The Mexican economy closed July 2026 with significant dynamism in foreign trade; however, the trade balance showed a deficit, according to the National Institute of Statistics and Geography (Inegi) .

In the seventh month of the year, the country’s exports totaled 81 billion 420 million dollars (USD) , a rise of 43.7% compared to the same month of 2025, according to the report of the Balance of Trade of Goods of Mexico (BCMM).

Non-oil exports increase

Exports of manufactured goods were the main driver of Mexican exports with 76,306 million dollars, representing an increase of 45.7% year-on-year.

The most significant advances during the period were observed in exports of electrical and electronic equipment and appliances (134%), mining and metallurgy products (27.3%), machinery and special equipment for various industries (13.9%), plastic and rubber products (13.3%), and automotive products (2.4%).

The annual growth in automotive product exports stemmed from a 3.7% increase in sales channeled to the United States and a 3.9% increase in sales to other markets.

In July 2026, the value of agricultural and fishing exports was US$1.32 billion, an 8.6 percent year-on-year decrease. Meanwhile, the value of oil exports was US$1.988 billion year-on-year.

In the January-July period of this year, the value of total exports amounted to 471,387 million dollars , which meant an annual growth of 27.7 percent.

The structure of the value of merchandise exports in the first seven months of the year was manufactured goods with 91.7%, agricultural goods with 2.8%, non-oil extractive products with 2.8% and oil products with 2.7 percent.

Despite the growth in shipments abroad, Mexico ended with a trade deficit of $848 million , which compares to the surplus of $4.06 billion in June.

The decrease in the trade balance between June and July stemmed from a reduction in the non-oil trade surplus and a larger oil trade deficit.

Imports step on the gas

Purchases from abroad grew 45% year-on-year last July , totaling 82 billion 268 million dollars, with a strong increase in intermediate goods , which advanced 56.3% to total 67 billion 132 million dollars at an annual rate.

Imports of capital goods reached $5.607 billion, a 9.9% year-on-year increase, reflecting weak productive investment. Meanwhile, imports of consumer goods reached $9.529 billion, a 9.8% year-on-year increase.

In the period January-July 2026, the accumulated value of total imports was 462 billion 132 million dollars, an amount 25.6% higher than that observed in the same period of 2025.

During the cycle, the value structure of imports consisted of intermediate goods at 80.2%, consumer goods at 12.6%, and capital goods at 7.2%.

Import trends in July 2026 demonstrate Mexico’s dependence on imported goods. However, Mexico maintains a strong performance in exports, which has allowed it to weather the uncertainty generated by global tariffs.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Manufacturing sector sustains Mexico’s exports in July apareció primero en T21.

Mexican exports showed strong dynamism in June 2026, driven mainly by the manufacturing industry, the National Institute of Statistics and Geography (Inegi) announced .

In the sixth month of the year, shipments abroad of Mexican products totaled 72 billion 551 million dollars (mdd) , a growth of 34.4% year-on-year, according to the Mexican Merchandise Trade Balance (BCMM).

These figures show a trade balance surplus of 4.09 billion dollars , compared to the 2.259 billion dollars reported last May.

The increase in the trade surplus between May and June stemmed from an increase in the non-oil trade balance surplus and an increase in the oil trade balance deficit.

For the first six months of 2026, the trade balance showed a surplus of nine billion 857 million dollars , the largest since comparable records have been kept.

According to the report, the increase in Mexican exports stemmed from a 34.1% rise in non-oil exports and a 43.4% increase in oil exports. Within non-oil exports, those destined for the United States increased by 27.2% year-on-year, while those destined for the rest of the world rose by 17.7% annually.

In June 2026,  the value of exports of manufactured products was 67 billion 219 million dollars , an increase of 35.3% year-on-year, with the mining and metallurgy products (40.9%), electrical and electronic equipment and appliances (19.7%), food, beverages and tobacco (14.5%) and automotive products (7.6%) registering the largest increases in the period.

Meanwhile, the annual growth in automotive product exports stemmed from increases of 7% in sales channeled to the United States and 11.3% in those directed to other markets.

This increase reflects the importance of the Mexican automotive industry, both in the North American region and in other parts of the world.

In the first six months of this year, the structure of the value of merchandise exports was manufactured goods with 91.3% , agricultural goods with 3%, non-oil extractive products with 2.9%, and oil products with 2.8 percent.

