In the opposite direction, Mexican imports totaled US$53,679.7 million, with an annual growth of 1.4%.
Exports of Mexican products grew at an interannual rate of 5.4% in May, to a record of US$55,670.9 million, Inegi reported this Thursday.
In the opposite direction, Mexican imports totaled US$53,679.7 million, with an annual growth of 1.4%.
To provide context: The International Monetary Fund (IMF) predicts that the value of global goods trade will grow 3.3% in 2024.
In the United States, Mexico's main trading partner, a moderation was recorded in the pace of expansion of economic activity in the first quarter of 2024, after the robust growth observed in the previous two quarters.
US GDP grew at a seasonally adjusted quarterly rate of 0.4%, after increasing 1.2% and 0.8% in the third and fourth quarters of 2023, respectively.
The Bank of Mexico indicated that this moderation reflected the negative contributions of net exports and the accumulation of inventories. However, the components of domestic demand continued to exhibit resilience, highlighting the dynamism of private consumption.
With the results of May, Mexico achieved a surplus of US$ 1,991.2 million in its trade balance and, in the accumulated of the first five months of the year, its exports grew 4.4% and its imports increased 3.4%.
Mexico has a high concentration of its sales abroad, with 79.6% of them directed to the United States, although this destination is the largest importer in the world, and also has a high concentration in its basket of imported products, with 88. 9% manufacturing, although within this sector there is a wide diversification of merchandise.
In May 2024 and with seasonally adjusted figures, total merchandise exports reported a monthly increase of 4.43%, while total imports fell 1.56% in the same comparison.
At interannual rates, the most important increases in the manufacturing sector were observed in exports of machinery and special equipment for various industries (12.6%), in professional and scientific equipment (10.8%), in electrical equipment and appliances and electronics (10.2%), in plastic and rubber products (7.1%) and in automotive products (1.2%).
In turn, the annual growth in exports of automotive products was derived from a 5.7% increase in sales to the United States and a 20.4% drop in sales to other markets.
In May 2024, the value of oil exports was US$3,169 million. This amount was made up of US$ 2,145 million from sales of crude oil and US$ 1,023 million from exports of other oil products.
In that month, the average price of the Mexican crude oil export mix stood at US$ 74.39 per barrel, a figure lower by US$ 2.49 compared to the previous month, but higher by US$ 9.07 in relation to the previous month. with that of May 2023.
The volume of crude oil exported was, in the reference month, at 930,000 barrels per day, higher than the level of 698,000 barrels per day in April, but lower than the level of 1,126 million barrels per day in May 2023.
In the fifth month of the current year, the value of agricultural and fishing exports was US$2,088 million, an amount that implied an annual drop of 0.6%.
Finally, extractive exports stood at US$ 828 million, with an increase of 50.5%.
