Mexico exported products worth 47,479.5 million dollars in April, which represented a growth of 16% year-on-year, which was driven above all by the oil sector, the Inegi reported on Wednesday.

Considering its two major divisions, non-oil Mexican foreign sales rose 12.4%, to 43,654.8 million dollars; while the oil companies climbed 81.3%, to 3,824.7 million.

The rise in oil exports is linked above all to prices. According to the Ministry of Finance, the geopolitical conflict between Russia and Ukraine has exacerbated upward pressures on the prices of food and raw materials, and could generate shortages of key industrial inputs for the manufacturing industry, and in particular global automotive production. .

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Of the total Mexican manufacturing exports in April, automotive grew only 5.2%, to 13,255.2 million dollars; while non-automotive companies increased 16%, totaling 27,596.1 million.

Mexico has not been immune to the economic shock of the adverse pandemic or to the complex global context. In the first quarter of the year, the effects of the Ómicron variant were reflected in the tertiary sector due to the reduction in capacity in restaurants, hotels, bars and tourist activities in general.

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Likewise, the Ministry of Finance considers that the shortage of industrial supplies, and the temporary closure of some factories due to new outbreaks of contagion, could limit global economic growth during the rest of the year.

However, in this framework and considering a growth of Mexico's GDP of 3.4% in the official projection for 2022, Mexican exports of products remain an engine of the economy, although with a tendency to slow down (they grew 27.7% in February and 20.6% in March, at annual rates).

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Original note