Mexico's trade balance improved in June with a small trade surplus driven by decreased petroleum imports and increased non-oil exports. The country reported a trade surplus of $38.2 million, a turnaround from the previous year's deficit.
Troy D. Hanson
July 30, 2023
Mexico City--Mexico recorded a small trade surplus in June, driven by a significant decrease in petroleum imports and an increase in non-oil exports, according to the National Statistics Institute. Last month, the country reported a trade surplus of $38.2 million, a turnaround from the $3.97 billion deficit in June 2022.
Export and Import Figures
Exports experienced a modest 1.1% growth, reaching $51.8 billion. On the other hand, imports saw a decline of 6.2%, amounting to $51.76 billion.
Petroleum and Non-Petroleum Exports
Petroleum exports, primarily affected by lower crude oil prices, dropped by 28.8% to earn $2.85 billion. Meanwhile, manufactured goods exports increased by 2.7% to $46.02 billion, with vehicles and auto parts leading the way with a 9.5% surge in shipments abroad. Mining exports also saw a significant rise, jumping 66% to $1.06 billion, while agricultural exports grew by 5.1% to $1.86 billion.
Decrease in Imports
The decline in imports can be mainly attributed to lower petroleum imports, including gasoline, diesel, and natural gas, which decreased by more than half to reach $3.83 billion. Consequently, the petroleum trade deficit narrowed from $4.76 billion to $979 million compared to the same period last year. Additionally, the surplus in non-petroleum goods trade rose to $1.02 billion from $789 million.
Breakdown of Imports
Intermediate goods imports, excluding petroleum, experienced a slight decrease of 1.8%, totaling $37.02 billion. However, non-oil consumer goods imports showed a substantial increase of 22.1%, reaching $5.78 billion. Similarly, imports of machinery and equipment were 28% higher at $5.13 billion.
First Half of the Year
In the first half of this year, Mexico's trade deficit amounted to $6.34 billion.