Imports step on the gas

Imports grew 28% year-on-year last June, totaling $68.461 billion , with a strong increase in intermediate goods, which advanced 30.9% to a total of $54.239 billion.

Imports of capital goods reached 4.829 billion dollars, an annual increase of 8.8%, which represented weak productive investment.

In the first half of 2026, the structure of the value of imports was intermediate goods with 79.9%, consumer goods with 12.8% and capital goods with 7.3 percent.

Import trends in June 2026 demonstrate Mexico’s reliance on imported goods for export growth. However, Mexico maintains a strong performance in its foreign trade, which has allowed it to navigate the uncertainty generated by global tariffs.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Manufacturing industry drives Mexican exports in June apareció primero en T21.

In May 2026, Mexican exports totaled 69 billion 544 million dollars (USD) , which represented an increase of 25.4% compared to the same month of 2025, according to the Mexican Merchandise Trade Balance (BCMM), prepared by the National Institute of Statistics and Geography (Inegi) .

Meanwhile,  the trade balance showed a surplus of $2.259 billion , compared to $4.520 billion in April.

“The reduction in the trade surplus between April and May originated from a smaller surplus in the non-oil trade balance, since the deficit in the oil trade balance remained at a similar level in that same comparison,” Inegi noted.

Export performance

The increase in Mexican exports stemmed from a 25.6% rise in non-oil exports and an 18% increase in oil exports. Within non-oil exports, those destined for the United States increased by 27.2% year-on-year, while those destined for the rest of the world rose by 17.7% annually.

In the fifth month of 2026,  the value of exports of manufactured products was 62 billion 99 billion dollars , representing an increase of 25.1% year-on-year.

The most significant advances were observed in exports of machinery and special equipment for various industries (98.1%), mining and metallurgy products (47.2%), electrical and electronic equipment and apparatus (13.8%), plastic and rubber products (4.3%) and food, beverages and tobacco (4.2%).

Meanwhile, exports of automotive products showed an annual drop of 2.2% , which resulted from a 3.5% decrease in sales channeled to the United States and a 5.7% increase in those directed to other markets.

In May 2026,  the value of agricultural and fisheries exports was US$1.997 billion , representing a 2.2 percent year-on-year increase. The most significant year-on-year growth was recorded in exports of grapes and raisins (65.4%), tomatoes (45.2%), and fresh vegetables and legumes (28.4%).

In the first five months of this year, the structure of the value of merchandise exports was manufactured goods 91%, agricultural goods 3.2%, non-oil extractive products 3%, and oil products 2.8 percent.

Imports are on the rise 

In May 2026,  the value of merchandise imports was $67.285  billion , representing an annual growth of 24 percent.

In the month under comparison, imports of  consumer goods  totaled $8.305 billion, a year-on-year increase of 6.5 percent. Meanwhile, imports  of intermediate goods  reached $54.314 billion, 29.8% higher than the figure reported in May 2025.

Imports  of capital goods  reached 4.667 billion dollars, which implied an annual increase of 1.6 percent.

In the period January-May 2026, the structure of the value of imports was intermediate goods 80.1%, consumer goods 12.6%, and capital goods 7.3 percent.

According to the BCMM results, Mexican foreign trade figures, especially exports, reveal the dynamism that the country has in the North American economy, although on several occasions the President of the United States, Donald Trump, has rejected the entry of Mexican products into the United States.

Just last June 10, Trump reiterated his threats not to continue with the United States-Mexico-Canada Agreement (USMCA) .

“I don’t know if I’m going to renew it because, to be honest, the United States is doing much better. We don’t need anything that Canada has, we don’t need anything that Mexico has, but they need everything we have and they have to treat us better,” the White House occupant stated.

Meanwhile, the negotiating teams from the three USMCA countries are preparing for the review of this trade agreement.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Unstoppable! Mexican exports accelerate in May apareció primero en T21.

Sales of Mexican products abroad during March 2026 were in positive territory, totaling 70 billion 727 million dollars (USD), a growth of 27.7% compared to the same month of 2025 , according to the Mexican Merchandise Trade Balance (BCMM), prepared by the  National Institute of Statistics and Geography (Inegi) .

According to the agency’s timely foreign trade information, a total trade surplus of 5.932 billion dollars was recorded, which contrasts with the deficit of 463 million dollars reported last February .

