In 2024, the value of total exports was 617,100 million dollars, a figure that implied a growth of 4.1%, higher than the 2.7% in 2023, while the value of total imports was 625,312 million dollars, an increase of 4.5%, which contrasts with the fall of 1% in 2023.
According to the information published by the National Institute of Statistics and Geography (Inegi), in 2024, the growth of total exports resulted from an advance of 5.2% in non-oil exports and a decrease of 14.4% in oil exports.
Meanwhile, the increase in total imports was due to the fact that non-oil imports increased 7.3% at an annual rate, although oil imports decreased 25.7%.
Thus, for 2024 the balance of trade showed a deficit of 8,212 million dollars, higher than the 5,470 million dollars observed in 2023.
The widening of the deficit, between 2023 and 2024, resulted from a lower surplus in the balance of non-oil products, which went from 13,091 million dollars, in 2023, to 1,832 million dollars, in 2024, and a decrease in the deficit of the balance of oil products, which went from 18,561 million dollars, in 2023, to 10,044 million dollars, in 2024.
Annual behavior in December 2024
In December 2024, the value of merchandise exports was 51,687 million dollars, an amount 4.9% higher than that of the same month in 2023. It is the highest annual growth in the last two months.
This variation reflected a 6.1% growth in non-oil exports and a 16% reduction in oil exports. Within non-oil exports, those directed to the United States advanced 6.3% at an annual rate and those channeled to the rest of the world, 4.9%.
In December 2024, the value of merchandise imports was $49.12 billion, which represented an annual increase of 9.1%, the highest in two months.
Monthly behavior in December 2024
In the last month of last year and based on seasonally adjusted figures, total exports registered a reduction of 2.28%, compared to the previous month, reflecting falls of 2.17% in non-oil exports and 4.52% in oil exports.
Within non-oil exports, manufacturing exports presented a monthly decrease of 2.71%, this rate derived from declines of 5.91% in automotive exports and 1.05% in non-automotive manufacturing.
Meanwhile, total merchandise imports showed a monthly decrease of 2.26%, which was derived from the combination of a 2.73% reduction in non-oil imports and a 5.03% increase in oil imports.
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