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Mexico Weighs Higher Tariffs on China
Mexico plans to raise tariffs on Chinese goods in its 2026 budget proposal, aiming to shield local businesses from cheap imports and respond to a long-standing request from U.S. President Donald Trump, Bloomberg News reported Wednesday. The hikes, which could cover cars, textiles, and plastics, are also expected to hit other Asian countries. While details remain unclear and subject to change, the draft proposal from President Claudia Sheinbaum’s administration is due to Congress by Sept. 8. The move follows U.S. pressure earlier this year for Mexico to align with its own duties on China. Mexican officials have since floated a “Fortress North America” strategy to curb Chinese shipments while strengthening U.S.-Mexico-Canada trade ties, an idea welcomed by U.S. Treasury Secretary Scott Bessent. Higher tariffs would also help boost revenue as Sheinbaum seeks to narrow Mexico’s budget deficit, which swelled to its widest since the 1980s in 2024.
Published on 2025-08-27

Mexico Trade Deficit Narrows in July
Mexico posted a $0.017 billion trade deficit in July 2025, narrowing from an $18.54 billion gap a year earlier but missing forecasts of a $0.3 billion surplus. Exports rose 4% to $56.7 billion, driven by a 5.2% increase in non-oil sales, while oil exports fell 23%. Imports grew 1.7% to $56.7 billion. Consumer goods imports reached $8.7 billion, up 0.4%, with non-oil items rising 3.4% and oil-related down 13.8%. Intermediate goods imports increased 2.5% to $42.9 billion, supported by a 2.9% gain in non-oil products and a 3.5% decline in oil-related items. Capital goods imports slipped 2.2% to $5.1 billion.
Published on 2025-08-27

Mexican Trade Balance Swings to Surplus in June
Mexico recorded a trade surplus of $514 million in June 2025, rebounding from a $2.41 billion deficit a year earlier but falling short of market expectations for a $610 million surplus. Exports rose 10.6% year-on-year to $54 billion, driven by a 12.4% increase in non-oil goods, including a 13.5% surge in manufactured products and a 4.5% gain in auto shipments. To the US, non-oil exports rose 15%, including autos (+6%). In contrast, oil exports slumped 30.4%, while agricultural (-2.2%) and extractive (-5.5%) goods also declined. Imports climbed to $53.5 billion from $51.2 billion, mainly due to higher non-oil purchases (5.3%), led by consumer (5.3%) and intermediate goods (7.1%). However, imports of capital goods dropped 8.4%, and oil imports fell 5.4%, with oil consumer goods plunging 21.2%.
Published on 2025-07-28

Mexican Trade Balance Swings to Surplus in June
Mexico recorded a trade surplus of $514 million in June 2025, rebounding from a $2.41 billion deficit a year earlier but falling short of market expectations for a $610 million surplus. Exports rose 10.6% year-on-year to $54 billion, driven by a 12.4% increase in non-oil goods, including a 13.5% surge in manufactured products and a 4.5% gain in auto shipments. In contrast, oil exports slumped 30.4%, while agricultural (-2.2%) and extractive (-5.5%) goods also declined. Imports climbed to $53.5 billion from $51.2 billion, mainly due to higher non-oil purchases (5.3%), led by consumer (5.3%) and intermediate goods (7.1%). However, imports of capital goods dropped 8.4%, and oil imports fell 5.4%, with oil consumer goods plunging 21.2%. In the January to June period, within non-oil exports, those destined for the United States rose by 15.0% year-on-year, while exports to the rest of the world increased by 0.8%.
Published on 2025-07-28

Mexico Trade Surplus Narrows in May
México's trade surplus narrowed to $1.03 billion in May 2025 from $1.99 billion a year earlier, above market expectations of $0.37 billion. Exports slipped 0.4% year-on-year to $55.48 billion, weighed by a 35.2% drop in oil exports and declines in agricultural (-6.6%) and vehicle (-9%) shipments. In contrast, manufactured goods rose 1.5%, and other non-oil exports increased 7.4%, lifting total non-oil exports by 1.8%. Imports rose 1.4% to $54.45 billion, driven by a 28.9% jump in oil purchases and a 4% rise in intermediate goods. Non-oil imports edged down 0.3%, while consumer (-0.5%) and capital goods (-15%) also declined.
Published on 2025-06-26

