Here’s how foreign trade fared in Mexico during 2023

Foreign trade is one of the most important drivers of the Mexican economy. Its role in the country’s development is undeniable and evident in numbers.

Despite the various challenges, technological innovations, market trends, and other events that changed global trade dynamics, 2023 turned out to be a year filled with learning opportunities for Mexico.

In this article, we’ll discuss the numbers behind Mexico’s foreign trade landscape during 2023

In January 2023, the value of merchandise exports reached $42.591 billion. This figure comprised $39.878 billion in non-oil exports and $2.712 billion in oil exports, representing an annual increase of 16.3%.

During the same month, manufacturing exports saw an annual growth of 28.3%. The most significant expansions were observed in exports of automotive products (64.9%), electrical and electronic equipment (21.1%), professional and scientific equipment (18.2%), and machinery and special equipment for various industries (17.2%).

The value of agricultural and fisheries exports in the first month of 2023 was $1.902 billion, reflecting an annual increase of 9.8%.

The most significant increases in this area were recorded in exports of cattle (43.1%), peppers (33.9%), cucumbers (31.8%), fresh vegetables (24.3%), and tomatoes (14.4%).

In contrast, the most significant annual contractions were seen in avocado exports (-25.2%) and frozen shrimp (-20.9%).

Thus, during January 2023, the export value structure was as follows: manufactured goods, 87.6%; petroleum products, 6.4%; agricultural goods, 4.5%; and non-oil extractive products, 1.5%.

Moving on to the middle of the year…

During June 2023, the value of merchandise exports reached $51.8 billion, comprising $48.95 billion in non-oil exports and $2.851 billion in oil exports.

During this time of the year, exports of manufactured products amounted to $46.025 billion, representing an annual growth of 2.7%. The most significant expansions were observed in exports of professional and scientific equipment (22.6%), food, beverages, and tobacco (13.5%), electrical and electronic equipment (11.0%), automotive products (9.5%), and textile products, clothing, and leather industry (5.1%).

Additionally, the annual increase in automotive product exports was due to increases of 6.9% in sales to the United States and 25.9% in sales to other markets.

Regarding the value of agricultural and fisheries exports in the sixth month of the current year, it was $1.865 billion, reflecting an annual increase of 5.1%.

The most significant growths in this sector were recorded in exports of fresh strawberries (82.2%), cattle (33.2%), fresh vegetables (25.1%), grapes and raisins (23.0%), and tomatoes (10.6%). In contrast, the most significant annual contractions were seen in exports of raw coffee beans (-29.3%) and avocados (-21.2%).

Some specific data:

• In the second quarter of 2023, the national economy had an annual real increase of 3.7%, with original figures, a figure higher than that recorded in the same quarter of 2022 (2.4%).
• During the first half of 2023, Mexico’s merchandise exports to its northern neighbor reached $194.947 billion, representing a solid increase of 5.6% compared to the same period of the previous year.
• Mexico solidified its position as the United States’ leading trading partner at the end of the first half of the year, reporting a historic exchange that approached $400 billion.

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