After at least four consecutive annual declines, imports of finished steel products into Mexico increased 3.1 percent, year-over-year, in March to 1.03 million metric tons (mt). Despite the rise in imports, the overall trade flow registered its fifth consecutive annual drop, according to data from the Mexican Chamber of the Iron and Steel Industry (Canacero) reviewed by SteelOrbis.
In March, the flow of international trade in finished steel products from Mexico totaled 1.36 million mt, 7.9 percent or 116,000 mt less than in the same month of 2022, the fifth consecutive annual drop.
Imports contributed 75.9 percent of the total flow of international trade, while the remaining 24.1 percent of the trade flow is provided by exports.
Foreign sales totaled 327,000 mt, 31.0 percent less than in March last year. This reduction, accompanied by the increase in imports, meant that for each exported ton of finished products from Mexico, 3.1 mt were imported.
The three main buyers of Mexican steel accounted for 89.9 percent, of which the United States contributed 80.1 percent, Colombia 5.5 percent, and Guatemala 4.3 percent.
On the import side, Mexico's five major trading partners in finished steel products contributed 82.7 percent, with the United States standing out with 37.0 percent of the total, followed by South Korea with 16.6 percent, and Japan with 12.4 percent, China with 10.6 percent, and Germany with 6.0 percent.