Mexico’s exports increase 18.9% between January and August

Mexico’s exports rose 18.9 percent year-on-year between January and August, driven by oil and manufactured goods shipments, the National Institute of Statistics and Geography (Inegi) said Tuesday.

The value of exports reached US$377.946 billion in the first eight months of the year, according to the monthly trade balance report.

According to the autonomous statistics agency, imports rose 24.1 percent between January and August, reaching US$402.348 billion.

“In the first eight months of 2022, the trade balance showed a deficit of US$24.402 billion,” Inegi pointed out.

In a separate report, Grupo Financiero Banorte said that despite the excellent trade results, the general situation remains complicated.

“On the supply side, they seem to be improving, but expectations for demand are becoming more negative,” the private institution said.

“Overall, we expect some momentum to prevail in the near term, with the impact of the demand slowdown likely to gain weight toward the end of the year or early 2023,” the report said.

Mexico highly depends on the United States, its neighbor, and its leading business partner.

Mexico’s economy, Latin America’s second largest after Brazil, grew 4.8 percent in 2021 after slumping 8.2 percent the previous year due to the new coronavirus.