In January 2025, Mexico’s total exports reached 44.446 billion dollars (mdd) , which meant an increase of 5.5% compared to the same month in 2024, although the trade balance showed a deficit of 4.558 billion dollars in the first month of the year, reported the National Institute of Statistics and Geography (Inegi) .

In its most recent report on Mexico’s Merchandise Trade Balance , the organization detailed that this drop “originated from the decrease in the balance of non-oil products” and “from an increase in the deficit of the balance of oil products.”

Inegi also revealed that in January 2025 the value of imports was 49,004 million dollars , which represented an increase of 5.9% at an annual rate.

Meanwhile, the increase in exports was due to an 8.7% increase in non-oil exports and a 40.6% decrease in oil exports. Within non-oil exports, those directed to the United States increased by 10.6% and to the rest of the world by 0.1% , the organization explained.

In the report, it was revealed that exports of manufactured products totaled 39,775 million dollars , which represented an annual growth of 8.8% .

The largest annual increases were in exports of machinery and special equipment for various industries with 54.1% , mining and metallurgical products with 27.3% , professional and scientific equipment with 14.3% , food, beverages and tobacco with 8.2% , as well as electrical and electronic equipment and appliances with 2.8 percent .

In turn, automotive product exports reported an annual drop of 2% , which was derived from a 3.1% drop in sales to the United States and a 5.2% increase in sales to other markets. Meanwhile, agricultural and fishing exports reached 2,169 million dollars in January 2025, which implied an annual increase of 6.1 percent . In the period, oil exports totaled 1,657 million dollars , with crude oil contributing 1,200 million dollars .

In January 2025, the value structure of merchandise exports was manufactured goods with 89.5% ; petroleum products with 3.7% ; agricultural goods with 4.9% ; and non-petroleum extractive products with 1.9 percent .

Imports

Inegi stressed that imports of consumer goods amounted to 6,743 million dollars , a figure that registered an annual decline of 5.6 percent . This rate originated from a decrease of 8.8% in imports of non-oil consumer goods and an increase of 23.1% in imports of oil consumer goods (gasoline and butane and propane gas).

In addition, intermediate goods worth US$37,681 million were imported , a level 10.4% higher than that reported in January 2024. This rate resulted from growth of 11.3% in imports of non-oil intermediate goods and 0.3% in imports of intermediate oil products.

In the reference month, imports of capital goods reached 4,580 million dollars , which implied an annual reduction of 8.5 percent .

In January 2025, the value structure of imports was intermediate goods with 76.9% ; consumer goods with 13.8% , and capital goods with 9.3 percent .

These figures come in the context of threats from US President  Donald Trump , who seeks to impose a protectionist trade policy and impose  tariffs of up to 25% on various products from Mexico, its largest trading partner.

If implemented, the tariff measure would affect global trade and one of the country’s most successful industries, the automotive industry, which is beginning to recover to pre-pandemic levels.

Comment and follow us on X:@GrupoT21

El cargo Despite tariff threats, Mexican exports grow in January; trade balance with deficit: Inegi apareció primero en T21.