“The increase in the balance, between February and March, originated from an expansion in the balance of non-oil products and an increase in the deficit of the balance of oil products,” Inegi noted in the report.

According to the figures, Mexican exports have seen 10 consecutive months of annual increases .

The increase in exports during the period was due to a 29.6% rise in non-oil exports and a 20.4% drop in oil exports. Within non-oil exports, those destined for the United States increased by 28.2% year-on-year, while those destined for the rest of the world rose by 36.9%.

Exports of manufactured goods totaled  $64.722 billion , representing a 29.5% increase compared to March 2025.

On an annual basis, the largest increases were recorded in exports of mining and metallurgy products with 61.8%, electrical and electronic equipment and appliances with 17.8%, food, beverages and tobacco with 14.4%, and automotive products with 2 percent.

In turn, the annual increase in automotive product exports resulted from a 3.4% decrease in sales channeled to the United States and a 39.2% increase in those directed to other markets.

In the reference month, oil exports totaled 1.707 billion dollars , which consisted of 1.290 billion dollars of crude oil sales and 417 million dollars of exports of other petroleum products.

Agricultural and fishing exports reached 2.219 billion dollars, an amount that implied an annual increase of 0.7 percent.

The value structure of merchandise exports in the first three months of 2026 was manufactured goods with 91.1%, agricultural goods with 3.3%, non-oil extractive products with 3.1%; and oil products with 2.5 percent.

Imports

In March 2026, the value of merchandise imports was $64.795 billion , representing an annual increase of 24.3 percent.

The National Institute of Statistics and Geography (INEGI) explained that consumer goods imports totaled $8.421 billion, a 19.3 percent year-on-year increase. Meanwhile, imports of intermediate goods reached $51.404 billion, 27.2 percent higher than in March 2015.

Imports of capital goods reached 4.97 billion dollars, which implied an annual increase of 7 percent.

In the period January-March 2026, the accumulated value of total imports was 176 billion 598 million dollars, an amount 18.4% higher than that observed in the same period last year.

In the first quarter of 2026, the structure of the value of imports was intermediate goods with 79.7%, consumer goods with 12.7%, and capital goods with 7.6 percent.

The results published this Monday show a dynamism in Mexican foreign trade that has not slowed down, and on the contrary, continues to grow hand in hand with the manufacturing sector, which has shown resilience in the face of the uncertainty caused by the tariffs promoted by the United States.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Mexican foreign trade is in positive territory; exports grow in March apareció primero en T21.

In January 2026, the shipment of Mexican products abroad maintained the positive trend with which it closed 2025, when in December of last year it registered an annual increase of 17.2 percent, according to the National Institute of Statistics and Geography (Inegi) .

According to figures from the Mexican Merchandise Trade Balance (BCMM), in the first month of 2026, Mexican exports totaled 48 billion 008 million dollars (mdd) , which meant an increase of 8.1% compared to the same month of 2025.

Meanwhile, the trade balance showed a deficit of $6.481 billion , which compares to a surplus of $2.430 billion in December 2025.

Export performance

The increase in Mexican exports stemmed from a 9.8% rise in non-oil exports and a 33.5% decrease in oil exports. Within non-oil exports, those destined for the United States increased by 7.9% year-on-year, while those destined for the rest of the world rose by 19.6% annually.

In the first month of 2026, the value of exports of manufactured products was 43,508 million dollars , representing an advance of 9.4% year-on-year.

The most significant advances were observed in exports of machinery and special equipment for various industries with 65.8%, mining and metallurgy products with 29.9%, metal products for domestic use with 7.3%, and electrical and electronic equipment and appliances with 2.5 percent.

Meanwhile, exports of automotive products showed an annual drop of 9% , which resulted from a decrease of 16.7% in sales channeled to the United States and an increase of 35.9% in those directed to other markets.

In January 2026, the value of agricultural and fisheries exports was US$1.858 billion , representing an 11.6 percent year-on-year decrease. The most significant year-on-year declines were recorded in tomato (34.1%), cucumber (22.9%), and avocado (22.4%) exports.

In the reference month, the structure of the value of merchandise exports was manufactured goods 90.6%, agricultural goods 3.9%, non-oil extractive products 3.2%, and oil products 2.3 percent.

