Mexico City. The National Institute of Statistics and Geography (INGE) reported on Friday that the country’s trade balance in October noticed a deficit of $2,701 million as a result of stagnant exports caused by problems in supply chains.
The outlook for the cumulative year was also not positive, because between January and the tenth month of the year the country’s trade balance showed a deficit of $11.97 billion, according to appropriate figures published on Friday.
And the October data was suffering from a deficit of two thousand 701 million dollars, a balance that compares with a surplus of 6 thousand and 256 million dollars in the same period last year.
Giulio Santaella, head of the independent authority, said on his Twitter account that the result is explained by the stagnation of exports, as a result of problems posed by supply chains.
The value of merchandise exports amounted to 41,957 million dollars. Of this figure, 39 thousand and 185 million dollars, equivalent to exports of non-oil goods, which contracted 3.5 percent compared to the same period last year. While oil companies grew by 105.9 percent, reaching two thousand and 772 million dollars for oil companies.
Under non-oil exports, exports to the United States declined by 2.6 percent at an annual rate and those destined to the rest of the world declined by 7.7 percent.
Sales of cars produced in Mexico fell to the United States by 19.2 percent and other countries by 34.8 percent.
And between January and October of this year, the total value of exports amounted to 400 thousand and 944 million dollars, a figure that represents a growth of 19.4 percent compared to the same period last year.
The value of merchandise imports amounted to 44,658 million dollars, an annual increase of 25.1 percent.
Acquisitions of non-oil merchandise abroad increased by 21.2 percent to $39,979 million.
Oil imports rose by 72.8 percent, adding 4,678 million dollars in October.
By type of commodity, imports of consumer goods increased by 35 percent, while intermediate-use goods – which are used in manufacturing – grew by 24 percent, and capital goods increased by 21.7 percent.
With the chain adjusted for seasonality, imports of consumer goods grew 1.6 percent in October, Santaella said on the social network, “which appears to have halted their initial downtrend in recent months.”
He explained that capital goods imports did not show a monthly variation in the reference period, “which prolongs its slight downward trend in recent months, a path that negatively affects total fixed investment.”
Monex analysts commented that the trade numbers reinforce the impression that downward pressures to growth will persist in the coming months, making it difficult for the economy to grow by 6% this year.
“Although the depreciation of the Mexican peso in November should be a factor in monitoring a larger volume of exports in the short term, the constraints associated with scarcity of inputs to achieve greater production will be difficult to overcome, so we believe progress and they noted that monthly trade flows will remain limited in the coming months.
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