Pedimentos in foreign trade in Mexico fall 7.6% in 2020

The number of pedimentos in Mexico‘s foreign trade fell 7.6% in 2020, to 8 million 699,300, reported the SAT.

In general, pedimentos are a kind of tax declaration related to compliance with tax obligations in foreign trade.

Through the pedimentos, the importer or exporter declares to customs the merchandise to be imported or exported.

In a disaggregated manner, the number of import requests fell 9.8% last year, to 6,240,400.

Conversely, the number of export pedimentos contracted 4.5%, to 2 million 458,900.

Number of pedimentos

In 2020, Mexico’s merchandise sales totaled $ 417.67 billion.

Not only did this amount imply a year-on-year decrease of 9.3%, but also the largest drop in the indicator in the last 11 years.

As for Mexican imports, these totaled 383,194 million dollars, a decrease of 15.8 percent.

Consequently, Mexico’s trade balance reached a surplus of 34.476 million dollars.

Pedimentos and World trade

According to an October 6 forecast update, the World Trade Organization (WTO) estimated that world trade volumes could fall by 9.2% in 2020.

Global trade volumes were projected to partially recover in 2021 by increasing at an annual growth rate of 7.2 percent.

This forecast reflects a marked revision of the WTO forecast of April 8, 2020 that world trade volumes could decline between 13 and 32% in 2020 as a result of the economic impact of Covid-19.

Also the updated forecast indicates that the recovery in world trade in 2021 could be markedly slower than the WTO had projected in April, mainly reflecting expectations of a slower recovery in world GDP in 2021.