Imports from Mexico drop 22.2% in June

Imports from Mexico dropped 22.2% year-on-year in June, to $ 27,529.8 million, the Inegi reported.

This rate was the result of decreases of 31.2% in imports of non-petroleum consumer goods and 69.8% in imports of petroleum consumer goods (gasoline and butane and propane gas).

For its part, in the sixth month of 2020 intermediate-use goods were imported for a value of $ 22,226 million, a level 19.6% lower than that reported in June 2019.

In turn, this annual decrease originated from decreases of 17.2% in imports of non-petroleum intermediate-use goods and 46% in imports of petroleum intermediate-use products.

In what corresponds to imports of Mexico capital goods, in the reference month these reached 2,639 million dollars, which implied an annual fall of 12.3 percent.

Imports from Mexico and its structure

The structure of the value of imports in the January-June period of this year was as follows: intermediate-use goods 79%, consumer goods 11.9% and capital goods 9.1 percent.

The accumulated value of total imports in the first half of this year was 180.394 million dollars, an amount lower by 19.5% than that observed in the same period of 2019.

Inside, non-oil imports decreased at an annual rate of 17.5%, while oil companies did so by 35.7 percent.

The valuation of exports and imports is made in FOB (Free on Board) terms, which refers to the value of the goods placed at the border or port of the exporting country, including the transaction value of the goods and services provided for deliver the goods at the border of the exporting country, additionally the total imports are valued in CIF (Cost, Insurance and Freigth) terms, which is the commercial value of the goods placed at the national border of the purchasing country, includes the commercial value of the goods and the value of the services that were incurred with the purpose of delivering them at the border of the importing country.

The classification of exports and imports of Mexico is carried out based on the Tariff of the Law of the General Taxes of Import and Export (TIGIE), which is generated and updated by the Ministry of Economy, statistical activity indicated in the diagram general process.

This Tariff is the implementation of the Harmonized Commodity Designation and Coding System (SA), a multipurpose international nomenclature of products drawn up by the World Customs Organization, which aims to consider trends in international trade, which is updated every five years.