According to the results of Inegi, in January 2026 the northern neighbor concentrated 82.31% of the total exports that Mexico made to the foreign market , with a percentage variation of 7.9% compared to December 2025, and of 8.8% compared to January of last year.

Import behavior

In January 2026, the value of merchandise imports was $54,489 million , representing an annual growth of 9.8 percent.

In the month under comparison, imports of consumer goods  totaled $6.988 billion, a year-on-year decrease of 3.8 percent. Meanwhile, imports  of intermediate goods  reached $43.123 billion, 14.2% higher than the figure reported in January 2025.

Imports of capital goods reached 4.379 billion dollars , which implied an annual decline of 4.4 percent.

During the cycle, the structure of the value of imports was intermediate goods 79.2%, consumer goods 12.8%, and capital goods 8 percent.

Mexican foreign trade figures, especially in exports, reveal the dynamism that the country has in the North American economy, although on several occasions, the President of the United States, Donald Trump, has rejected the entry into the United States of Mexican products and those of other nations by imposing tariffs on them.

Understanding the trade balance is important, as it is a key indicator of a country’s economic health, reflecting the difference between exports and imports, and revealing aspects such as economic growth and competitiveness in international trade.

Comment and follow us on LinkedIn:  @GrupoT21

El cargo Mexican exports start 2026 on the right foot apareció primero en T21.

In September 2025, Mexican exports continued at a good pace despite the tariff measures imposed by the United States on several countries around the world, according to the Mexican Merchandise Trade Balance (BCMM) , prepared by the  National Institute of Statistics and Geography (INEGI) .

In the ninth month of the year, Mexico’s exports totaled $56.488 billion, an annual increase of 13.8% , driven primarily by non-oil exports, marking its best reading in 14 months. However, the trade balance  showed a  deficit of $2.4 billion .

According to the most recent INEGI report, the trade deficit figure compares to the $1.944 billion deficit from last August.

Exports rise

The increase in exports during the period was due to a 14.8% annual increase in non-oil exports and an 11.8% drop in oil exports. Among non-oil exports, those to the United States grew 12.4% annually, and those to the rest of the world grew 28.5%.

Meanwhile, exports of manufactured goods totaled $52.37 billion , an annual increase of 15.7%. The most significant increases were observed in exports of  machinery and special equipment for various industries (76.2%), mining and metallurgical products (12.1%), electrical and electronic equipment and appliances (9.9%), and professional and scientific equipment (8.9%).

Meanwhile, automotive product exports registered a 0.2% annual decline, driven by a 7.2% drop in sales to the United States and a 51.2% increase in sales to other markets.

The value of agricultural and fishing exports was US$1.291 billion , an amount that represented an annual decrease of 14.5 percent.

In September 2025, the value of oil exports was $1.667 billion, comprised of $1.223 billion in crude oil sales and $444 million in exports of other petroleum products.

Between January and September of this year, the value structure of merchandise exports was as follows: manufactured goods accounted for 91.2%, petroleum products for 3.4%, agricultural goods for 3.4%, and non-petroleum extractive products for 2%.

Imports also advance

In September 2025, the value of merchandise imports was $58.887 billion , representing an annual increase of 15.2 percent.

In the reference month, consumer goods imports totaled $8.814 billion, an annual increase of 5.6 percent. Meanwhile, intermediate goods were imported for a value of $45.458 billion, 19.6% more than reported in September 2024.

Meanwhile, imports of capital goods reached $4.615 billion, representing an annual decline of 3.2 percent.

In the period January-September 2025, the cumulative value of total imports was US$484.57 billion , 2% higher than that observed in the same period in 2024.

In the first nine months of the year, the value structure of imports was intermediate goods (76.9%), consumer goods (14.5%), and capital goods (8.6%).

Figures released Monday by INEGI show a strong performance of Mexican exports in the ninth month of 2025, with four months of growth. However, the trade balance continues to trend downward, with a deficit of $1.944 billion in August.

“The widening of the trade deficit between August and September stemmed from a reduction in the non-petroleum products balance and a similar deficit in the petroleum products balance,” INEGI stated.

Comment and follow us on X:  @GrupoT21

El cargo Mexican exports advance in September; trade balance registers deficit apareció primero en T21.

