In February 2026, Mexican exports continued at the good pace with which they started the year, according to the  Mexican Merchandise Trade Balance (BCMM) , prepared by the  National Institute of Statistics and Geography (Inegi) .

In the second month of the year, the value of Mexico’s exports was 56 billion 851 million dollars (mdd), an annual increase of 15.8% , derived mainly from non-oil exports.

However, the  trade balance  showed a deficit of $463 million , compared to the $6.481 billion deficit reported last January.

Exports take off

The increase in Mexican exports stemmed from a 17.5% rise in non-oil exports and a 24.2% decrease in oil exports. Within non-oil exports, those destined for the United States grew 15.9% year-on-year, while those destined for the rest of the world increased 26.4% annually.

In February 2026,  the value of exports of manufactured products was $51,775 million , representing an increase of 17.1% year-on-year.

The most significant advances were observed in exports of machinery and special equipment for various industries with 82.8%, mining and metallurgy products with 50.1%, electrical and electronic equipment and apparatus with 10.1%, plastic and rubber products with 4.4%, and professional and scientific equipment with 3.1% annually.

Meanwhile,  exports of automotive products showed an annual drop of 3.4% , which resulted from an 8.7% decrease in sales channeled to the United States and a 40.2% increase in those directed to other markets.

In the second month of the year,  the value of agricultural and fishing exports was US$1.779 billion , representing a year-on-year decrease of 12.8 percent. The most significant year-on-year declines were recorded in exports of cattle (99.9%), fresh strawberries (41.7%), tomatoes (38.6%), avocados (31.7%), and peppers (17.8%).

In the first two months of 2026, the structure of the value of merchandise exports was manufactured goods 90.8%, agricultural goods 3.5%, non-oil extractive products 3.2%, and oil products 2.5 percent.

Imports rise

In February 2026,  the value of merchandise imports was  $ 57,314 million , representing an annual growth of 20.8 percent.

In the month under comparison, imports of  consumer goods totaled $7.052 billion, a year-on-year increase of 5.2 percent. Meanwhile, imports of intermediate goods reached $46.242 billion, 27.2% more than reported in February 2025.

Imports  of capital goods  reached four billion 020 million dollars , which implied an annual decline of 8.1 percent.

In the period January-February 2026, the accumulated value of total imports was 111 billion 803 million dollars, 15.2% more than that observed in the same period of 2025.

During the cycle, the  value structure of imports  was intermediate goods 79.9%, consumer goods 12.6%, and capital goods 7.5 percent.

The figures released this Friday by Inegi show a good performance of Mexican exports in February 2026, however, the trade balance continues with a deficit trend , since last January it also registered a deficit of six billion 481 million dollars, after the surplus of two billion 430 million dollars shown in December 2025.

This increase in shipments of Mexican goods abroad occurs in the context of a setback to the tariffs of Donald Trump, president of the United States, by the Supreme Court of the United States, which on February 20 declared unconstitutional the tariffs imposed under the International Emergency Economic Powers Act (IEEPA).

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El cargo Despite the increase in Mexican exports in February, the trade balance shows a deficit. apareció primero en T21.

Mexico began 2016 as the leading exporter of goods to the United States and also became the top buyer of U.S. products. Canada and China, the other major trading partners of the U.S., saw declines in their trade, according to figures from the U.S. Census Bureau .

According to an analysis by  T21 Business Intelligence , the value of bilateral trade between Mexico and the United States reached $74.105 billion during the first month of this year, an increase of 6.5% compared to January 2025.

In contrast, Canada and China reported significant declines during the period. Canada showed a 19.5% drop compared to 2025, totaling $52.84 billion in January 2026. China registered a 43% year-on-year contraction, with total trade of $29.387 billion in the first month of 2026.

Regarding exports to the United States, Mexico maintained its leadership, sending products to the United States worth $42,517.7 million in January 2026, 2% more than in the same month of 2025.

Conversely, Canadian exports to the United States totaled $28.33 billion, a 26.1% year-over-year decrease. China’s merchandise shipments to the United States totaled $21.05 billion in the first month of 2026, a 49.4% decline compared to January 2025.

In terms of imports, Mexico purchased US goods worth $31.5872 billion in January 2026, a 13.1% year-over-year increase. Canada’s imports totaled $24.5103 billion, a 10.3% decrease compared to the same month last year. During the same period, China imported a total of $8.3291 billion, 15.9% less than in January 2025.

