Mexico's Exports Decline, Trade Deficit Widens in September

Mexico experienced a trade deficit of $1.48 billion in September, as the country's exports of factory-made goods saw a decline for the first time since April. Despite this, imports of consumer goods and machinery remained strong, according to the National Statistics Institute.

Decline in Exports

Exports fell by 5.1% from the same month last year, amounting to $49.66 billion. The drop in shipments abroad was primarily driven by a 6.6% decline in the export of manufactured goods, with machinery, industrial equipment, and steel products experiencing the sharpest declines. However, auto exports, including vehicles and parts, saw a modest increase of 3.7%.

Petroleum and Nonoil Imports

On the other hand, petroleum exports increased by 5% to $3.45 billion, thanks to higher crude oil shipments. However, petroleum imports, including gasoline and natural gas, declined by 31.7% compared to September 2022, amounting to $4.69 billion.

Nonoil consumer goods imports, which have been supported by a strong Mexican peso, witnessed a significant rise of 24.7% to $6.49 billion. Additionally, imports of machinery and equipment grew by 19.6% to reach $4.99 billion.

Trade Deficit for the First Three Quarters

With September's trade deficit factored in, Mexico's trade deficit for the first three quarters of the year now stands at $10.08 billion. A $16.63 billion petroleum deficit is partially offset by a $6.55 billion surplus in nonpetroleum trade.