The value of imports of finished steel products to Mexico decreased 11.8 percent in July, year-over-year, to $2.67 billion. It is the third consecutive annual decline and the eighth decline in the last 12 months, according to SteelOrbis' analysis of data from the national statistics office Inegi.
As SteelOrbis reported at the time, in May and June, the value of imports went into negative territory due to the problems of some steel businessmen to Mexico in obtaining permits under the new rules of the Mexican government since April 15 due to the failures in the operation of the Ministry of Economy.
On the side of exports of finished steel products, they remain in the negative trend of the last 23 months (since September 2022). In July they decreased 9.9 percent, year-over-year, to $904 million.
In the last 12 months, this is the sixth time that exports have been below $1.0 billion per month.
Mexico's trade flow of finished steel products with the world reached $3.58 billion, 11.3 percent less, year-over-year. In addition, it was well below the $4.55 billion of the historic record of June 2022.
In the accumulated amount to July, the value of exports decreased 8.2 percent to total $6.90 billion, imports totaled $17.82 billion, 12.7 percent or $2.6 billion less than the January-July period of last year.
In July, the trade balance of the Mexican steel industry was in deficit by $1.77 billion, 12.7 percent less than the same month last year. In the accumulated amount, the deficit was $10.92 billion, 15.2 percent less than the January-July period of last year.