In January 2026, Donald Trump completed one year of his second term as President of the United States, an administration characterized by protectionist economic policies and the imposition of tariffs on various countries around the world. Despite this, Mexico has managed to circumvent these measures and has positioned itself as a key player in trade with the United States ; meanwhile, Canada and China have experienced setbacks in their trade with the world’s largest economy.

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El cargo Mexico made progress in trade with the US during January; Canada and China fell behind. 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.

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

Mexican exports closed 2025 with an optimal performance despite the uncertainty caused by the tariff measures implemented by the United States, which impacted global trade last year.

In December 2025, the value of Mexico’s exports was 60 billion 651 million dollars (USD), an annual increase of 17.2% , according to figures from the Mexican Merchandise Trade Balance (BCMM), released on Tuesday by the National Institute of Statistics and Geography (Inegi) .

Mexican exports in the last month of 2025 continued the good pace they showed last November, when they registered an increase of 7.9%, reaching 56 billion 412 million dollars (mdd).

By 2025, the cumulative value of exports was $664,837 million, which meant an annual growth of 7.6%.

“In the cumulative period from January to December 2025, total exports maintained a positive performance, with an annual growth of 7.6%. However, the domestic reading was mixed: the boost came from non-automotive manufactured shipments,” explained Grupo Financiero Monex in an analysis.

Meanwhile, the trade balance showed a surplus of $  2.43 billion in December 2025 , compared to a surplus of $663 million last November.

The increase in the trade surplus, between November and December 2025, originated from an increase in the non-oil product surplus and an expansion of the oil product balance deficit, explained Inegi.

Exports increase

The increase in Mexican exports in December 2025, the highest year-on-year rate since February 2023, stemmed from a 19.5% rise in non-oil exports and a 32.9% decrease in oil exports. Within non-oil exports, those destined for the United States increased by 17.9% year-on-year, while those destined for the rest of the world rose by 28%.

In the last month of last year, exports of manufactured goods totaled US$55.615 billion , representing a 20.6% year-on-year increase. The most significant growth was seen in exports of  machinery and specialized equipment for various industries  (93.4%), mining and metallurgical products (41.2%), electrical and electronic equipment and appliances (15.2%), professional and scientific equipment (5.4%), and automotive products (0.8%).

In turn, the annual increase in automotive product exports resulted from a 3.7% reduction in sales to the United States and a 30.9% increase in sales to other markets during December 2025.

Meanwhile,  agricultural and fishing exports totaled 1.877 billion dollars in December 2025, 12.7% less than in the same month of 2024.

In the reference month, the value of oil exports was 1.522 billion dollars, a figure made up of 839 million dollars of crude oil sales and 683 million dollars of exports of other petroleum products.

During 2025, the value structure of merchandise exports was as follows: manufactured goods 91.6%, petroleum products 3.2%, agricultural goods 3.1%, and non-petroleum extractive products 2.1 percent.

Imports are also on the rise

The value of merchandise imports in the last month of 2025 registered an annual growth of 16.7%, totaling 58 billion 221 million dollars .

During the period, imports of consumer goods  totaled $9.51 billion, a year-on-year increase of 25.3 percent. Meanwhile, imports  of intermediate goods  reached $43.639 billion, 17.3% more than reported in December 2024.

Imports of  capital goods  reached $5.072 billion, which implied an annual decrease of 0.6 percent.

In 2025, the cumulative value of total imports was  664 billion 066 million dollars , an amount 4.4% higher than that observed in 2024. Meanwhile, the structure of the value of imports was intermediate goods with 76.8%, consumer goods with 14.7%, and capital goods with 8.5 percent.

“On the import side, these reflected an annual increase of 4.4% with a differentiated dynamic: oil imports decreased by 6.6% year-on-year, while non-oil imports increased by 5.3% year-on-year,” according to Monex.

This increase occurs in a context where Donald Trump , President of the United States, has expressed his rejection of products that are not manufactured in the United States; however, the figures reveal the importance of Mexico in the North American economy, since more than 80% of its exports are carried out in this region.

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El cargo Mexican exports, with a positive end in 2025 apareció primero en T21.

Amid the United States’ tariff policy, Mexican exports reached a historic figure in October 2025, driven by the manufacturing industry , according to the Mexico Merchandise Trade Balance (BCMM) report, prepared by the National Institute of Statistics and Geography (Inegi) .

