In February 2025, Mexico’s total exports reached 49.28 billion dollars (mdd) , which meant a decrease of 2.9% compared to the same month of 2024, while the trade balance showed a surplus of 2.212 billion dollars in the second month of the year, as announced this Thursday by the National Institute of Statistics and Geography (Inegi) .
In its most recent report on Mexico’s Merchandise Trade Balance , the agency detailed that the drop in exports was the result of a 24.6% annual decline in oil exports and a 1.7% drop in non-oil exports.
Within non-oil exports, those directed to the United States decreased by 0.2% and those channeled to the rest of the world fell by 9.5 percent .
In the reference month, exports of manufactured products amounted to 44.24 billion dollars , which represented an annual drop of 1.8 percent .
The most significant reductions were observed in exports of automotive products (15.2%) , textile products, clothing and leather goods (14.4%) , steel products (7%) and chemical products (6.1%) .
In turn, the annual decline in automotive exports was the result of a 10.7% drop in sales to the United States and a 40.2% drop in sales to other markets.
In the second month of 2025, the value of agricultural and fishing exports was 2.18 billion dollars , which implied an annual reduction of 6.1 percent .
Meanwhile, in the first two months of this year, the value of total exports totaled $93.726 billion , representing an annual growth of 0.9 percent .
Imports
Inegi also revealed that in the second month of 2025 the value of imports was 47.067 billion dollars , which represented an 8.3% decline at an annual rate.
This figure was the result of an 8.6% decrease in non-oil imports and a 3% decrease in oil imports.
Inegi detailed that imports of consumer goods amounted to six thousand 427 million dollars , which meant an annual decrease of 10.1 percent .
This rate was driven by a 9.6% reduction in imports of non-oil consumer goods and a 13.4% reduction in imports of oil consumer goods.
Meanwhile, intermediate goods worth US$36.266 billion were imported , representing a 7.5% decrease compared to February 2024.
Meanwhile, imports of capital goods reached $4.374 billion , an annual decline of 11.9 percent .
In the January-February 2025 period, the value structure of imports was as follows: intermediate goods, 77% ; consumer goods, 13.7%; and capital goods, 9.3% .
Trade balance
According to INEGI (National Institute of Statistics and Geography), in February 2025, Mexico had a trade surplus of $2.212 billion . This balance compares with the $4.558 billion deficit reported last January.
The increase in the trade balance between January and February was due to an increase in the non-petroleum products balance and a lower deficit in the petroleum products balance, the agency explained.
These figures come in the context of threats from US President Donald Trump , who on March 26 announced the imposition, starting April 2, of 25% tariffs on vehicle imports entering the United States from several countries around the world, including Mexico and Canada.
It’s worth remembering that Trump is also seeking to impose tariffs of up to 25% on various Mexican products , a measure that was paused until April 2, but only for goods covered by the United States-Mexico-Canada Agreement (USMCA) .
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