Mexico Records Trade Surplus for 2nd Month

Mexico posted a $2.43 billion trade surplus in December 2025, up from $1.85 billion a year earlier but slightly below forecasts of $2.50 billion. Exports rose 17.2% year on year to $60.65 billion, driven by a 20.6% increase in manufactured goods shipments. In contrast, oil exports plunged 32.9%, while agricultural and fishing exports fell 12.7%. Merchandise imports totaled $58.22 billion, marking a 16.7% annual increase. Consumer goods imports surged 25.3%, intermediate goods rose 17.3%, and capital goods edged down 0.6%. For full-year 2025, Mexico recorded a $0.77 billion trade surplus, swinging from an $18.54 billion deficit in 2024.

Mexico posted a $0.6 billion trade surplus in November of 2025, swinging from the $0.7 billion deficit from the corresponding period of the previous year and loosely in line with expectations of a $0.5 billion. Exports expanded by 7.9% annually to $56.4 billion. Sales grew for manufacturing (10.9% to $52.1 billion amid a sharp increase in non-auto manufacturing exports (17.7% to $36.3 billion) and a surge in extractive goods (51.6% to $1.3 billion), supported by the surge in silver prices. These offset the 2.1% drop (to $15.8 billion) for auto exports, pressured by the tariffs on the sector from top destination United States, which fell by 4.8%. Still, exports to the US, which account for 83% of sales, grew 8.5% annually. Meanwhile, imports rose 5.2% to $55.7 billion, as gains for intermediate goods (8.7% to $42.9 billion) offset a decline for capital goods (-16.7% to $4.4 billion).

Mexico posted a $0.6 billion trade surplus in October 2025, the first since June and the largest since May, beating the $0.4 billion deficit expected by markets and the $0.2 billion gap from a year earlier. Exports rose 14.2% year-on-year to $66.1 billion. Non-oil extractive industries showed the strongest increase, up 18.6% to $1.28 billion, while manufacturing climbed 17.4% to $61.6 billion. Oil sales fell 29.8% to $1.8 billion, agriculture and animal products 19.5% to $1.4 billion, and vehicles 14% to $16.1 billion. Imports advanced 12.8% to $65.5 billion, led by intermediate goods, up 15.7% to $50.6 billion. Purchases of non-oil merchandise rose 13.9% to $61.6 billion, and consumer goods 10.7% to $9.9 billion. Oil product inflows dropped 2.6% to $3.9 billion, and capital goods 7.4% to $5.0 billion. Year-to-date, the country posted a $2.3 billion deficit, down 88.2% from the same period in 2024.