Mexico boosts a historic series of trade surplus in April
MEXICO CITY, May 25 (EFE) – The Mexican economy boosted a historic streak of trade surplus, reaching $ 1,501 million in April, the National Institute of Statistics and Geography (INGE) reported Tuesday.
The Engi report indicated that exports achieved an annual growth of 75.6% in April to reach 40773 million dollars, while imports increased by 48.4%, recording 39.272 million dollars.
With this data, exports amounted to $ 152,636.61 million and imports $ 152,643.5 million in the first four months of the year, according to Gabriella Celler, director of economic and financial analysis at Banco Base.
“In both cases, they represent the highest record for exports and imports for the first four months of the year,” he said.
The positive hit
This Tuesday’s data represents a good positive trade line in Mexico, which in the first quarter received a record $ 11,864 million in foreign direct investment (FDI), a year-on-year increase of 14.8%, according to the Economy Ministry in the past. a week.
In addition, Mexico was unified as the United States’ first trading partner in the first three months of the year with a total trade balance of $ 153,906 million and Mexican exports close to $ 33,400 million in March.
“There are good indications that the economy is already growing, even companies, rating agencies and banks are talking about how we have grown 5% this year,” President Andres Manuel Lopez Obrador said at his press conference on Monday.
However, Inegi recorded a cumulative business deficit of $ 7 million in the first four months of the year.
With seasonally adjusted figures, total exports grew at a monthly rate of 0.24%, while imports contracted at a monthly rate of 8.11%.
Analyst Seller noted that “export growth indicates the strength of external demand, while the monthly decline in imports, especially consumer goods, reflects weak domestic demand.”
Only non-oil exports to the United States, the destination of more than 80% of Mexican sales, advanced at an annual rate of 74.4%, while those destined for the rest of the world achieved this at 67.9%.
Oil purchases grew 76.4% year-on-year, to $ 3,593 million, while non-oil purchases increased by 46.1%, adding $ 35,678.7 million.
But the president of Inegi, Julio Santaella, indicated that the reference point is April 2020, when Mexico suffered the worst impact of the Covid-19 epidemic.
“As expected, it implies higher annual growth compared to April 2020, which is the first month of a health emergency,” he said.
However, he stressed that “after the foreign trade deficit in March 2021 ($ 3003.6 million), Mexico returned to surpluses.”
In addition to about 2.4 million cases and more than 221,000 deaths due to COVID-19, the fourth highest number in the world, the crisis caused a historic annual contraction of 8.2% in the Mexican economy in 2020.
Despite this, Mexico had a trade surplus of 34,476.4 million in 2020 in a year in which both exports and imports declined due to the epidemic.
Therefore, the government is confident that the entry into force of the new agreement between Mexico, the United States and Canada (T-MEC) in July 2020 will help attract investment and boost trade in North America.
For example, exports to the United States accounted for 81.52% of all Mexican sales in the first four months of the year, according to Engy. EFE
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