Smaller deficit amidst mixed export and import figures

  • Mexico registers a $72 million trade deficit in July
  • Exports increased by 14.7% to $54.79 billion
  • Imports rose 13.3% to $54.86 billion
  • Petroleum exports fell 10.2% to $2.5 billion
  • Crude oil exports decreased from 1.07 million barrels a day to 817,000 barrels a day
  • Petroleum imports dropped by 15.6% to $3.4 billion
  • A $827 million surplus in non-petroleum trade offset the deficit
  • Manufactured goods exports rose 15.9% to $49.74 billion
  • Agricultural exports increased by 16.9% to $1.75 billion
  • Mining exports grew 33.7% to $790.1 million
  • Imports of intermediate goods went up 13.3% to $41.66 billion
  • Consumer goods imports excluding petroleum rose 30.4% to $7.13 billion
  • Machinery and equipment imports increased by 8.7% to $5.21 billion
  • January-July deficit at $5.57 billion compared to $7.15 billion in the first seven months of 2023

Mexico recorded a $72 million trade deficit in July, smaller than the previous year’s $645 million deficit. Exports increased by 14.7% to $54.79 billion, while imports rose 13.3% to $54.86 billion. Petroleum exports fell 10.2% to $2.5 billion, with crude oil exports decreasing from 1.07 million barrels a day to 817,000 barrels a day. However, petroleum imports dropped by 15.6% to $3.4 billion. A $827 million surplus in non-petroleum trade helped offset the deficit. Manufactured goods exports rose 15.9% to $49.74 billion, agricultural exports increased by 16.9% to $1.75 billion, and mining exports grew 33.7% to $790.1 million. Imports of intermediate goods used in production chains went up 13.3% to $41.66 billion, while consumer goods imports excluding petroleum rose 30.4% to $7.13 billion and machinery and equipment imports increased by 8.7% to $5.21 billion. The January-July deficit stood at $5.57 billion compared to a $7.15 billion deficit in the first seven months of 2023.

Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about Mexico’s trade deficit, exports, and imports for July, with clear comparisons to previous years and months. It presents the data in a concise manner without any apparent bias or misleading information.
Noise Level: 4
Noise Justification: The article provides relevant information about Mexico’s trade deficit and its components, including exports and imports for various categories. It is clear and concise without any irrelevant or misleading content. However, it could benefit from more analysis of the long-term trends or consequences of these numbers.
Key People: Anthony Harrup (Author)

Financial Relevance: Yes
Financial Markets Impacted: Mexican trade balance and related sectors such as petroleum, manufactured goods, agricultural exports, and machinery and equipment imports
Financial Rating Justification: The article discusses Mexico’s trade deficit and its impact on various sectors of the economy, which is a financial topic. It also mentions changes in exports and imports that can affect financial markets and companies involved in those industries.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification:
Move Size: No market move size mentioned.
Sector: All
Direction: Up
Magnitude: Medium
Affected Instruments: Stocks

Image source: Nan Palmero / https://www.flickr.com/photos/nanpalmero/49571278771/

Reported publicly: www.marketwatch.com