The total value of Mexican exports in 2024 was 617.1 billion dollars. Within this total, non-oil exports experienced a growth of 5.2%, while oil exports decreased by 14.4%, reflecting a change in the composition of the country's exports.
On the other hand, total imports reached 625.3 billion dollars, showing an increase of 4.5% compared to the previous year. However, the trade balance at the end of the year showed a deficit of 8.2 billion dollars, which represented an increase of 50% compared to the previous year when the deficit was 5.5 billion.
This increase in the deficit was due to a reduction in the surplus of non-oil product balance, which fell from 13.1 billion in 2023 to 1.8 billion in 2024. Additionally, the deficit of the oil product balance decreased from 18.6 billion in 2023 to 10.0 billion in 2024, indicating a reduction in Mexico's dependence on oil exports.
Amid these results, concerns arise about risks to bilateral trade, especially after Donald Trump took office, who has hinted at imposing tariffs on Mexican exports. Furthermore, factors such as the persistent weakness in the U.S. manufacturing sector and fluctuations in oil prices pose additional challenges for Mexico's trade.
In an effort to strengthen trade, services, and tourism, the Ministry of Economy and Concanaco have signed an agreement aimed at boosting these sectors. Despite the challenges and uncertainty in the international landscape, Mexico seeks to promote its non-oil exports and diversify its trade relationships to maintain sustainable growth in the future.
