Mexico's exports have fallen dramatically in April: drop of 40.9%

The coronavirus pandemic and the unemployment of economic activities led Mexico's exports to fall 40.9% annually in April, the deepest since 1992, the year Inegi has registered.

Mexican exports have fallen historically in April: 40.9%
Mexican exports have fallen historically in April: 40.9%

Meanwhile, imports fell 30.5% annually, their fifth steepest decline since Inegi published trade balance data.

The total value of exports was 23,348.8 million dollars, while that of imports was 26,472.2 million dollars; with this, the balance of the commercial balance was in deficit by 3,087.4 million dollars.

The results show the effects of the confinement caused by the COVID-19, being April the month in which the outbreak of the pandemic in Mexico was accentuated and forced to stop activities considered as non-essential.

Within exports, oil companies had a fall of 66.4% annually, to $758 million dollars, and non-oil fell 39.4% to $22,626.8 million dollars in April, compared to the same month of 2019.

The drop in oil exports is the deepest since July 1986, when it was 67.6%.

On the side of imports, oil companies sank 53% to $2,036.8 billion dollars, and non-oil companies fell 27.6% to $24,435.4 million dollars, said Inegi.

The decline in oil imports was the deepest since 2009, when they fell 54.8%.