Mexico's exports grew by 3.2% year-on-year in the first nine months of 2024, reaching 455,717.1 million dollars. During the same period, imports increased by 3.4%, totaling 466,733.6 million dollars. Compared to the previous year, the country reduced its trade deficit by 80% in 2023, reaching 5,463 million dollars.
In September, Mexico recorded a trade deficit of 579 million dollars, with a 0.97% decrease in exports, according to the National Institute of Statistics and Geography (Inegi). This deficit was lower than that recorded in the same month in 2023 and in August 2024. In the first nine months of 2024, the country accumulated a trade deficit of 11,017 million dollars, representing an 11% year-on-year increase.
During September, total exports reached 49,625.9 million dollars, remaining at levels similar to the same month of the previous year. However, sales of oil products suffered a year-on-year decrease of 44.9%, amounting to 1,886.4 million dollars.
On the other hand, non-oil exports increased by 1.4% to a total of 47,098.9 million dollars in the first nine months of 2024. It is important to note that non-oil exports grew by 3.3% to 47,739.5 million dollars, with a 5% increase in exports to the United States and a 5.2% decrease in exports to the rest of the world.
In terms of imports, they fell by 1.8% in September, reaching a total of 50,204.9 million dollars. Oil imports experienced a year-on-year reduction of 33.8%, amounting to 3,106 million dollars. Mexico's active participation in the trade agreement between Mexico, the United States, and Canada (T-MEC) has been key to boosting its economic growth, which was 3.2% in 2023.
