According to data from the U.S. Department of Commerce , total trade between the United States and Mexico reached $71.7747 billion in October. Meanwhile, trade between the U.S. and Canada totaled $58.8335 billion, and trade with China reached $31.7949 billion.

In the month under review, Mexico exported goods to the United States worth $44.578 billion . Compared to September 2024, this represents a 0.9 percent increase. Mexican exports to the United States surpassed those of Canada and China, which totaled $31.9053 billion and $23.4147 billion, respectively.

In terms of imports, Mexico also positioned itself as the main destination for US products, with $27,196.3 million in September 2025, a 4% decrease compared to the same period in 2024. Meanwhile, the value of US merchandise imports to Canada was $26,928.2 million, while imports to China totaled $8,380.2 million during the same period.

Cumulative figures up to September, with positive numbers

In the period from January to September 2025, Mexico consolidated its position as the United States’ main trading partner, with a total of $653,080.7 million . Canada totaled $545,181.6 million, while China totaled $324,399.1 million.

Mexico was also the top supplier to the United States among the three countries, with $399,473.3 million . It was followed by Canada with $291,705.4 million, and China with $242,437.5 million.

While US imports to Mexico totaled $253,607.4 million, this was just above those to Canada at $253,476.2 million and far above those to China at $81,961.6 million.

The trade balance for the period reflected surpluses in all three cases. China totaled $160,475.9 million, followed by Mexico with $145,866 million, and Canada with $38,229.1 million , showing a significant difference in the impact of each country.

Mexico’s performance last September reflected the country’s trade dynamics, due in part to the suspension of an additional tariff while waivers are negotiated under the United States-Mexico-Canada Agreement (USMCA) , which will be reviewed in July 2026.

It also underlines the importance of Mexico in the regional economy, which continues to adapt to the changes generated by the protectionist trade policy of the United States.

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MEXICO REGISTERS TRADE SURPLUS IN OCTOBER, IMPROVING BALANCE COMPARED TO THE PREVIOUS YEAR

Inegi reported that growth is observed in non-oil exports.

T21 Editorial

November 27, 2024

Economy

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Mexico recorded a trade surplus of US$371 million (mdd) in October 2024 , this result compares favorably with the deficit of US$369 million recorded in the same month of the previous year, according to the most recent data from the National Institute of Statistics and Geography (Inegi) .

In this sense, the figure is even more significant when compared to the deficit of 579 million dollars recorded in September of the same year, which shows a substantial improvement in the country’s foreign trade in one month. 

The Inegi trade balance indicated that this recovery is mainly due to two factors: first, the increase in the surplus of the non-oil products balance , which went from 641 million dollars in September to 1,230 million dollars in October.

In addition, it is also due to a reduction in the deficit of the oil products balance , which went from 1,220 million dollars to 859 million dollars.

On the other hand, although the October surplus is encouraging, Mexico’s merchandise trade balance shows an accumulated deficit of US$10.646 billion during the first ten months of 2024, according to Inegi figures.

This result is slightly higher than the deficit of 10,295 million dollars recorded in the same period in 2023. 

Total merchandise exports amounted to US$57.671 billion in October, representing an increase of 11.2% compared to the same month last year. This figure was driven by significant growth in non-oil exports, which increased by 13.5%, reaching US$55.288 billion.

In particular, automotive exports , one of the key sectors of the Mexican economy, grew by 6.1%, with sales worth US$18.74 billion.

However, oil exports experienced a significant drop of 24.2%, amounting to just 2,383 million dollars in October.

The decline in international oil prices , which resulted in a drop of $13.92 in the average price of a barrel of Mexican crude oil, was one of the determining factors in this performance. 

Regarding imports , Mexico acquired merchandise worth US$57.3 billion in October 2024, representing an increase of 9.7% compared to the same month in 2023.

In this sense, this growth is broken down into a 12% increase in non-oil imports, which totaled 54,058 million dollars, while oil imports fell by 18.3 percent.

Imports of intermediate goods , which account for 75.7% of the total, grew by 11.6%, reflecting the need for inputs for industrial production. 

For the rest of the year, exports are expected to remain a key driver for the Mexican economy, although the international outlook could influence sales, particularly in the most vulnerable sectors such as the oil sector.

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Between January and July of this year, Mexico maintained a surplus in the agri-food trade balance of six thousand 382 million dollars (mdd) , that is, 9.38% more than in the same period in 2023, totaling 33 thousand 276 million dollars, reported the Ministry of Agriculture and Rural Development (Sader) .

The federal agency highlighted in a statement that during this period, agricultural exports grew 5.54% to 33,276 million dollars , while imports increased 4.67% , totaling 26,895 million dollars .

With these figures, the agricultural and agro-industrial balance sheet remains in surplus, and records its third largest positive balance in 30 years , detailed Sader.

Domestically, the agricultural and fishing balance recorded a surplus of 2,704 million dollars , 1,580 million dollars higher than that achieved in January-July 2023, an increase of 140.59%, with exports of 14,751 million dollars.

Meanwhile, the agro-industrial balance had a surplus of 3,678 million dollars , which was 1,033 million dollars less than that registered in the same period last year, with foreign sales of 18,525 million dollars.

Sader also pointed out that beverages , vegetables and fruits were the main export groups with 61% of the total.

In the first seven months of the year, the exports that grew the most were frozen orange juice , with an increase of 80.85%, followed by cattle, with an increase of 58.74%, and coffee, tea or yerba mate preparations, with 50.59 percent.

From January to July, the exports with the highest economic value were beer , with an amount of 4,161 million dollars.

This was followed by tequila and mezcal , with 2,505 million dollars; avocado , 2,091 million dollars; fresh or refrigerated tomatoes , with 1,963 million dollars, and bakery products , with 1,640 million dollars.

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