Merchandise export to Mexico decreases by 2.9% due to decline in the United States

In April, the value of merchandise sales abroad registered a 2.9% contraction compared to the same month of the previous year, which confirms the deterioration of trade due to weaker than expected growth in the United States, Mexico’s main trading partner, according to analysts.

Thus, exports for the fourth month of the year amounted to 46,224 million dollars, below the 47,580.5 million dollars reached in the same period of 2022, mainly due to the drop in sales abroad. foreign oil goods.

This decline in exports resulted in a trade balance deficit of $1,509 million in April this year, according to figures from the National Institute of Statistics and Geography. (Inegi).

“Trade was expected to deteriorate, especially exports, as U.S. growth in the first quarter lagged expectations and the likelihood of a recession there increased,” said Gabriela Siller, director of economic analysis at Financial Group database.

In fact, he pointed out, it should not be forgotten that Mexican exports are significantly correlated with American economic activity.

Regarding Mexico’s sales abroad, the 0.18% drop in non-oil shipments stood out, which explained 94.34% of total exports; as well as oil shipments, which recorded a drop of 32.79% and represent 5.66% of total exports.

According to Marcos Arias Novelo, economic analyst at Monex Financial Groupthe country’s exports are experiencing a gradual decline and, based on what was reported by the PMIs of advanced economies this week, the situation could last at least a few months.

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