Uncertainty over the United States tariff policy has impacted Mexican exports, which totaled $55.476 billion in May 2025, representing a 0.4% drop compared to the same month in 2024, reported the National Institute of Statistics and Geography (INEGI) .
This decrease was due to a drop in oil exports, as well as vehicle exports, INEGI indicated.
In its most recent report on Mexico’s Merchandise Trade Balance (BCMM), the agency detailed that oil shipments abroad showed a 35.2% reduction, although non-oil shipments also grew by 1.8%.
Among non-oil exports, those to the United States grew 0.9% annually, and those to the rest of the world grew 6.5%, INEGI reported.
The value of manufactured goods exports reached $50.34 billion, representing a 1.5% annual increase in the fifth month of the year.
The largest increases were in exports of machinery and special equipment for various industries (53.1%) and professional and scientific equipment (3.3%).
Meanwhile, automotive product exports registered a 9% annual decline, resulting from a 10.3% drop in sales to the United States and a 0.8% drop in sales to other markets.
In May 2025, oil exports were valued at $2.055 billion, while agricultural and fishing exports were valued at $1.95 billion, representing a 6.6 percent annual decline.
During the first five months of the year, the value structure of merchandise exports was comprised of manufactured goods (90.1%), agricultural goods (4.2%), petroleum products (3.7%), and non-petroleum extractive products (2%).
Meanwhile, during the reference period, the value of total exports totaled $259.025 billion , representing an annual increase of 3.4 percent.
Imports increase
In May 2025, the value of merchandise imports was $54.447 billion , representing an annual increase of 1.4%, revealed Inegi.
In that month, imports of consumer goods totaled $7.799 billion, an annual decrease of 0.5 percent. This rate resulted from an 8.1% drop in imports of non-petroleum consumer goods and a 58.3% increase in imports of petroleum consumer goods (gasoline, butane, and propane).
Meanwhile, intermediate goods valued at $42.056 billion were imported, a level 4% higher than that reported in May 2024. Meanwhile, capital goods imports reached $4.592 billion, a 15% annual decline.
In the period from January to May 2025, the value of total imports was $256.987 billion, 0.8% higher than the same period in 2024.
INEGI reported that in the first five months of this year, the value structure of imports was comprised of intermediate goods (77.1%), consumer goods (14%), and capital goods (8.9%).
Trade balance with surplus
According to INEGI (National Institute of Statistics and Geography), Mexico had a trade surplus of $1.029 billion in May 2025. This balance compares with the $88 million deficit reported last April.
The increase in the trade balance between April and May was due to an increase in the surplus of the non-oil products balance, which went from 2.783 billion dollars in April to 3.139 billion dollars in May—and a smaller deficit in the oil products balance—which went from 2.872 billion dollars to 2.109 billion dollars, in the same comparison.
Mexico, like other countries, is experiencing a period of uncertainty caused by the United States’ tariff war, which has imposed taxes on goods imported from other nations around the world.
Adding to this situation is a rising inflationary context, as the National Consumer Price Index (INPC) , which measures the price variation of a basket of goods and services, stood at 4.51% at an annual rate in the first half of June.
Also added is a 0.3% drop in Mexico’s economic activity , derived from a slowdown in the manufacturing industry, as well as a decrease in Mexican consumption, as considered by the Fitch Ratings rating agency , who warned that the acquisition of goods and services will remain weak throughout 2025.
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