MEXICO CITY, Jan. 28 (Xinhua) -- Mexico's exports fell 9.3 percent in value in 2020 due to the novel coronavirus (COVID-19) pandemic, the National Institute of Statistics and Geography (INEGI) reported on Thursday.

People view exhibited cars during a charity event in Mexico City, capital of Mexico, March 12, 2017. (Photo: Xinhua)

Mexico, Latin America's second largest economy after Brazil, generated 417.67 billion U.S. dollars in exports last year, according to INEGI's merchandise trade balance report.

Despite the drop in exports, the sector still saw a record trade surplus of 34.476 billion U.S. dollars in 2020, as imports fell 15.8 percent last year, to 383.194 billion U.S. dollars, according to the report.

Mexico's exports go mainly to the United States, its northern neighbor and leading trade partner, with almost 90 percent of its total exports consisting of manufactured goods such as automobiles, electronic equipment and appliances, among others.

In responding to the report, Mexico's Monex financial group noted exports have been the driving force behind the Mexican economy's recovery in the second half of 2020.

"The figures released today show that our country's foreign trade is in good shape heading into 2021 and is resilient in the face of the resurgence of COVID-19," it said.

"Although we expect monthly variations in exports and imports to gradually slow down, we consider that the total volume for this year will be higher than 2020 and 2019, (with exports) being the first component of aggregate demand to recover," the group said.