Mexico’s 2023 Trade Deficit Exceeds $10 Billion in Nine Months
Mexico’s trade balance shows a deficit of over $10 billion for the first nine months of 2023.
The National Institute of Statistics and Geography (Inegi) reported this data. Last year, the deficit stood at $25.651 billion during the same period.
From January to September, Mexico’s exports rose by 2.7% compared to 2022. They totaled $441.537 billion.
However, September 2023 alone saw a trade deficit of $1.481 billion. This number is higher than the $910 million deficit in September 2022.
In September, total exports fell by 5.1%. Non-oil exports decreased by 5.8%, while oil exports increased by 5%.
The total export value for the month was $49.658 billion. Of this, non-oil exports made up $46.212 billion, and oil exports accounted for $3.446 billion.
Exports are crucial for Mexico’s economy. They also help the Mexican peso’s value. Recently, the peso appreciated by 0.94%, trading at about 18.15 pesos per U.S. dollar.
As for imports, they reached $51.140 billion in September. This marks a year-over-year decrease of 3.9%.
The decline came from a 31.7% drop in oil imports and a minor 0.2% rise in non-oil imports. Overall, imports for the nine-month period totaled $451.620 billion, showing a 0.9% decrease.
Breaking it down, intermediate goods imports fell by 8.8% over the year. In contrast, total monthly imports increased by 1.67%.
This rise includes a 1.24% bump in non-oil imports and a 6.26% jump in oil imports.
The U.S. is the main buyer of Mexican exports. It accounts for 83.23% of all exports for the first nine months of 2023.
Specifically, the automotive sector plays a big role. It contributed $138.940 billion in foreign sales, a 14.5% annual increase. This sector makes up 30% of Mexico’s total exports.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Mexico Economy 2026: GDP, Peso, Nearshoring, Banxico and Trade
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This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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