Mexican exports accelerated their pace at the end of 2024, recording an annual growth of 4.9% in December, compared to 3.7% in November, according to data from the trade balance. The total amount of exports reached 51.687 billion dollars during December.
The growth of exports was mainly driven by non-oil exports, which increased by 6.1% annually, while oil exports fell by 16.0% annually. Within non-oil exports, the manufacturing sector grew by 4.9% annually in December. On the other hand, agricultural exports increased by 12.3% annually, and extractive exports surged by 57.1% annually, thus maintaining four consecutive months with double-digit growth rates.
Regarding imports, they also showed solid growth in December, with a 9.1% annual increase compared to the previous month. The total amount of imports was 49.120 billion dollars that month. Oil imports grew by 15.0% annually, while non-oil imports rose by 8.8% annually in December.
Analyzing the balance of trade in December, exports exceeded imports by 2.567 billion dollars. Throughout the year 2024, Mexican exports grew by 4.1% annually, while imports increased by 4.5% annually, reversing the decline of the previous year.
In 2024, exports totaled 617.097 billion dollars and imports 625.312 billion dollars, resulting in a deficit of 8.212 billion dollars. Of the total exports made by Mexico in 2024, 84.1% were destined for the United States and the remaining 15.9% went to the rest of the world. Exports to the United States experienced an annual growth of 5.2%, improving the performance of 2023.
