Mexico witnesses trade deficit of USD3.75B last month
Date
5/26/2024 8:14:18 AM
(MENAFN) According to data released by Mexico's National Institute of Statistics and Geography (INEGI) on Friday, the country witnessed a notable trade deficit of USD3.75 billion in April. This figure represents a significant increase from the USD1.65 billion deficit recorded in the corresponding month of the previous year. The widening deficit underscores the challenges faced by Mexico's trade sector, potentially reflecting shifts in global demand patterns, supply chain disruptions, and fluctuations in commodity prices.
INEGI's statement further highlighted that the trade balance for the first four months of 2024 showed a cumulative deficit of nearly USD6.45 billion. This sustained deficit over the initial months of the year suggests ongoing pressures on Mexico's trade dynamics, which may impact its overall economic performance and external trade relations.
In terms of trade performance in April, the value of merchandise exports surged to almost USD51.32 billion, marking an impressive 11.4 percent increase compared to the same month in the previous year. This uptick in exports could be attributed to various factors, including improved demand for Mexican goods in international markets and favorable exchange rates.
Conversely, the value of imports totaled more than USD55.07 billion last month, reflecting a notable annual increase of 15.4 percent. This surge in imports signals robust domestic demand for foreign goods and inputs, potentially fueled by economic recovery efforts and increased consumer spending.
Overall, Mexico's trade data for April underscores the complex interplay of domestic and global economic factors shaping the country's external trade dynamics. As Mexico navigates these challenges, policymakers and stakeholders may need to employ strategies to address trade imbalances, enhance competitiveness, and promote sustainable economic growth.
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