Mexico’s exports grow 6.8% in the first quarter of 2023

Mexico‘s exports registered an inter-annual growth of 6.8% in the first quarter of 2023, to 141,082.3 million dollars, reported Inegi.

Conversely, Mexican imports were 145,883.1 million dollars, an advance of 6.5%, annually.

Thus, Mexico reported a deficit of 4,800.7 million dollars in its merchandise trade balance.

As part of the context, during the fourth quarter of 2022, the Mexican economy expanded at a slower pace than during the first three quarters of that year.

The slowdown in economic growth was driven by more moderate activity in both the tertiary and secondary sectors, as well as continued volatility and uncertainty regarding global economic conditions.

Additionally, during the fourth quarter of 2022, Mexico’s labor market continued to recover from the effects of the Covid-19 pandemic.

While the labor participation rate increased 0.4 percentage points during the quarter, participation levels remained slightly below those recorded prior to the pandemic.

Mexico’s Exports

Among the highlights for March, external oil sales fell 27.6% to US$2,581.4 million, automotive exports increased 15.6% to US$16,428.0 million, and imports of capital goods rose 21.9% to US$4,922.5 million at year-on-year rates.

As for the value of oil exports in March, this was 2,581 million dollars and was made up of 1,972 million dollars of crude oil sales and 609 million dollars of exports of other oil products.

On February 16, 2023, the National Program for the Sustainable Use of Energy 2020-2024 was published in the Official Gazette of the Federation (DOF).

This program aims to promote, among other things: the well-being of the population through energy efficiency programs and regulations, more efficient energy use by government entities and agencies, nationwide actions and strategies to reduce energy use in transportation, the development of energy efficiency projects, the implementation of practices and technologies aimed at increasing energy productivity in the industrial and agro-industrial sectors, and the use of energy-saving technologies in the operation and administration of commercial and service buildings.