Exports Fall in November After Five Months of Increases

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In November, Mexico's trade balance had an annual surplus of 3 thousand 032 million dollars, although exports fell by 1.85 percent from the previous month, the National Institute of Statistics and Geography (inegi) reported Thursday. 


In the first 11 months of the year, the balance of the country's foreign trade also showed a surplus of 28 thousand 214 million dollars in its annual variation, despite the contraction of 11.3 and 17.5 percent in the commercialization of goods to other countries and imports. Exports observed a decrease with respect to October, thus slowing down the growth shown in the last five months.

 Thus, with seasonal series, the decline was 1.85 percent per month, caused by the 2.4 percent drop in non-oil exports. The commercialization of merchandise in the referred period was of 38 thousand 320 million dollars, which meant a growth of 2.3 percent with respect to the same month of last year. 

Of the total value, non-oil exports contributed 36,791 million dollars, while oil exports contributed 1,529 million dollars. The inegi highlighted that the total growth of exports was integrated by the increase of 3.3 percent in the commercialization of non-oil merchandise, while those derived from oil decreased 17.1 percent.

 Non-oil exports to the United States grew 3.2 percent annually, while those analyzed to the rest of the world increased 3.7 percent. The value of imports totaled 35,288 million dollars, an amount that implied an annual reduction of 3.9 percent. 

The result was explained by the decrease of 1.2 percent in non-oil imports and 28.2 percent in oil imports. By type of good, imports of consumer goods fell 16.3 percent, those of intermediate use goods fell 0.4 percent and those of capital goods contracted 12.9 percent.

 Julio Santaella, president of the inegi, highlighted in his twitter account that Mexican imports of consumer goods had a significant increase of 17.7 percent per month, although they are still below their 2019 levels. He noted that imports of capital goods increased 2.3 percent over the immediate previous month, but are still at much lower levels compared to 2018 and 2019.

 With seasonally adjusted figures, total imports recorded a monthly increase of 5.95 percent derived from the 6.34 percent increase in non-oil merchandise imports.