic.

In 2019, the surplus was 5,409 million dollars, and in 2018 there was a deficit of 13,618 million dollars.

For its economic recovery, Mexico has bet on foreign trade and the Treaty between Mexico, the United States and Canada (T-MEC), which entered into force in July 2020 after years of negotiations.

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