NON-OIL MEXICAN EXPORTS, WITHOUT BRAKE DESPITE COVID-19
Apr 29, 2020 10:46 AM

These shipments of goods abroad (except for oil) were worth 37,159.5 million dollars (mdd) in March 2020, just 1.3% higher than the same month of 2019, but the highest record for a March in history of Mexican non-oil exports, as shown by data from the National Institute of Statistics and Geography (Inegi).

This rise in Mexican non-oil exports occurs at a time when the local and global economy are semi-paralyzed, derived from the actions that governments have imposed to mitigate the spread of the coronavirus, as the brake on all activities that are considered not essential.

Until the past March 30, the Mexican government activated the declaration of a health emergency due to force majeure, due to the COVID-19 crisis, with which only essential activities could continue to be carried out; but the non-essential ones, such as the automotive industry, one of those that contribute most to exports, had already carried out the suspension days or weeks before.

Inegi data also show that, in the accumulated of the first quarter of 2020, non-oil exports totaled a value of 103 thousand 330.7 million dollars, 2.3% above what was registered in the same period of 2019.

TOTAL EXPORTS

In the case of total merchandise exports (considering oil and non-oil), during March of this year a value of 38 thousand 399 million dollars or an annual variation of -1.6% was registered, which is explained by the drop of 47.1% in oil exports, which barely totaled 1,239.5 million dollars.

The latter amount was made up of $ 1,021 million in crude oil sales and $ 218 million in exports of other oil products.

The Inegi indicated that, last March, the average price of the Mexican mix of export crude oil stood at $ 29.12 per barrel, a figure lower by $ 19.43 compared to the previous month and $ 29.79 compared to that of March 2019.

Likewise, regarding the volume of crude oil exported, it was located in the reference month at 1,131 million barrels per day, a level higher than the 1,093 million barrels per day in February, but lower than the 1,150 million barrels per day in March a year before.

In sum, in the quarterly accumulated, January-March 2020, total exports reached a value of 108 thousand 686.4 million dollars, a figure 0.6% higher than that registered in the same quarter of the previous year, according to data of the Inegi.


MORE DATA

When reviewing activity, in March and the first quarter of this year, within non-oil exports, the results reflect still positive numbers, except in the case of manufacturers, specifically for automotive companies.

Agricultural exports

 March: $ 2,130.2 million (annual variation of 22.3%)

First quarter: 5,472.2 (10.2%)

 Extractive March 705.6 (19.3%)

First quarter: 1,697.4 (15.6%)

Manufacturing March: 34,323.7 (-0.1%)

First quarter: 96,161.1 (1.6%)

 Manufacturing (automotive)

 March: 12,621.9 (-5.0%)

 First quarter: 34,848.4 (1.8%)

Manufacturing (non-automotive)

 March: 21,701.8 (3.1%)

 First quarter: 61,312.7 (1.6%)

Source:T21
NON-OIL MEXICAN EXPORTS, WITHOUT BRAKE DESPITE COVID-19