Photo: Oil Price

XINHUA

Mexico’s exports grew by 3.2 percent year-on-year in January, thanks in large part to the manufacturing and petroleum industries, the National Institute of Geography and Statistic (Inegi) announced, Friday, Feb. 28.

The Inegi stated in its report that the value of Mexican exports reached over $33.6 billion in the first month of the year, with almost $31.3 billion corresponding to non-petroleum exports and over $2.3 billion to petroleum exports.

Notwithstanding, Mexico still saw a trade deficit of around $2.4 billion in January, while in January 2019, it saw a deficit of over $4.6 billion.

In a separate report, the country’s second-largest financial group, Banorte, explained that there is currently caution at the international level due to the possibility of disruptions of global supply chains.

The Banorte report said the magnitude of deficit is at its lowest in eight years, which continues to signal the possibility of a relevant structural change.

“This has been boosted specifically by a greater external demand, helping exports, while imports have remained contained, reinforcing a sign of weakness in terms of investment appetite,” the report said.

Mexico’s trade is primarily oriented toward the United States.

Non-petroleum exports from Mexico to the United States grew 1.9 percent year-on-year in January, while the exports to the rest of the world grew by 5 percent during the same period.

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