Mexico's exports grew 3.2 per cent year on year in January, thanks in large part to the manufacturing and petroleum industries, the National Institute of Statistics and Geography (INEGI) has announced.
The INEGI said in its report that the value of Mexican exports reached over 33.6 billion US dollars in the first month of the year, with almost 31.3 billion corresponding to non-petroleum exports and over 2.3 billion to petroleum exports.
However, Mexico still saw a trade deficit of around 2.4 billion dollars in January, while in January 2019, it saw a deficit of over 4.6 billion dollars, reports Xinhua.
In a separate report, the country's second largest financial group Banorte explained that there is currently caution at the international level due to the possibility of disruptions of global supply chains.
The Banorte report said the magnitude of deficit is at its lowest in eight years, which continues to signal the possibility of a relevant structural change.
"This has been boosted specifically by a greater external demand helping exports, while imports have remained contained, reinforcing a sign of weakness in terms of investment appetite," it added.
Mexico's trade is primarily oriented towards the United States. Non-petroleum exports from Mexico to the United States grew 1.9 per cent year-on-year in January, while the exports to the rest of the world grew 5.0 per cent in the first month of the year.