Oil imports to Mexico totaled 5,310.2 million dollars in October 2022, which reflects a growth of 13.5% inter-annual, informed inegi.
At the same time that the main market for Mexican hydrocarbons is almost exclusively the United States, the main oil derivatives that Mexico imports are gasoline, diesel and liquefied petroleum gas (LPG), which eight out of 10 households use as fuel; most of these imports benefit from preferential treatment.
On the other hand, Mexican non-oil imports amounted to 45,976.9 million dollars in October, a 15% year-on-year growth.
To consider in context: merchandise exports in 2021 totaled 494m225 million dollars (18.5% more than in 2020), while imports reached a value of 505,716 million (32% above the 2020 level).
For the whole of last year, the main import products were machinery and electrical appliances (35.7% of imports in 2021) and transport equipment (8.0% of total imports).
Mexico has continued its trade opening process with the modernization of important trade agreements with the U.S., Canada and the European Union; as well as with the signing and entry into force of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Trade Continuity Agreement between Mexico and the United Kingdom.
Mexico’s international trade in the last five years Mexico has been in a period of high international economic instability.
As an open economy with strong economic ties to the international community, Mexico has been affected by the negative effects of this environment.
However, Mexico’s macroeconomic strength, together with the implementation of measures by the monetary authority and the federal government, have mitigated these effects. Similarly, trade remained dynamic, with both exports and imports registering higher levels than in the years prior to the pandemic.
From January to October, imports to Mexico were 506,868.2 million dollars, a growth of 22.8% compared to the same period of 2021, according to Inegi information.
In the first ten months of 2022, Mexico’s trade balance showed a deficit of US$27,309 million.