Introduction to Mexican Gold Exports
In the face of trade policy turbulence from the United States and factors such as government shutdowns or expectations of lower interest rates, gold’s status as a safe-haven asset has been bolstered. This has favored Mexican gold shipments.
Export Growth in the First Half of 2025
Mexican exports of raw, semi-manufactured, and powdered gold have grown by an annual rate of 16.2% from January to July 2025, reaching $3,397 million. This is the highest level in 12 years, according to data from INEGI.
Gold is part of a new boom in Mexico’s non-oil extraction exports, which grew by 24.4% from January to August of the current year, totaling $8,377 million. This makes the extraction sector the primary driver of Mexico’s external sales.
While industrial export data is available until August, product statistics are updated until July.
In the first eight months of 2025, Mexican exports of all products grew at an annual rate of 4.7%, contrasting with the cyclical nature of the extraction sector’s historical growth.
Gold Prices and Global Trade Tensions
On Thursday, gold prices remained near historical highs in Asia due to safe-haven demand amidst the U.S. government shutdown and expectations of interest rate cuts. Spot gold stabilized at $3,864.63 per ounce, while December futures fell 0.2% to $3,889.65.
In 2025, there have been price increases in steel, aluminum, and gold associated with trade and geopolitical tensions.
Historical Context of Gold’s Value
Globally, gold has consistently held high value due to its unique attributes. As gold extraction and processing developed, its distinctive qualities became increasingly apparent.
- Workability: Gold is easy to work with and often found in nearly pure, malleable form, facilitating its refining, processing, and shaping into standardized forms.
- Durability: Compared to perishable goods historically used as a medium of exchange (like livestock, pelts, and tobacco), gold is more durable. Its malleability, resistance to corrosion, and tarnish contribute to its intrinsically stable value.
Most of the world’s gold supply comes from mining, including primary and secondary deposits where gold is extracted as a byproduct.
Throughout human history, approximately 6,900 billion ounces (216,265 metric tons) of gold have been mined. To put this in perspective, a cube of pure gold, if each ounce were placed next to another, would measure only about 22 meters on each side, according to the World Gold Council.
According to Texas Precious Metals Trust, gold is mined on all continents except Antarctica (where mining is prohibited by the Antarctic Treaty). South Africa was once the world’s largest gold producer, contributing over 70% of global production in its heyday during the early 1970s. However, South African production has declined in recent decades while other countries have expanded gold mining significantly.
In recent years, gold extraction has increased in developing countries; China is now the world’s largest gold producer. Other notable producers include Australia, Russia, and South Africa. In 2024, global mining production reached 117.7 million ounces, 0.6 million ounces more than the previous year.
Mexico ranks seventh globally in gold production, with a 3.8% share of world production. In Latin America, Mexico leads the way.