In August 2025, Mexican merchandise exports reached 55.718 billion dollars (mdd) , which represented an annual increase of 7.4% , however, the  trade balance  showed a deficit of 1.944 billion dollars , derived, in part, from the United States tariff policy.

According to the  National Institute of Statistics and Geography (INEGI) , in its most recent report on the  Mexican Merchandise Trade Balance (BCMM) , the trade deficit figure compares with the $17 million deficit from last July.

“The widening of the trade deficit between July and August stemmed from a reduction in the surplus in the non-oil products balance and a larger deficit in the oil products balance,” the organization emphasized.

Exports increase

The increase in exports during the period was due to an 8.9% increase in non-oil exports and a 26.3% drop in oil exports. Among non-oil exports, those to the United States grew 7.4% annually, and those to the rest of the world grew 16.8%.

Exports of manufactured goods totaled  $51.705 billion , a 9% annual increase. The most significant increases were observed in exports of machinery and special equipment for various industries (69.3%), professional and scientific equipment (9.9%), and optical photography and watchmaking equipment (4.2%).

Automotive exports, meanwhile, registered a 1.2% annual decline , driven by a 5.9% drop in sales to the United States and a 29.1% increase in sales to other markets.

Agricultural and fishing exports totaled  $1.24 billion, a 14.3 percent annual decline. During the period, oil exports totaled $1.638 billion. This amount was comprised of $1.159 billion in crude oil sales and $479 million in exports of other petroleum products.

In the January-August period, the value structure of merchandise exports was comprised of manufactured goods (91%), agricultural products (3.5%), petroleum products (3.5%), and non-petroleum extractive products (2%).

Imports decline

In the eighth month of the year, the value of merchandise imports was $57.662 billion , representing an annual decrease of 0.2 percent.

INEGI (National Institute of Statistics and Geography) reported that consumer goods imports totaled $8.388 billion, a 5.8 percent annual decrease. Meanwhile, intermediate goods were imported for a value of $44.579 billion, 1.8% more than reported in August 2024.

Capital goods imports reached $4.695 billion, representing an annual decline of 7.4 percent.

In the January-August 2025 period, the cumulative value of total imports was $425.68 billion, 0.4% higher than the same period in 2024.

In the first eight months of 2025, the value structure of imports was intermediate goods (76.9%), consumer goods (14.4%), and capital goods (8.7%).

According to figures released Friday by the National Institute of Statistics and Geography (INEGI), Mexican exports posted three months of growth in August, although the trade balance continues to trend downward, with a $17 million deficit also recorded in July.

This amount comes amid uncertainty stemming from the United States’ tariffs, which are now seeking to impose a 25% tax on heavy vehicles imported from other parts of the world, which is expected to take effect on October 1.

Comment and follow us on X:  @GrupoT21

El cargo Mexican exports avoid tariffs; increase in August apareció primero en T21.

According to the  Mexican Merchandise Trade Balance (BCMM) , this increase represents one of the best figures since records began for a sixth month of the year.

The increase in exports was due to a 12.4% increase in non-oil exports and a 30.4% drop in oil exports . Within non-oil exports, those to the United States grew 15% annually, and those to the rest of the world grew 0.8%, the agency detailed.

Meanwhile, shipments of manufactured goods abroad totaled  $49.684 billion , representing an annual increase of 13.5%.

The largest annual increases were in exports of machinery and special equipment for various industries (55%), professional and scientific equipment (23.4%), mining and metallurgy products (19.3%), electrical and electronic equipment and appliances (6.6%), and automotive products (4.5%).

The increase in automotive product exports was driven by a combination of a 6% increase in sales to the United States and a 2.6% decrease in sales to other markets.

Agricultural and fishing exports reached US$1.711 billion, a 2.2 percent annual decline. In June 2025, the value of oil exports was US$1.458 billion, with crude oil contributing US$984 million.

In the January-June period of this year, the value structure of merchandise exports consisted of manufactured goods (90.5%), agricultural goods (3.9%), petroleum products (3.6%), and non-petroleum extractive products (2%).

Trade balance shows surplus

In June 2025, Mexico had a trade surplus of $514 million . This balance compares with the $1.232 billion surplus recorded last May.

The decline in the trade surplus between May and June was driven by a reduction in the surplus in the non-oil products balance—which fell from $3.139 billion in May to $2.982 billion in June—and a larger deficit in the oil products balance—which fell from $1.907 billion to $2.467 billion in the same period.

