Mexico’s total exports reached $56.708 billion in July 2025, representing a 4% increase compared to the same month in 2024, although the trade balance showed a deficit of $17 million in the seventh month of the year, partly due to the United States’ tariff policy, according to the National Institute of Statistics and Geography (INEGI) .
In its most recent report on Mexico’s Merchandise Trade Balance (BCMM) , the agency detailed that the trade deficit figure compares with the $514 million surplus reported last June.
“The decline in the trade balance between June and July was due to a reduction in the surplus in the non-petroleum products balance and a smaller deficit in the petroleum products balance,” INEGI reported.
Exports grow
The increase in exports during the period was due to a 5.2% increase in non-oil exports and a 23% drop in oil exports. Among non-oil exports, those to the United States grew 3.9% annually, and those to the rest of the world grew 12.2%.
Shipments of manufactured goods abroad totaled $52.373 billion , representing an annual growth of 5.3% .
The largest annual increases were in exports of machinery and special equipment for various industries (28.7%), professional and scientific equipment (17%), electrical and electronic equipment and appliances (10.2%), domestic metal products (8%), and mining and metallurgy products (4.2%).
Meanwhile, automotive product exports registered a 7% annual decline, driven by a 9.2% drop in sales to the United States and a 4.9% increase in sales to other markets.
Agricultural and fishing exports reached US$1.504 billion , an annual decline of 5.6 percent . During the period, oil exports totaled US$1.866 billion, comprised of US$1.355 billion in crude oil sales and US$511 million in exports of other petroleum products.
The value structure of merchandise exports in the first seven months of 2025 was comprised of manufactured goods (90.8%), agricultural goods (3.7%), petroleum products (3.5%), and non-petroleum extractive products (2%).
Imports on the rise
In the reference month, the value of merchandise imports was $56.724 billion , which represented an annual growth of 1.7 percent .
INEGI explained that intermediate-use goods worth $42.943 billion were imported, 2.5% more than what was reported in July 2024.
Capital goods imports reached $5.101 billion, representing an annual decrease of 2.2 percent.
In the period from January to July 2025, the cumulative value of total imports was $368 billion , 0.5% higher than that observed in the same period last year.
In the first seven months of this year, the value structure of imports was intermediate goods (76.8%), consumer goods (14.4%), and capital goods (8.8%).
According to figures released Wednesday by INEGI, this would be the first deficit in two months, since in May and June, the trade balance showed surpluses of $1.231 billion and $514 million, respectively.
This amount comes amid uncertainty caused by tariffs imposed by the United States, which has led to a global trade reconfiguration.
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