Mexico’s Exports Increased in August: Fourth Consecutive Month

Mexico’s exports increased for the fourth consecutive month with a year-on-year rise of 3.8%.

Mexico’s exports have been on the rise for the fourth consecutive month, showing a year-on-year increase of 3.8% both for the month and cumulatively.

On the other hand, Mexican imports have seen three consecutive annual declines, with a 4.3% decrease in August and a 0.5% decline during the first eight months of 2023.

As a result, the country’s external sales reached $52.359.9 billion in August, while imports totaled $53,737.0 billion, resulting in a deficit of $1,377.1 billion.

It’s worth noting that exports were primarily driven by the automotive sector, which recorded an 11% growth in August compared to the same period the previous year.

On the downside, foreign oil sales stood out with a 4.6% year-on-year decline.

When adjusted for seasonality, total merchandise exports in August experienced a monthly reduction of 0.31%. This stemmed from a decrease of 0.93% in non-oil exports and an increase of 11.39% in oil exports.

Regarding imports, consumer goods saw a 7.5% increase, while capital goods increased by 18.2%, but intermediate goods decreased by 8.6%, comparing August to August.

With seasonally adjusted series, total imports showed a monthly increase of 1.48%, reflecting growth of 0.83% in non-oil imports and 9.14% in oil imports.

By type of goods, with the same adjustment, there were monthly increases of 5.82% in consumer goods imports, 0.83% in intermediate goods imports, and 0.12% in capital goods imports.

In the same month, without seasonal adjustment, exports of manufactured products amounted to $47.155 billion, representing a 4.3% year-on-year increase.

Mexico’s Exports Increased: automotive product

The most significant increases were observed in the exports of professional and scientific equipment (24.8%), electrical and electronic equipment (19.6%), metal household products (16.6%), automotive products (11%), and textile products, clothing, and leather industry (5.4%).

The annual increase in automotive product exports saw a rise of 13% in sales directed to the United States and 1.5% in those directed to other markets.

In August, the value of petroleum exports reached $3.042 billion. This amount included $2.63 billion in crude oil sales and $413 million in exports of other petroleum products.

The volume of exported crude oil reached 1.112 million barrels per day, higher than the 1.070 million barrels per day in July and the 0.931 million barrels per day in August 2022.

The value of agricultural and fisheries exports in the eighth month of the current year amounted to $1.388 billion, representing a year-on-year decrease of 0.1%.

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