Mexico’s Exports Surge by 13% in February, Marking Record High

Mexico’s exports soared by 13% annually in February, reaching their highest pace since January 2023, according to the timely estimate from the National Institute of Statistics and Geography (Inegi).

In February, Mexico’s exports totaled $50.721 billion, setting a record level for February since records began. After two consecutive declines, exports to foreign economies rebounded strongly, driven by manufacturing.

Non-petroleum exports amounted to $48.098 billion, a 12.9% increase from February 2023. Within this category, manufacturing surged by 13.3%, followed by a 12% rise in agricultural exports. In contrast, extractive exports fell by 7.6% annually.

Automotive exports from Mexico reached $16.651 billion, marking a 26.9% increase from a year ago, representing their best performance since January 2023. Meanwhile, exports from other manufacturing sectors also grew by 6.6% annually, reaching $28.398 billion in February, after eight months of fluctuations between declines and stagnation.

Imports followed the trajectory of exports, showing a 9.7% annual increase in February after two consecutive declines, according to Inegi data. Mexico’s imports totaled $51.305.8 billion in the reference month, a record value for the same month in Inegi’s records.

Non-petroleum imports amounted to $48.030 billion, with an annual increase of 14.7%, the most significant pace since January 2023. Similar to exports, Mexico’s purchases from other nations indicate a resurgence in the industry.

Intermediate goods imports grew by 7.9% annually in February, following 11 consecutive annual declines. Consumer goods imports surged by 13.9% compared to February 2023, accelerating from the 1.5% growth in January this year.

Despite the robust trade performance, Mexico recorded a trade deficit of $585 million in February. In the first two months of 2024, Mexico’s exports grew by 5.9% annually, and imports grew by 4.4% annually, resulting in a trade deficit of $4.899 billion, as detailed by Inegi.

Resumen en Español:

Las exportaciones de México crecieron un 13% anual en febrero, alcanzando su mayor ritmo desde enero de 2023, impulsadas por un fuerte desempeño en sectores manufactureros, especialmente en el automotriz. Las importaciones también mostraron un crecimiento significativo, reflejando el resurgimiento industrial de la nación. A pesar del sólido desempeño comercial, México registró un déficit comercial de 585 millones de dólares en febrero. En los primeros dos meses de 2024, las exportaciones de México crecieron un 5.9% anual y las importaciones un 4.4% anual, resultando en un déficit comercial de 4,899 millones de dólares, según detalló el Inegi.