Foreign trade operations indicate a trade surplus of US$630 million (Nov 2023).
EXPORTS:
In the penultimate month of 2023, the value of merchandise exports reached US$50 251 million, comprising US$47 805 million of non-oil exports and US$2 446 million of oil exports.
IMPORTS:
The value of merchandise imports reached US$49,621 million, which implied an annual increase of 0.4 percent. This figure was due to a 3.1 percent increase in non-oil imports and a 25.4 percent drop in oil imports at the end of November 2023.
Exports by type of merchandise.
In November 2023, exports of manufactured products rose by 2.6% at an annual rate (45.41 billion dollars). The export product mix was proportionally distributed among professional and scientific equipment (27.6 %), chemical products (10.3 %), automotive products (7.7 %), food, beverages and tobacco (5.8 %) and electrical and electronic equipment and appliances (2.8 %).
The annual increase in automotive exports resulted from increases of 7.9% in sales channeled to the United States and 6.8% in sales to other markets.
In the reference month, the value of oil exports was 2,446 million dollars. This amount was made up of 2,020 million dollars of crude oil sales2 and 427 million dollars of exports of other oil products. In that month, the average price of the Mexican crude oil export mix was 74.81 dollars per barrel, 7.52 dollars lower than in the previous month and 3.63 dollars lower than in November 2022. The volume of crude oil exported in November 2023 stood at 0.900 million barrels per day, lower than the 1.086 million barrels per day in October and 0.927 million barrels per day in November 2022.
In the penultimate month of this year, the value of agricultural and fishery exports was 1,797 million dollars, an annual increase of 0.8 percent. The most significant increases were recorded in citrus exports (51.2%), melon, watermelon and papaya (19.5%), peppers (8.1%), edible fruits and nuts (6.4%) and avocado (4.2%). In contrast, the most significant annual reductions were seen in exports of frozen shrimp (44.6 %) and fresh vegetables (8.1 %). Extractive exports amounted to US$597 million, with an annual decrease of 22.3 percent.
In the first 11 months of 2023, the value of total exports totaled 543,762 million dollars, which represented an annual growth of 2.9 percent. This rate resulted from a 4.2 percent increase in non-oil exports and a 15.2 percent decrease in oil exports.
Structure of exports
During the January-November period of this year, the structure of the value of merchandise exports was as follows: manufactured goods, 89.2 percent; petroleum products, 5.6 percent; agricultural goods, 3.7 percent; and non-petroleum extractive products, 1.5 percent.
2 Information provided by PMI Comercio Internacional, S. A. de C. V., which corresponds to its operating figures and is subject to subsequent revisions.
Press release number 833/23 December 22, 2023 Page 5/10
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Total merchandise imports
In November 2023, the value of merchandise imports was US$49 621 million, an annual increase of 0.4 percent.
Imports by type of good
Imports of consumer goods amounted to US$7.67 billion, representing an annual increase of 22.6 percent. This rate was due to the combination of a 33.2 percent increase in imports of non-oil consumer goods and a 23.7 percent reduction in imports of oil consumer goods (gasoline and butane and propane gas).
On the other hand, in November 2023, intermediate use goods were imported for a value of US$36,882 million, 4.9 % lower than that reported in November 2022. In turn, this rate reflected reductions of 2.9 % in imports of non-oil intermediate-use goods and 26 % in imports of oil intermediate-use products.
Imports of capital goods reached US$5.07 billion, an annual increase of 15.9 percent.
In the first 11 months of this year, the value of total imports was 553,468 million dollars, 0.5 percent lower than in the same period of 2022. Non-oil imports grew at an annual rate of 3.5%, while oil imports decreased 29%.
Structure of imports
In the January-November 2023 period, the structure of the value of imports was as follows: intermediate use goods, 75.8 percent; consumer goods, 14.6 percent; and capital goods, 9.6 percent.
Source: INEGI. Consult press release.