The value of Mexico’s exports hit a record high in 2024, increasing 4.1% annually to more than US $617 billion, the national statistics agency INEGI reported Monday.
Data published by INEGI showed that Mexico’s export revenue was $617.09 billion last year, $24 billion higher than the $593 billion in earnings in 2023.
The 4.1% year-over-year growth in export revenue was well above both the 3% prediction of the Mexican Business Council for Foreign Trade, Investment and Technology, and the 2.6% annual increase recorded in 2023.
The publication of the 2024 export data comes ahead of the possible implementation of tariffs on Mexican goods sent to the United States, which receives more than 80% of all Mexican exports. United States President Donald Trump said last Monday that his administration could impose a 25% tariff on Mexican and Canadian goods on Feb. 1.
INEGI also reported that the value of Mexico’s imports increased 4.5% in 2024 to $625.31 billion. Mexico thus recorded a trade deficit of $8.21 billion last year, a 50.1% increase compared to 2023.
Manufactured goods brought in almost 90% of export revenue
INEGI’s data shows that manufactured goods brought in $554.44 billion in export revenue last year, accounting for 89.8% of Mexico’s total export earnings. Export revenue from manufactured goods increased 4.8% compared to 2023.
Auto sector exports were worth $193.9 billion, or 31.4% of Mexico’s total export revenue, while manufactured goods made in sectors other than the auto industry brought in $360.53 billion, or 58.4% of the total. The value of the former increased 2.7% compared to 2023, while revenue generated by the latter rose 6.1%.
The other exports that contributed to Mexico’s overall revenue in 2024 were:
- Oil: $28.42 billion, a 14.4% decrease compared to 2023.
- Agricultural products: $23.35 billion, a 7.1% annual increase.
- Mining sector exports: $10.87 billion, an 18.6% year-over-year increase.
The annual increase in the value of Mexico’s exports last year easily outstripped economic growth. Final data for 2024 is not yet in, but indications are that the Mexican economy grew by well under 2% in annual terms last year.
Import data in detail
The 4.5% increase in the value of Mexico’s imports last year came after a 1% decline in 2023.
Spending on intermediate goods — partly finished goods used as inputs in the manufacture of final goods — accounted for 75.6% of Mexico’s total expenditure on imports. The value of those imported goods increased 4.4% compared to 2023.
The total outlay on imported consumer goods was $90.9 billion in 2024, up 3.6% from a year earlier, while expenditure on capital goods was $61.57 billion, a 6.4% year-over-year increase.
Non-oil imports (including non-oil consumer goods and non-oil intermediate goods) were worth $586.84 billion, up 7.3% compared to 2023, while oil-imports (including oil-based consumer goods and oil-based intermediate goods) were worth $38.47 billion, down 25.7% compared to a year earlier.
INEGI didn’t provide a breakdown on where Mexico’s imports came from last year. However, the United States and China are, in that order, the top exporters of goods to Mexico.
The federal government is aiming to reduce reliance on imports from China and other Asian countries by increasing production in Mexico.
With reports from El Economista, Expansión and El Financiero
