Mexico’s Trade: Lower Deficit Expected

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El Heraldo de México

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Publicado: 24/10/2024 · 9:14 a.m. MX | Actualizado: 24/10/2024 · 9:14 a.m. MX

The Economic Commission for Latin America and the Caribbean (ECLAC) stated that Mexico’s total trade deficit in 2024 is expected to decrease from 19 billion dollars to 5 billion dollars, supported by Mexico’s high industrial capacity and nearshoring.

In a press conference during the presentation of the report Perspectives on International Trade in Latin America and the Caribbean, José Manuel Salazar-Xirinachs, ECLAC’s executive secretary, explained that while the value of goods exports in the region is recovering with a 4% increase.

He pointed out that “in terms of services, Mexican exports saw an 11% increase in the first half of this year, while service imports reported a negative growth rate of -11%, due to lower demand.”

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Regarding goods, Salazar-Xirinachs revealed that imports are projected to see a 3% increase in value. Accordingly, Mexico’s goods trade deficit is expected to rise from 6 billion dollars to 13 billion dollars this year.

As for services in 2024, he said that export growth is expected to reach 16%, while imports are projected to decline by 6%.

He highlighted that Mexico’s progress “is due to its geographical position, high industrial capabilities, and vast network of trade agreements, positioning the country ideally for the ongoing trade reconfiguration.”

He also noted that the challenge for Mexico “is to understand what policies the new U.S. government will adopt toward Mexico and the world regarding trade, especially in relation to nearshoring.”

Nota publicada originalmente en El Heraldo de México.

El Heraldo de México