Overview of Mexican Trade Performance
In September, Mexico’s exports and imports of products achieved annual growth rates of 13.8% and 15.2%, respectively, reaching new record levels, according to the National Institute of Statistics and Geography (Inegi) on Monday.
- Export value increased to 56,487.9 million dollars
- Import value rose to 58,887.5 million dollars
Factors Contributing to Growth
The growth in Mexican external sales occurred amidst lower comparative tariffs in the United States, integration into global value chains, primarily in North America, and the US-China trade war. Additionally, diversification of markets played a role.
Manufacturing exports, excluding automotive, were the main driver with a 23.9% increase, while automotive exports saw a 0.2% decline.
The US tariff of 25% on car exports (with discounts for US content) and tariffs on certain auto parts have posed greater challenges for the automotive sector compared to other Mexican manufactures.
Trade Balance
In September, Mexico recorded a trade deficit of 2,399.5 million dollars, an interannual increase of 60.9%. However, the deficit for the first three quarters of the year was 2,927.5 million dollars, a reduction of 85.0%.
Mexican exports have the highest degree of integration with US content, around 40%, which has favored them in the establishment of tariffs under US President Donald Trump’s administration.
Macroeconomic Context
Mexico’s GDP growth projections for 2025 show a moderate outlook. Banxico estimates a 0.6% increase, while the OECD projects 0.8%, and the FMI predicts 1.0%, reflecting caution in the global environment.
With these growth rates, Mexican exports have remained a key driver of the economy, accumulating a 5.7% growth in the first nine months of the year and totaling 481,642 million dollars.
Export Details
In September, manufactured product exports were valued at 52,370 million dollars, a 15.7% annual increase.
- Machinery and specialized equipment for diverse industries (76.2%)
- Minerometalurgical products (12.1%)
- Electrical and electronic equipment and appliances (9.9%)
- Professional and scientific equipment (8.9%)
Automotive product exports, however, saw a 0.2% annual decline due to a 7.2% drop in sales to the US and a 51.2% rise in sales to other markets.
Oil Exports
In September, oil exports were valued at 1,667 million dollars, comprising 1,223 million dollars from crude oil sales and 444 million dollars from other petroleum product exports.
The average price of the Mexican crude oil export mix was 62.45 dollars per barrel, a decrease of 0.48 dollars from the previous month and 3.70 dollars from September 2024.
The daily crude oil export volume was 653,000 barrels, higher than August’s 594,000 barrels but lower than September 2024’s 699,000 barrels.
Agro-Food and Mining Exports
In September, agro-food and fishery exports were valued at 1,291 million dollars, a 14.5% annual decrease.
- Cattle exports (-100.0%)
- Mangoes (41.1%)
- Onions and garlics (31.0%)
- Tomatoes (25.2%)
- Avocados (19.6%)
However, increases were seen in fish, crustaceans, and mollusks (33.0%) and fruits and edible fruit (28.3%) exports.
Extractive exports were valued at 1,160 million dollars, a 20.0% annual increase.
Import Details
In September, consumer goods imports amounted to 8,814 million dollars, a 5.6% annual increase.
Intermediate goods imports were valued at 45,458 million dollars, a 19.6% rise compared to September 2024.
Capital goods imports totaled 4,615 million dollars, a 3.2% annual decrease.
Key Questions and Answers
- What were the growth rates of Mexican exports and imports in September? Exports grew by 13.8%, and imports increased by 15.2%.
- What factors contributed to the growth in Mexican exports? Lower comparative tariffs in the US, integration into global value chains, diversification of markets, and favorable content integration with the US.
- How did the trade balance perform in September? Mexico recorded a 2,399.5 million dollar trade deficit in September, an interannual increase of 60.9%.
- What are the macroeconomic growth projections for Mexico in 2025? Banxico projects a 0.6% GDP growth, the OECD forecasts 0.8%, and the FMI predicts 1.0%.
- Which export sectors showed the most significant growth in September? Machinery and specialized equipment for diverse industries, minerometalurgical products, electrical and electronic equipment, and professional and scientific equipment.
- What was the performance of oil exports in September 2025? Oil exports were valued at 1,667 million dollars, with crude oil sales accounting for 1,223 million dollars and other petroleum product exports totaling 444 million dollars.
- How did agro-food and fishery exports perform in September 2025? Agro-food and fishery exports decreased by 14.5% annually, with notable reductions in cattle, mangoes, onions and garlics, tomatoes, and avocados exports.
- What were the import details for September 2025? Consumer goods imports rose by 5.6% to 8,814 million dollars, intermediate goods imports increased by 19.6% to 45,458 million dollars, and capital goods imports fell by 3.2% to 4,615 million dollars.
