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Mexican exports grow 4.1 percent in 2024

Mexico City, Jan 27 (Prensa Latina) The value of Mexico's total exports in 2024 amounted to 617.1 billion dollars, which represents a growth of 4.1 percent compared to 2023, Inegi reported today.

A statement from the National Institute of Statistics and Geography (Inegi) states that the figure includes 588.673 billion dollars in non-oil foreign sales, and 28.426 billion in oil sales (a lower amount than the 33.194 billion of the previous year).

By 2024, the value of total imports was 625,312 million dollars, an amount 4.5 percent higher than in 2023, the text states, adding that, within it, non-oil imports advanced 7.3 percent at an annual rate and oil imports fell 25.7.

In this way, the trade balance showed a deficit of 8,212 million dollars, greater than the 5,470 million observed in 2023.

According to the Institute, the widening of the deficit between 2023 and 2024 resulted from a lower surplus in the non-oil products balance -which went from 13,091 million dollars in the first year to 1,832 million in the second.

Likewise, a decrease in the deficit of the oil products balance had an impact – which went from 18,561 million dollars in 2023 to 10,044 million in 2024.

Compared to last December, the value of merchandise exports stood at 51,687 million dollars, 4.9 percent higher than the amount corresponding to the same month in 2023.

This rate reflected a 6.1 percent growth in non-oil sales and a 16 percent reduction in oil sales, the statement details. In the last month of the year, the value of merchandise imports was 49,120 million dollars, an annual increase of 9.1 percent.

Meanwhile, timely foreign trade information indicated a trade surplus of 2,567 million dollars, which compares with the deficit of 133 million reported in November.

Between November and December, the increase in the trade balance was due to the combination of an increase in the surplus of the non-oil products balance and an increase in the deficit of the oil products balance.

mem/las

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