EconomyBy importing more gasoline, Mexico's trade deficit widens in...

By importing more gasoline, Mexico's trade deficit widens in June

In June, Mexico recorded a deficit in its trade balance , due to the expansion of oil imports. In the first half of the year, the deficit was 12,944 million dollars (mdd), reported the National Institute of Statistics and Geography ( Inegi ).

In the monthly measurement, Mexico’s trade balance registered a deficit of 3,957 million dollars. That compares to a surplus of $710 million in June 2021 and a deficit of $2.215 million in May 2022.

With these results, in the first half of 2022, Mexico posted a trade deficit of 12,944 million dollars.

According to the Inegi, in June the import of oil consumer goods: gasoline, butane gas and propane grew 105% at an annual rate, while imports of non-oil consumer goods grew 25.5% in real annual terms.

The growth in imports is also explained “mainly by a reactivation of imports for productive purposes, which in turn could imply a rebound in manufacturing exports in later months,” said Gabriela Siller, director of Economic Analysis at Banco Base.

In June 2022, the value of merchandise imports stood at 55,191 million dollars, which represented an annual increase of 31.7%. Meanwhile, exports grew 20.2% in June, at an annual rate, reaching a value of 51,234 million dollars. Said rate was the result of rises of 17.8% in non-oil exports and 56.8% in oil exports.

Manufactured products represent the majority of Mexican exports and had an increase of 19.9% at an annual rate, during June.

Among this type of exports are the automotive ones, which had a growth of 20.8% during June, compared to the same month of 2021. Semi-annually, the exports of the automotive industry to the United States grew 12.2%.

Imports of consumer goods were 7,978 million dollars, a figure that translated into an annual rise of 49%.

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During the national month, Mexican exports reached 52,338 million dollars and imports 53,233.4 million dollars.

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