In the first six months of 2025, the trade balance showed a surplus of $1.433 billion.

Imports grow

The value of merchandise imports in June 2025 was $53.487 billion , representing an annual increase of 4.4 percent.

Imports of intermediate goods totaled $41.446 billion, a 6.9% increase compared to the figure reported in June 2024. Meanwhile, imports of capital goods reached $4.438 billion, an annual decrease of 8.4%.

In the first half of 2025, the cumulative value of total imports was $311.296 billion, 0.2% higher than the same period in 2024. During the cycle, the value structure of imports was intermediate goods (77%), consumer goods (14.2%), and capital goods (8.8%).

The increase in Mexican exports last June was driven by manufactured goods, in line with estimates by INEGI in its Timely Monthly Indicator of Manufacturing Activity (IMOAM) report , which predicted a 0.3% increase in this activity in Mexico.

According to the Ministry of Economy , in the first quarter of 2025, Mexico totaled $21.4 billion in Foreign Direct Investment (FDI) , of which 43.2% was concentrated in the manufacturing sector, mainly in the transportation equipment, beverage and tobacco, and chemical industries, among others.

Comment and follow us on X:  @GrupoT21

El cargo Mexican exports grow in June, driven by manufacturing apareció primero en T21.

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.

Comment and follow us on X:  @GrupoT21

El cargo Tariffs hit Mexican exports in May; trade balance shows surplus apareció primero en T21.

In April 2025, Mexican exports reached  54.296 billion dollars (mdd) , 5.8% more compared to the same month in 2024, although the trade balance showed a deficit of 88 million dollars in the fourth month of the year, partly caused by the trade tensions unleashed by the United States tariff war, reported 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 to the $3.442 billion surplus reported in March.

This decline “resulted from a reduction in the non-petroleum products balance and a larger deficit in the petroleum products balance,” INEGI emphasized.

Exports, with positive figures

The increase in exports was due to a 6.6% increase in non-oil exports and a 13.2% decrease in oil exports. Among non-oil exports , those to the United States grew 5.7% annually, and those to the rest of the world grew 11.7%, the agency detailed.

Meanwhile, shipments of manufactured goods abroad totaled $49.015 billion , representing an annual growth of 6.6% .

The largest annual increases were in exports of machinery and special equipment for various industries (62.5%), household metal products (18.8%), professional and scientific equipment (18.5%), electrical and electronic equipment and appliances (6.4%), and mining and metallurgy products (2.5%).

Meanwhile, automotive product exports reported a 7.1% annual decline, driven by an 8% drop in sales to the United States and a 1.3% drop in sales to other markets.

Meanwhile, agricultural and fishing exports reached $2.233 billion , representing a 7.1 percent annual decline. During the period, oil exports totaled $1.833 billion, with crude oil contributing $1.265 billion.

In the first four months of 2025, the value structure of merchandise exports was manufactured goods with 89.9% , agricultural goods with 4.4% , petroleum products with 3.7% , and non-petroleum extractive products with 2 percent .

Imports decrease

In April 2025, the value of merchandise imports was $54.384 billion , representing an annual decrease of 1.2 percent . This rate resulted from a 14.3% drop in imports of non-oil consumer goods and a 75.5% increase in imports of oil consumer goods.

INEGI reported that intermediate-use goods worth $41.749 billion were imported , 1.9% more than what was reported in April 2024.

Imports of capital goods reached 4.731 billion dollars , which implied an annual reduction of 18.8 percent .

In the first four months of 2025, the cumulative value of total imports was $202.54 billion , 0.6% higher than the same period last year.

In the period January-April of this year, the value structure of imports was intermediate goods with 77.1% , consumer goods with 13.9% and capital goods with 9 percent .

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 and is currently on hold.

If this continues, analysts and credit rating agencies have estimated that Mexico could enter an economic recession.

The World Bank (WB)  lowered its economic growth forecast for Mexico from  1.5%  to  0%  for this year. Meanwhile, the  International Monetary Fund (IMF) forecasts a 0.3% contraction  in Mexico’s Gross Domestic Product (GDP), which could lead to a recession in the country by 2025.

Comment and follow us on X: @GrupoT21

El cargo Mexican exports grow in April; trade balance shows deficit: INEGI apareció primero en T21.