Oil imports to Mexico totaled 5,310.2 million dollars in October 2022, which reflects a growth of 13.5% inter-annual, informed inegi.
The main market for Mexican hydrocarbons is almost exclusively the United States.
However, the petroleum derivatives that Mexico imports most are gasoline, diesel and liquefied petroleum gas (LPG).
Eight out of ten households use LPG as fuel.
Most of these imports enjoy preferential treatment.
On the other hand, in October, Mexico’s non-oil imports totaled 45,976.9 million dollars, an annual growth of 15%.
To put this in context, merchandise exports in 2021 reached 494.225 billion dollars, an increase of 18.5% over 2020.
Meanwhile, imports totaled $505.716 billion, up 32% over 2020.
For the whole of last year, the main imported products were machinery and electrical appliances, accounting for 35.7% of the total, and transportation equipment, with 8.0%.
Non-oil imports to Mexico
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.