The Mexican steel industry consolidated its brand as a net importer recently, in that for every dollar that is exported, $2.20 is imported. Thus, the country registered new historical records in its trade balance with deficits of $1.405 billion in October and $14.29 billion in the accumulated 10 months, figures that represent annualized increases of 14.4 and 13.4 percent, respectively.
Data from Banco de México, reviewed by SteelOrbis, also shows that for every dollar of imported steel products, the country exports only $0.45.
It is important to note that unlike the United States, foreign trade statistics in Mexico are reported only in value; volume totals are available after one year from the Ministry of Finance, the Bank of Mexico and Inegi.
Imports, which doubled the value of exports, totaled $2.62 billion in October and accumulated $27.53 billion, 5.7 and 22.9 percent more, compared to the year-on-year. The value from January to October also marks a new historical record for a similar period.
In annual comparison, exports weakened in September and October with falls of 3.1 and 2.9 percent, year on year. This broke a 19-month streak of continuous growth.
Exports totaled $1.21 billion in October. The accumulated total was $13.24 billion, 35.1 percent more, compared to January-October of last year. It is the highest figure in a decade, surpassed by $14.92 billion for a similar period in 2012.