Mexico registered a deficit of 3,076 million dollars in its balance of manufactured products from January to July, after achieving three consecutive years of surpluses in the same periods, according to data from the Bank of Mexico (Banxico).
Considering the first seven months of each year, Mexico achieved positive balances in this balance of 8,496 million dollars in 2019, 10,005 million in 2020 and 5,543 million in 2021.
Even so, the country reported a surplus of 1,264 million dollars in its non-oil trade balance from January to July of the current year.
The compensation originated with surpluses in the agricultural and fishing balance (986 million dollars) and in that of “other industries” (3,353 million).
During the second quarter of 2022, Mexico’s foreign trade presented historical highs in both exports and imports, positive results derived from three factors, according to Banxico.
First, the solid integration that Mexico maintains with the outside, together with the dynamism of the industrial production of the United States, which allowed that in April-May 2022, Mexico contributed 14.8% of the total trade of the northern neighbor and positioned itself as your second business partner.
Second, the strengthening of Mexican domestic demand that allowed greater imports. And third, the high prices of raw materials compared to pre-pandemic levels.
From January to July 2022, on the surplus side, automotive products stood out, with a positive balance of 53.3 billion dollars.
Conversely, the largest deficits were in electrical and electronic equipment and appliances (17,716 million dollars), chemicals (15,688 million), plastic and rubber products (10,608 million) and iron and steel (9,830 million).
Banxico explained that some industries that rely heavily on international inputs, such as the manufacture of textile inputs and the construction sector, showed a low growth rate during the second quarter of 2022, due to the problems observed in the supply chains.
However, other industries such as transportation equipment benefited from external demand and the gradual dissipation of bottlenecks.
Along these lines, record highs were recorded in foreign trade due to advances in the value of manufacturing and oil exports, as well as oil and intermediate non-oil imports.
In particular, in the balance of agricultural goods from January to July, the surplus was 1,600 million dollars and this balance is the result of exports 15.2% higher than imports.
The crops with the highest sales abroad and that contributed significantly to the positive balance are: avocado (2,112 million dollars), tomato (1,390 million), pepper (898 million) and strawberry (610 million).
In the balance of fishery goods, in the first seven months of 2022, a surplus of 29 million dollars was recorded.
The biggest sales of the period were of frozen shrimp (175 million dollars); fresh or chilled fish, except fillet (136 million); frozen fish, except fillet (75 million); molluscs (59 million dollars), and crustaceans, except frozen shrimp (36 million dollars).
roberto.morales@eleconomista.mx
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