Background on the Situation
Mexico’s exports decreased by 0.4% annually to $55,476.4 million in May, affected by automotive shipments to the US and oil exports, according to the National Institute of Statistics and Geography (Inegi).
Trade Policy Impact
In March 2025, former US President Trump issued a proclamation imposing a 25% tariff on all US imports of vehicles starting April 3, with exemptions for vehicle content from the United States-Mexico-Canada Agreement (T-MEC).
- Tariff on Vehicle Imports: A 25% tariff was established on certain auto parts imports starting May 3, 2025.
- Impact on Mexican Exports: The automotive exports from Mexico fell by 9% annually to $16,124.4 million.
Sector-wise Analysis
Apart from the automotive sector, Mexico’s oil exports also suffered a 35.2% decline to $2,054.5 million compared to May 2024.
On the other hand, Mexico’s imports of goods grew by 1.4% in May, reaching $54,447.0 million, resulting in a trade surplus of $1,029.4 million, which decreased by 48.3% annually.
Manufactured product exports totaled $50,340 million during the reference month, marking a 1.5% annual increase.
- Key Export Growth: Machinery and specialized equipment for diverse industries increased by 53.1%, while professional and scientific equipment grew by 3.3%.
- Automotive Export Decline: The drop in automotive exports was driven by a 10.3% decrease in sales to the US and a 0.8% decline in shipments to other destinations.
Oil export value stood at $2,055 million in May 2025, with $1,333 million from crude oil sales and $722 million from other petroleum products.
The average export price for Mexican crude oil exports was $57.88 per barrel, a decrease of 2.94 dollars from April and 16.51 dollars from May 2024.
During the same period, agro-livestock and fishery exports summed up to $1,950 million, marking a 6.6% annual decline.
- Declining Agro-livestock Exports: Notable decreases were observed in beef cattle (-64.6%), cucumbers (-33.6%), fresh legumes and vegetables (-32.3%), bell peppers (-18.5%), and tomatoes (-18.0%).
- Increasing Exports: There were increases in fruits and edible fruit (-17.9%) and avocados (-17.0%).
Extractive exports reached $1,131 million, marking a 36.6% annual growth.
Annual Accumulation
From January to May 2025, total export value amounted to $259,025 million, an increase of 3.4% compared to the same period in 2024.
Import Analysis
Consumer goods imports totaled $7,799 million in the reference month, with a 0.5% annual decrease.
- Consumer Goods Imports Decline: This was due to an 8.1% decrease in non-petroleum consumer goods imports, partially offset by a 58.3% increase in petroleum-based consumer goods like gasoline and butane/propane.
Intermediate goods imports amounted to $42,056 million, growing by 4.0% annually.
- Intermediate Goods Imports Growth: This was attributed to a 3.2% increase in non-petroleum intermediate goods and a 17.5% rise in petroleum-origin goods.
Capital goods imports were valued at $4,592 million, marking a 15.0% annual decrease.
