Mexico’s balance of goods and services in 2022
Mexico‘s balance of goods and services deficit of US$41.46 billion in 2022 resulted from negative balances of US$26.62 billion in the balance of goods and US$14.839 billion in the balance of services, according to data from the Bank of Mexico.
Within the balance of goods, there were deficits of 26,421 million dollars in the balance of merchandise and 199 million dollars in the balance of goods acquired in ports by means of transportation.
Balanza de México
In turn, the merchandise balance deficit of US$26,421 million originated from exports of US$578,193 million and imports of US$604,615 million.
Balance of goods and services
The negative balance of US$14,839 million in the balance of services was the result of credits of US$47,943 million and debits of US$62,783 million.
In 2022, the primary income balance presented a deficit of US$30,032 million, which reflected credits of US$20,460 million and debits of US$50,492 million.
The secondary income balance showed a surplus of 58,068 million dollars, as a result of credits of 59,271 million dollars and debits of 1,203 million dollars.
Within this balance, remittance credits totaled 58,510 million dollars (annual growth of 13.4 percent), while remittance debits reached 1,131 million dollars (annual increase of 7.0 percent).
During the last few years, the evolution of merchandise trade showed a slowdown, followed by a contraction as a consequence of the Covid-19 pandemic and a recovery in 2021 and 2022.
Merchandise exports in 2021 totaled 494.225 million (18.5% higher than in 2020), while imports reached a value of 505.716 million (32% above the 2020 level).
Mexico continues to show a high degree of concentration in its export markets.
Mexico’s main trading partner continues to be the United States: its share in total exports in 2021 was 80.7% and 43.8% in total imports.
At the same time, Mexico’s services balance remained in deficit during the period under review, mainly due to deficits in transportation and insurance.
Travel, traditionally in surplus, was strongly affected by the pandemic.