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As a result, Mexico recorded a deficit in its trade balance of $2,215.3 million.

This result occurs while the Bank of Mexico reported that available indicators point to a slowdown in global economic activity during the second quarter, while global inflation continued to rise, in some cases reaching its highest level in decades, under pressure from continuing bottlenecks, a recovery in demand and rising food and energy prices. .

Looking at its two main divisions, Mexican oil exports reached $3,809.1 million in May, an increase of 63%, while total non-oil exports were $46,196 million, an increase of 20%, year on year.

Specifically, industrial exports increased by 20.3% year-on-year, reaching 43,346 million US dollars, and as a part, automobile exports increased by 10.7% (13,877.8 million US dollars) and non-auto-related exports increased by 25.4% (29,468.2 million).

The context was also marked by the Russian invasion of Ukraine, which shook financial markets, impeded international trade, and caused sharp increases in the prices of oil and other raw materials.

Major increases in Mexican manufacturing exportss It is observed in steel products (46.3%), machinery and special equipment for various industries (32.9%), food, beverages and tobacco (23.8%), electrical and electronic equipment and appliances (14%) and automotive products (10.7%).

In contrast, the latter’s annual progress was derived from a 10.5% increase in sales directed to the United States and an 11.5% increase in those directed to other markets.

In May 2022 in seasonally adjusted figures, total merchandise exports recorded a monthly increase of 0.91%, which is the net result of an increase in non-oil exports by 1.46% and a decrease in exports by 5.14%. oil companies

In May 2022, oil exports amounted to $3,192 million from crude oil sales and $617 million from exports of other petroleum products.

That month, the Mexican export mix averaged $104.61 per barrel, $4.79 higher than the previous month and $40.27 higher than May 2021.

Crude oil export volume was 0.984 million barrels per day in the reference month, which is lower than 1.043 million barrels per day in April 2022 and 1.031 million barrels per day in May 2021.

The value of agricultural and fishery exports in the fifth month of this year amounted to 2,067 million US dollars, an amount that means an annual increase of 17.4%.

The most significant increases were recorded in exports of raw coffee (103.8%), citrus fruits (32.2%), avocado (27.9%), tomatoes (17.9%), legumes and fresh vegetables (13.1%).

In contrast, the largest relevant annual reductions occurred in exports of cattle (14.7%) and fruits and edible fruits (11.2%).

In contrast, extractive exports amounted to 783 million US dollars, a year-on-year increase of 9.5%.

With the seasonally adjusted series, total imports posted a monthly growth of 0.42% in May. This arose from a combination of a 7.85% increase in oil imports and a 0.65% decrease in non-oil imports.

By commodity type, there were 0.50% monthly increases in imports of consumer goods and 0.61% in imports of intermediate-use goods. A decrease of 1.51% was observed in imports of capital goods.