Mexico's trade records strong rebound in March despite deficit

Photo: Pixabay

Mexico advanced in almost all trade areas; exports grew 12.2% and imports, 31.4%.  

According to data from the National Institute of Statistics and Geography (Inegi for its acronym in Spanish), Mexico recorded a significant increase in its trade last March compared to the same month in 2020, despite registering a trade balance deficit of 3.003 billion dollars.

Julio A. Santaella, president of Inegi, informed through his Twitter account that March 2021 saw a strong year-over-year advance in almost all trade items year-over-year compared to March 2020, the first month affected by the pandemic. Total exports grew by 12.2% year over year and total imports by 31.4%.

The same agency reported that although Mexico recorded a deficit in the trade balance of $3.003 billion in March, a balance that compares with the surplus of $3.336 billion got in the same month of 2020, exports in March totaled 43.003 billion dollars, 12.2% higher than that achieved in the same period last year.

Oil sales rose by 70.8% to 2.127 billion dollars, while non-oil sales increased by 10.2%, reaching 40.875 billion dollars. Of non-oil exports, those directed to the United States grew at an annual rate of 11.3%, while those channeled to the rest of the world grew by 5.2%.

Likewise, imports totaled 46.006 billion dollars in March 2021, which is 31.4% more than the amount reported in the same month last year.

Oil purchases grew 104.7% year over year, reaching $6.582 billion, while non-oil purchases increased 24%, totaling 39.424 billion dollars.

According to their category, they added imports observed annual growth of 16.2% in imports of consumer goods, 33.8% in imports of intermediate use goods, and 31.1% in imports of capital goods.

In the first three months of the year, the country accumulated a trade deficit of $1.558 billion, since Mexico had a trade surplus of $34.476.4 billion in 2020, in a year in which both exports and imports fell due to the Covid-19 pandemic.

In 2019, the country recorded a trade balance surplus of 5.82 billion dollars, which was in contrast to the trade balance deficit of 13.618 billion in 2018, which is almost 25% more than the negative balance of 10.968 billion dollars reported in 2017.

The country is confident that the start of the new trade agreement between Mexico, the United States, and Canada last July 2020 will strengthen investment attraction and trade in North America.

Source: Forbes staff. (27 de abril de 2021). Comercio de México registra un fuerte repunte en marzo pese a déficit. 3 de mayo de 2021, de Forbes México Sitio web: https://www.forbes.com.mx/comercio-mexico-fuerte-repunte-marzo-pese-deficit/