Mexico Trade Surplus Narrows in May
Diria México's trade surplus narrowed to $1.03 billion in May 2025 from $1.99 billion a year earlier, above market expectations of $0.37 billion. Exports slipped 0.4% year-on-year to $55.48 billion, weighed by a 35.2% drop in oil exports and declines in agricultural (-6.6%) and vehicle (-9%) shipments. In contrast, manufactured goods rose 1.5%, and other non-oil exports increased 7.4%, lifting total non-oil exports by 1.8%. Imports rose 1.4% to $54.45 billion, driven by a 28.9% jump in oil purchases and a 4% rise in intermediate goods. Non-oil imports edged down 0.3%, while consumer (-0.5%) and capital goods (-15%) also declined.
Published on 2025-06-26

Mexico Trade Deficit Narrows
Mexico posted a trade deficit of $0.088 billion in April 2025, narrowing from the $3.746 billion in the same period a year earlier and contrasting with market expectations of $0.16 billion. This was the second deficit of the year, after two consecutive surpluses. Exports grew 5.8% to $54.38 billion, led by a 6.6% increase in non-oil shipments as mining products (+46.4%) and manufactured goods (+6.6%) offset a decline in agricultural goods (-7.1%). Oil exports fell by 13.2%. However, sales of autos to the US decreased by 8.0% due to the aggressive tariffs that US President Trump placed on Mexican goods outside the USMCA. At the same time, imports fell by 1.2% as purchases of non-oil (-4.2%), capital goods (-18.8%) and consumer goods (-4.2%) fell.
Published on 2025-05-23

Mexico Trade Surplus Biggest in More Than 2 Years
Mexico recorded a trade surplus of $3.44 billion in March 2025, up from $1.99 billion in the same period of the previous year and exceeding market expectations of $2.06 billion surplus. This was the second consecutive surplus, driven by surge in exports as companies speed up shipments in anticipation of US tariffs. Exports grew 9.6% to $55.5 billion, led by a 9.7% increase in non-oil shipments, including mining products (+34.1%), agricultural products (-2.8%) and manufactured goods (+10%). Exports rose the most for machinery and equipment for industry (50.2%), and cars ( 6.2%) driven by increases of 6.5% in sales to the US and 4.0% in those directed to other markets. Oil exports increased by 9.7%. Shipments to the US grew by 9.0%, while exports to other markets increased by 13.7%. At the same time, imports rose by 7.1% driven by higher purchases of non-oil products (+8.0%) and intermediate goods (+9.7%) while oil (-6.3%), capital goods (-1.3%) and consumer goods (-1.2%) all declined.
Published on 2025-04-28

Mexico Trade Shortfall Larger than Expected
Mexico recorded a trade gap of $4.6 billion in January 2025, larger than the $4.1 billion in the corresponding period of the previous year and surpassing the expected 3.8 billion shortfall. This was the widest monthly trade deficit since last August, driven by a 5.9% rise in imports to $49 billion, fueled by higher non-oil (+6%) and oil (+5%) product purchases. Non-oil imports saw a significant rise in intermediate goods (+10.4%), while capital goods (-8.5%) and consumer goods (-5.6%) declined. Exports grew 5.5% to $44.4 billion, led by a 8.7% increase in non-oil shipments, including mining products (+15.2%), agricultural goods (+6.1%), and manufactured goods (+8.8%). Exports of machinery and equipment for industries rose 54.1%, while automotive exports fell 2.0%, driven by a 3.1% decline in sales to the U.S. and a 5.2% increase to other markets. Oil exports dropped 40.6%. Shipments to the U.S. grew 10.6%, while exports to other markets rose only 0.1%.
Published on 2025-02-27

Mexican Trade Surplus Narrows Less than Expected
Mexico recorded a trade surplus of $2.6 billion in December of 2024, firmly above market expectations of $1.5 billion but narrowing sharply from the $4.3 billion in the corresponding period of the previous year. Imports expanded by 9.1% annually to $49.1 billion in the period, carried by a surge in petroleum goods (15% to $3.2 billion) and higher non-petroleum goods (8.8% to $45.9 billion), which were supported by non-petroleum intermediate goods (11.9% to $34.7 billion). On the other hand, exports rose by a softer 4.9% annually to $51.7 billion, as the sharp expansion in sales of extractive goods (57.1% to $1.2 billion) and manufacturing goods (4.9% to $46.2 billion) were offset by a sharp contraction for petroleum goods (-16% to $2.2 billion). For the full 2024, Mexico posted a trade deficit of $8.2 billion, 50% wider than that of 2023.
Published on 2025-01-27