During the tenth month of the year, the value of Mexico’s exports was 66 billion 133 million dollars (USD) , an annual increase of 14.2%, which represented the largest annual growth rate in the last 33 months; while the trade balance showed a surplus of 606 million USD, a balance that compares with the deficit of 2.4 billion USD last September.

Record exports

The increase in Mexican exports stemmed from a 16.3% rise in non-oil exports and a 29.8% decrease in oil exports. Within non-oil exports, those destined for the United States grew 17.1% year-on-year, while those destined for the rest of the world increased by 12.3%.

Exports of manufactured goods  totaled US$61.644 billion, a 17.4% year-on-year increase. The most significant increases were in exports of machinery and specialized equipment for various industries (110.9%), mining and metallurgical products (14.1%), professional and scientific equipment (13.1%), and electrical and electronic equipment and appliances (10.0%).

Meanwhile, exports of automotive products registered an annual decrease of 14%, which resulted from decreases of 14% in sales channeled to the United States and 14.1% in those directed to other markets.

In October 2025, the value of oil exports was 1.82 billion dollars, an amount made up of 1.3 billion dollars from crude oil sales and 520 million dollars from exports of other petroleum products.

Meanwhile, the value of agricultural and fishing exports was 1.384 billion dollars, an annual decrease of 19.5 percent.

In the period January-October of this year, the structure of the value of merchandise exports was as follows: manufactured goods with 91.5%, petroleum products with 3.3%, agricultural goods with 3.2%, and non-petroleum extractive products with 2 percent.

Imports are growing

The value of merchandise imports was $65.526 billion, representing an annual increase of 12.8% in October 2025.

In the reference month, imports of consumer goods totaled $9.86 billion, a year-on-year increase of 10.7 percent. Imports of intermediate goods reached $50.63 billion, 15.7 percent higher than in October 2024.

Imports of capital goods  reached $5.037 billion, which represented an annual decrease of 7.4 percent.

In the period January-October 2025, the accumulated value of total imports was 550 billion 096 million USD, an amount 3.1% higher than that observed in the same period of 2024. Within it, non-oil imports increased 4.1% and oil imports decreased 7.8% at an annual rate.

In the first 10 months of 2025, the structure of the value of imports was as follows: intermediate goods, 76.9%; consumer goods, 14.6%; and capital goods, 8.5 percent.

The strong pace of Mexican exports has continued into the end of the year, marking a positive trend in shipments of national goods abroad, even with protectionist trade measures around the world, driven mainly by the United States.

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El cargo Mexican exports reach record highs in October apareció primero en T21.

Despite the trade tensions prevailing worldwide due to tariff policy, total trade in goods between Mexico and the United States amounted to $74.357 billion during July 2025 , according to data from the United States Department of Commerce , confirming Mexico as the main trading partner of the American Union. 

Last July, the United States granted Mexico a new 90-day extension to impose a general 30% tariff on Mexican products, which would take effect on August 1 of this year , giving the Mexican government some breathing space to continue negotiations. However, tariffs on strategic sectors such as the 25% tariff on automotive products, as well as 50% on steel, aluminum, and copper, remain in effect.

According to the U.S. Department of Commerce, trade volume between Mexico and its northern neighbor surpassed that of other key partners. Canada registered trade of $58.27 billion . In the case of China, trade with the United States was $35.71 billion .

In the seventh month of the year, Mexican exports to the United States totaled $45.366 billion, representing an 8.2% increase compared to the same period last year , when $41.909 billion were recorded. This figure not only demonstrates the strength of Mexican exports, but also surpassed exports from Canada, which reached $32.172 billion, and from China, which reached $26.411 billion during the same period.

Meanwhile, U.S. sales of goods to Mexico totaled $28.99 billion , a 1% increase from $28.69 billion in July 2024. By comparison, Canada imported $26.097 billion in goods to the United States, and China imported just $9.298 billion.

Mexico’s trade balance showed a surplus of $16.375 billion last July , reflecting the country’s role as one of the main exporters to the U.S. economy.

Despite tensions with the United States over tariffs, Mexican President Claudia Sheinbaum emphasized in her First State of the Union address , presented on September 1, that the country has managed to consolidate a relationship of mutual respect with the United States.

In the run-up to the next revision of the United States-Mexico-Canada Agreement (USMCA) , scheduled for July 2026, a trade reconfiguration in North America will be determined, as well as strategies to strengthen the relationship between the partner countries of this trilateral agreement.

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El cargo Mexico strengthens its position as the US’s top trading partner; exports grow in July apareció primero en T21.

