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External demand boosts Mexico’s GDP: its exports grow 8.2% in September

External demand is driving moderate growth in the Mexican economy, with an 8.2% year-on-year growth in foreign product shipments in September.

Mexico is the 15th largest economy in the world and has generally enjoyed low but stable economic growth since the 1990s.

Already, Mexican exports accumulate a growth of 22.2% from January to September 2021, to 358,987.6 million dollars, reported Inegi.

Despite the contraction linked to Covid-19 in 2020, Mexico’s economy is expected to recover in 2021 and achieve moderate growth driven by external demand.

In all of 2020, exports of goods from Mexico were 417.67 billion dollars, a decrease of 9.3% year-on-year.

Mexico’s GDP decreased 8.3% in real terms during 2020, reflecting the negative economic effects of the Covid-19 pandemic and months of restrictions on production and mobility.

Now the International Monetary Fund (IMF) projects that the Mexican economy will grow 6.2% in 2021.

Consequently, Mexico’s GDP would be driven by external demand.

Mexico is the largest Spanish-speaking country in the world, with an economy of 1.1 trillion dollars, the second largest in Latin America.

In September 2021, Mexico’s exports were $ 11,299.8 million.

External demand

Timely foreign trade information for September 2021 indicates that a trade deficit of $ 2.398 billion was recorded.

Thus, this balance is compared with the deficit of 3.902 million dollars reported in August.

The reduction in the deficit between August and September originated from a lower deficit in the balance of non-oil products, which went from 1,401 million dollars in August to 146 million dollars in September, and a decrease in the deficit of the balance of petroleum products, which went from 2.501 million dollars to 2.253 million dollars in the same comparison.

 

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