Mexico Trade Balance Switches to Deficit
Mexico recorded a trade deficit of $133 million in November 2024, reversing from a $561 million surplus in the same month of 2023. Imports rose 5.1% year-on-year to $52.16 billion. Non-oil imports grew 6.7%, while oil imports dropped 15.8%. By type, imports of intermediate goods rose 6.5%, capital goods increased 3.3%, and consumer goods fell 0.2%. Meanwhile, exports totaled $52.03 billion, including $49.64 billion in non-oil exports (up 4.0% year-on-year) and $2.38 billion in oil exports (down 2.7%). Non-oil exports to the US rose 4.4%, while those to other markets increased 1.8%. Cumulatively, the trade deficit narrowed to $10.78 billion in the first 11 months of 2024 from $9.73 billion in the same period of 2023.
Published on 2024-12-23

Mexico Logs First Trade Surplus in 5 Months
Mexico posted a trade surplus of $0.37 billion in October of 2024, the first in five months, compared to a deficit of $0.37 in the corresponding month of the previous year. Exports jumped by 11.2% year-on-year to an all-time high of $57.67 billion, driven by a 13.5% increase in non-oil exports, notably mining (+57%) and manufactured products (+13.2%), of which non-automotive (+17.6%). Shipments of agricultural goods increased by 3.1%. Within non-oil exports, those directed to the US grew by 13.9% while exports to the rest of the world rose by 11.6%. On the other hand, oil shipments declined by 24.2%. Meanwhile, imports grew 9.7% to a record high of $57.30 billion, led by a 12% rise in non-oil products, with increases in consumer goods (+3.1%), intermediate goods (+11.6%), and capital goods (+5.8%). Purchases of oil products, however, plunged by 18.3%.
Published on 2024-11-27

Mexican Trade Deficit Narrows Sharply
Mexico recorded a trade deficit of $0.579 billion in September of 2024, narrowing sharply from the $1.5 billion deficit in the corresponding period of the previous year, marking the lowest trade gap for the month since 2019. Imports fell by 1.8% annually to $50.2 billion, pressured by a 33.8% plunge in oil imports amid the fall in crude oil prices and the slowdown in Mexican goods output, warranting less fuel demand. Additionally, imports of capital goods fell by 4.5%, while nonpetroleum imports rose by 1.4%. In turn, export turnover was unchanged in the period at $49.6 billion. Foreign sales of petroleum products sank by 44.9%, offsetting a 3.3% increase in non-petroleum exports.
Published on 2024-10-28

Mexico Trade Deficit Highest in 2 Years
Mexico's trade deficit widened to $4.868 billion in August 2024, from $1.278 billion in the same month of 2023, significantly exceeding market expectations of a $0.5 billion gap and reaching a new two-year high. Imports increased 5.7% year-on-year to $56.783 billion, as an 8.8% rise in purchases of non-oil goods more than offset a 26% decline in oil imports. Moreover, intermediate goods imports surged by 9.8%, while imports of capital goods decreased by 2.6% and consumer goods fell by 1.3%. Meanwhile, exports fell by 1% to $51.916 billion, largely due to a 26.6% decline in oil exports, although non-oil sales saw a modest increase of 0.6%. Non-oil exports to the U.S. rose by 2.2%, while exports to the rest of the world fell by 7.1%. Over the first eight months of 2024, Mexico recorded a trade deficit of $10.438 billion.
Published on 2024-09-27

Mexico July Trade Gap Smaller than Anticipated
Mexico recorded a trade deficit of USD 0.07 billion in July of 2024, smaller than USD 0.65 billion in the same month of the previous year and well below analysts’ expectations of a USD 1.35 billion gap. Exports surged by 14.7% year-on-year to USD 54.789 billion, driven by higher shipments of non-oil products (+16.2%), notably mining goods (+33.7%), as well as agricultural (+16.9%) and manufactured products (+15.9%), of which non-automotive (+21.1%). Foreign sales directed to the US grew by 18%, while dispatches channeled to the rest of the world rose by 7.1%. Conversely, oil shipments slipped by 10.2% to USD 2.5 billion. Meanwhile, imports rose at a slower 13.3% to USD 54.861 billion, reflecting a 15.9% advance in non-oil imports and a 15.6% drop in oil purchases. Regarding non-oil imports, increases were seen for consumer goods (+16.5%), intermediate goods (+13.3%) and capital goods (+8.7%).
Published on 2024-08-27

