The value of imports of steel products to Mexico registered a new all-time high in May with $3.25 billion, up 12.5 percent, year-over-year. The trade deficit also set a new all-time high at $2.12 billion, according to SteelOrbis' analysis of data from national statistics office Inegi.
The previous import record was in August 2022 at $3.04 billion. May also marks the fourth time in the history of the Mexican steel market that imports exceed $3.0 billion.
The national market has negatively affected by one of the largest steel companies: Altos Hornos de México (AHMSA), with an annual capacity of 5.5 million metric tons of steel, which has not produced steel since the beginning of the year due to insolvency.
Under this scenario, exports of steel products recorded the ninth annual drop in May, decreasing 20.7 percent, year-over-year, to $1.14 billion.
Mexico’s total steel trade flow totaled $4.39 billion in May, up 1.5 percent, year-over-year. That value was 3.6 percent below the all-time record of $4.55 billion in June 2022.