Mexico’s product exports grew 4.6%.

Mexico‘s product exports grew at an inter-annual rate of 4.6% from January to May, to 240,168.3 million dollars, informed Inegi.

The sequence of this indicator was as follows: January (25.6%), February (-3.0%), March (3.2%), April (-2.9%) and May (5.8 percent).

Mexico uses an economic development model based on increasing its foreign trade returns.

To this end, Mexico focuses primarily on expanding its total exports through various trade, fiscal, financial and promotional measures to grow and increase the competitiveness of its non-oil exports.

For several decades, Mexico’s foreign trade policy has focused on removing barriers to foreign trade, resulting in an increase in Mexican non-oil exports and leading to an increase in the importance of manufactured goods relative to agricultural products.

In the first five months of this year, Mexican oil exports accumulated 12,911.1 million dollars, a 22.1% year-on-year drop.

On the other hand, non-oil exports amounted to 227,257.2 million dollars, a growth of 6.6% at annual rate.

Product exports

In Mexico, the Foreign Trade Law grants the President broad powers to establish import and export duties, as well as other trade restrictions.

This law also created the Foreign Trade Commission, an administrative body of the Federal Public Administration for mandatory consultations with respect to foreign trade matters, including the imposition of countervailing duties, which are import duties imposed under World Trade Organization (WTO) rules to neutralize the effect of a foreign country’s subsidy on its exports.

In addition, the Foreign Trade Law defines and regulates unfair trade practices, thus aligning Mexico’s trade regulatory framework more closely with current international practices and standards.

Within non-oil exports, agricultural exports amounted to 10,460.0 million dollars in the first five months of the year (4.1%), extractive exports totaled 3,929.2 million dollars (-0.2%) and manufacturing exports were 212,867.9 million dollars (6.9%).

As part of manufacturing, automotive exports increased 15.2% to 73,575.5 million dollars, and non-automotive exports rose 3.0% to 139,292.4 million dollars.