Mexico Posts Unexpected Trade Deficit
Mexico’s trade balance switched to a deficit of USD 1.037 billion in June of 2024 from a USD 0.058 billion surplus in the same month of the previous year, well below analysts’ expectations of a USD 1 billion surplus. Exports declined 5.7 percent from a year earlier to USD 48.871 billion, of which non-oil sales fell 4.4 percent to USD 46.756 billion, and oil exports tumbled 26.8 percent to USD 2.115 billion. Non-oil exports to the US dropped by 5.3 percent, and those to the rest of the world edged down by 0.1 percent. Meanwhile, imports decreased 3.6 percent to USD 49.908 billion on lower oil imports (-26.3 percent to USD 2.823 billion). Meanwhile, non-oil purchases fell 1.8 percent to USD 47.084 billion.
Published on 2024-07-26

Mexico Posts Unexpected Trade Surplus
Mexico’s trade balance switched to a surplus of USD 1.991 billion in May of 2024 from a USD 0.099 billion deficit in the same month of the previous year, well above analysts’ expectations of a USD 2.04 billion deficit. Exports increased 5.4 percent from a year earlier to USD 55.671 billion, of which non-oil sales rose 4.8 percent to USD 52.502 billion, and oil exports surged 15.7 percent to USD 3.169 billion. Non-oil exports to the US increased by 4.8 percent, and those to the rest of the world dropped by 0.2 percent. Meanwhile, imports edged up 1.4 percent to USD 53.680 billion on lower oil imports (-22.9 percent to USD 3.230 billion). Meanwhile, non-oil purchases grew 3.5 percent to USD 50.449 billion.
Published on 2024-06-27

Mexico Trade Deficit Larger than Expected
Mexico's trade deficit widened to $3.746 billion in April 2024, from $1.646 billion in the same month of 2023, well above market expectations of a $0.8 billion gap. Imports increased 15.4% year-on-year to $55.066 billion, as a 19.8% rise in purchases of non-oil goods more than offset a 28.2% decline in oil imports. Imports rose for consumer goods by 25.6%, intermediate goods by 11.5%, and capital goods by 32.5%. Meanwhile, exports rose at a softer 11.4% to $51.319 billion, of which non-oil sales increased 13.1% to $49.207 billion while oil exports fell 17.5% to $2.113 billion. Non-oil exports to the US rose by 13.8%, and those to the rest of the world grew by 9.5%. Throughout the first four months of 2024, Mexico recorded a trade deficit of $6.452 billion, compared with a $6.464 billion deficit in the corresponding period of 2023.
Published on 2024-05-24

Mexico Trade Surplus Substantially Larger than Expected
Mexico’s trade surplus surged to USD 2.098 billion in March of 2024 from USD 1.195 billion in the same month of the previous year, well above analysts’ expectations of a USD 0.7 billion surplus. Exports declined 5.3 percent from a year earlier to USD 50.752 billion, of which non-oil sales decreased 4.5 percent to USD 48.724 billion, and oil exports tumbled 21.4 percent to USD 2.028 billion. Non-oil exports to the US eased by 4.5 percent, and those to the rest of the world dropped by 13.1 percent. Meanwhile, imports plunged 7.1 percent to USD 48.654 billion on lower oil imports (-39 percent to USD 3.178 billion) and a drop in non-oil purchases (-3.6 percent to USD 45.476 billion).
Published on 2024-04-26

Mexican Trade Gap Narrows Sharply
Mexico recorded a trade deficit of USD 585 million in February of 2024, less than one-third of the USD 1.889 billion from the corresponding period of the previous year, and compared to market expectations of a USD 200 million gap. Exports expanded by 13% to USD 50.721 billion, lifted by a 13.3% jump in foreign sales of manufactured goods, which were carried by goods in the automotive industry (26.9%). Exports were also higher for petroleum products (15.7%), but contracted for goods from other extractive industries (-7.6%). In the meantime, imports grew by a softer 9.7% to USD 51.306 in the period, as growth in foreign purchases of intermediate goods (7.9%) and consumer goods (13.9%) offset a decline in imports of petroleum products (-33.1%), largely due to the normalization of energy prices.
Published on 2024-03-27