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

For Panama, the Isthmus of Tehuantepec Interoceanic Corridor (CIIT) and the Panama Canal are complementary, with different functions and capabilities, so authorities are working to develop a common vision on these issues.

“They are complementary industries. The business model and technical basis for the Panama Canal are different from how the Interoceanic Corridor and the Isthmus of Tehuantepec will operate, which are not maritime. The cargo capacity and timescales are different,” said Abraham Martínez, Panama’s ambassador to Mexico.

The Panama Canal is 80 kilometers (km) long, allowing a ship to cross without transshipment, and the CIIT has more than 300 km of rail or truck access, he explained in an interview with T21.

However, he mentioned that they are working with the relevant authorities to achieve a common vision on this issue. “We are united by both the Pacific and Atlantic oceans, and our cargo capacity through the former can facilitate all cargo leaving Mexico via that route, including Salina Cruz, Mazatlán, Lázaro Cárdenas, and the entire Pacific coast of Panama, Central America, and the South. This means that we don’t see any issues of conflict or competition.”

The CIIT was one of the flagship projects of the previous administration headed by Andrés Manuel López Obrador , which includes the expansion of the ports of Salina Cruz, Oaxaca, and Coatzacoalcos, Veracruz, as well as the modernization of the existing freight train lines that connect the Pacific Ocean with the Gulf of Mexico, to boost trade.

Regarding the problems caused by the drought in Panama Canal operations, which reduced transit and cargo transport, the ambassador commented that a project already exists to address this challenge , as well as the expansion of two ports that would allow the operation of more than three thousand additional vessels per month.

“Provisions are being made for the development of infrastructure that would guarantee the functioning of the Panama Canal and for the population, as well as for the Indio River reservoir project, which involves an investment of more than $300 million to raise the levels of Gatún Lake and provide the capacity for electricity generation and agriculture,” he explained.

According to information from the Panama Canal Authority (ACP) , the project includes the construction of a roller-compacted concrete dam , with operating levels ranging from 40 to 80 meters above sea level. The design includes a nine-kilometer, five-meter-diameter tunnel that will transport water by gravity, without the need for pumping or electricity, directly to Gatun Lake.

This project is the result of more than three decades of technical studies on the water potential of the Indio River basin. With a projected surface area of 4,600 hectares—representing 8% of the river’s total basin area—the lake also represents a concrete opportunity for the region’s economic recovery.

Regarding the new ports, Abraham Martínez said they should be ready in the next two or three years.

“We now have a deficit of a thousand vessels that we can’t handle on a monthly basis, and that’s why we’re planning to build two new ports to meet that demand efficiently and with additional capacity. The drought was a temporary issue,” he said.

Bilateral meeting

Martínez announced that a bilateral meeting will be held in the coming weeks between Carlos Arturo Hoyos Boyd, Panama’s Deputy Minister of Foreign Affairs, and Raquel Serur Smeke, Undersecretary for Latin America and the Caribbean at Mexico’s Ministry of Foreign Affairs (SRE) , to continue the political dialogue.

In addition, a meeting will be held in Panama with several business leaders, industrialists, merchants, among others .

“We are at an excellent moment. We have a very strong relationship between the two countries in various areas, not only in academic work and research, but also in the commercial arena, from the perspective of technology, agricultural sciences, and agricultural parks. We have had visits from ministers of state to Mexico, a minister of trade, three visits from the Minister of Foreign Affairs, and more are coming soon,” he stated.

Martínez stated that the bilateral agenda is currently fluid, with important and strategic issues such as technology and science, “there is a level of connectivity like we’ve never had before.” He emphasized that in terms of air travel, there are 180 flights between the two countries, as well as connections to other destinations.

He commented that, given the United States’ tariff policy, “it’s important for them to view Panama as a hub for trade growth to the south. We are members of Mercosur, we have a logistics hub , a free trade zone, and it’s time for Mexican businesses to look south.”

He emphasized that Latin America represents a market of more than 600 million people; Colombia, Ecuador, and Central America alone represent more than 100 million people, representing a significant volume for trade.

“Latin American integration is becoming a reality every day; economic dynamics are showing us the way,” he said.

Regarding the trade balance, he said it is currently “highly deficient for Panama” and $60 million in favor of Mexico, given low imports. On the other hand, the country has a strong presence, mainly in Mexican construction companies that have carried out various projects.

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El cargo CIIT and the Panama Canal, more than competition, complement each other. 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.

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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.

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