Mexican imports of products increased 50.6% in July

Mexican imports were 44.951 million dollars in July, which represented an annual increase of 50.6%, informed the Inegi.

Mexico is the second largest economy in Latin America behind Brazil.

Likewise, Mexico outperforms its Latin American peers in measures of creditworthiness and business climate.

While per capita income is in line with the regional average, growth is somewhat lower than its peers.

In the January-July 2021 period, the value of total imports amounted to 279,962 million dollars, an amount 33.2% higher than that observed in the same period of 2020.

Within it, non-oil imports grew at an annual rate of 30.3% and oil imports grew by 64 percent.

Mexican imports

External purchases of consumer goods reached 5.501 million dollars, a figure that translated into an annual increase of 63.7 percent.

This rate was the result of increases of 48.8% in imports of non-oil consumer goods and 113.7% in those of oil consumer goods (gasoline and butane gas and propane).

For its part, in July 2021 intermediate-use goods were imported for a value of 36,032 million dollars, a level 51.4% higher than that reported in the same month of 2020.

In turn, this annual growth originated from advances of 46.6% in imports of non-petroleum intermediate-use goods and 122.8% in those of petroleum intermediate-use products.

Regarding imports of capital goods, in the reference month they reached 3,418 million dollars, which implied an annual increase of 27.4 percent.

With series adjusted for seasonality, total imports registered a monthly increase of 4.88%, which was derived from increases of 4.51% in non-oil imports and 7.94% in oil imports.

By type of good, there were monthly increases of 0.33% in imports of consumer goods, 5.54% in intermediate-use goods and 5.76% in capital goods.

Balance of trade

Timely foreign trade information for July 2021 indicates a trade deficit of 4.063 million dollars.

This balance compares with the surplus of 762 million dollars reported in June.

The reduction in the trade balance between June and July originated from a decrease in the balance of the non-oil products balance, which went from a surplus of 2.604 million dollars in June to a deficit of 1.951 million dollars in July, and from a larger deficit in the balance of oil products, which went from 1,842 million dollars to 2,112 million dollars in the same comparison.

In the first seven months of the current year, the trade balance presented a deficit of 2,968 million dollars.