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Commercial invoice to imports and exports fall 11% as of September 2020

The number of commercial invoice for imports and exports in Mexico fell at an interannual rate of 11% from January to September 2020, to 6 million 262,300, according to data from the Ministry of Finance.

In general, a commercial invoice is a kind of tax declaration related to the fulfillment of tax obligations in foreign trade, through which the importer or exporter declares the merchandise to be imported or exported to customs.

In a disaggregated manner, the number of import commercial invoice fell 12.1% in the first nine months, to 4 million 485,900; while the number of export commercial invoice decreased 8%, to 1 million 776,400

Number of commercial invoice

Since the end of the first quarter of 2020, and more notably in April and May, Mexico’s foreign trade in goods suffered the effects of the pandemic, reflected in strong contractions in both exports and imports, than in the net resulted in a significant reduction in the surplus in millions of dollars of the non-oil trade balance in the second quarter.

Subsequently, according to Banxico, the relatively quicker reactivation of exports compared to imports in the period June-September 2020 led to the trade surplus of merchandise reaching all-time highs, which boosted the current account in its set to a sizeable surplus in the third quarter.

In October, there was a 2.9% year-on-year increase in merchandise exports, to $ 41.945 million, and a 13.8% drop in imports, to $ 35.721 million.

 

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