Photo: Dan Hang/Xinhua

XINHUA

Mexican exports grew by 18.8 percent year-on-year in the first half of 2022, driven by oil and manufacturing shipments, the National Institute of Statistics and Geography (Inegi) reported Wednesday, July 27

The total value of exports reached $280.77 billion between January and June, according to the monthly Merchandise Trade Balance report.

Meanwhile, imports into Mexico grew by 25 percent year-on-year during those six months to reach $293.71 billion, leaving Mexico a trade deficit of $12.94 billion.

Mexico’s oil exports increased by 59.9 percent year-on-year, largely due to high crude oil prices, according to the Inegi.

In June alone, the average price of Mexico’s heavy export crude stood at $108.98 per barrel, $42.05 higher than in June 2021.

In the meantime, manufacturing exports rose 17.3 percent year- on-year in the first six months to $243.93 billion.

The lion’s share of Mexico’s exports are to the United States, its neighbor and main trade partner.

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