Mexico’s imports rose 19.6% in 2022

Mexico‘s imports registered a year-on-year increase of 19.6 percent in 2022, to 604,614.6 million dollars, Inegi reported Friday.

In particular, in December 2022, total merchandise imports showed a seasonally adjusted monthly increase of 2.72 percent.

This variation originated from increases of 1.87 percent in non-oil imports and 10.60 percent in oil imports.

By type of good, monthly increases of 5.11 percent were observed in consumer goods imports (0.58 percent growth in non-oil consumer goods), 2.31 percent in intermediate use goods (1.88 percent increase in non-oil intermediate use goods) and 3.21 percent in capital goods.

Mexico’s imports

Imports have a similar structure to exports. The main import products are machinery and electrical appliances (35.7% of imports in 2021) and transport equipment (8.0% of total imports).

Mexico continues to present a high degree of concentration in its export markets.

Mexico’s main trading partner continues to be the United States: its share of total exports in 2021 was 807% and 43.8% of total imports.

Mexico’s services balance remained in deficit during the period under review, mainly due to deficits in transportation and insurance.

Travel, traditionally a surplus, was strongly affected by the pandemic.

In 2021, the Mexican economy rebounded, with GDP expanding by 4.8 percent.

This was despite the fact that GDP stagnated in the fourth quarter, after contracting in the third quarter compared to the second quarter.

In the fourth quarter of 2021, services contracted but there was a rebound in manufacturing exports and oil exports as a result of an expansion in sales of products other than crude oil.

The value of imports continued to grow, with increases in consumer, intermediate use and capital imports.