The value of total exports of the steel industry in Mexico in February decreased 1.1 percent, year-over-year, to $1.1 billion, the eighteenth consecutive annual decline. Imports registered the fourth consecutive annual decline, according to SteelOrbis analysis of data from the national statistics office Inegi.
In February, imports of finished steel products decreased to $2.5 billion, 4.1 percent less than the same month in 2023. It was the sixth consecutive month that imports are below $3.0 billion monthly.
In February, Mexico's trade flow of finished steel products with the world reached $3.6 billion, well below the $4.6 billion of the historical record in June 2022.
In the first two months, the value of exports decreased 4.2 percent, totaling $1.9 billion, imports totaled $4.9 billion, 5.1 percent or $261 million less compared to the January-February period of last year.
The Mexican steel market is in deficit and in the last 30 years the trade balance has been in deficit for the country. In February, the deficit was $1.43 billion and in the first two months it was $2.9 billion, figures that meant annual decreases of 6.3 and 5.7 percent, in the same order, compared to their respective periods of 2023.