After two years of selling more to the world than it buys, Mexico registered a deficit of 11,4 billion dollars in its trade balance in 2021, the National Institute of Statistics and Geography (Inegi) revealed this Thursday.
According to the report of the Merchandise Trade Balance of Mexico as of December 2021, total exports amounted to 494.2 billion dollars, which represented an annual advance of 18.5 percent; and imports totaled 505.7 billion dollars, 32.1 percent more than at the end of 2020.
Mexico exported (sold) mainly manufacturing products, with 88 percent and oil products 6.0 percent; while it imported (bought) intermediate consumption goods, 80 percent, and consumer goods, 12 percent.
Within non-oil exports, those directed to the United States grew 16.2 percent in 2021 compared to 2020; while those channeled to the rest of the world did so at 17.8 percent per year in 2021.
Thus, oil exports had an expansion of 65.4 percent, to 28.9 billion dollars and non-oil exports grew 16.5 percent annually to 465.2 billion dollars.
Manufacturers posted a 16.7 percent annual rise to $436.75 million, of which 32 percent was from the auto sector, amid a crisis over semiconductor shortages.
Meanwhile, in December a trade surplus of 590 million dollars was recorded. “The increase with respect to the deficit of 112 million dollars observed in November originated from a greater surplus in the balance of non-oil products and a greater deficit in that of oil products,” explained Janneth Quiroz, deputy director of economic analysis at Monex.