Background on Mexico’s Export Performance
Mexico’s exports of goods have shown remarkable resilience, growing by 9.6% in March 2025 to reach a total value of USD 55,527.3 million, according to data released by INEGI (National Institute of Statistics and Geography). This growth occurred despite the imposition of tariffs by the United States on Mexican imports.
Contextual Factors Affecting Export Growth
The favorable base comparison played a significant role in these results. The timing of Easter last year (in March) versus this year (in April) meant fewer working days in March 2024, thus boosting the growth rate for this year’s March. However, the negative impact of tariffs cannot be overlooked.
- US Tariffs: The US imposed a 25% tariff on steel, aluminum, and certain derivatives from all countries starting March 12, 2025. Additionally, since February 4, 2025, the US has imposed a 25% tariff on all Mexican imports that do not comply with the T-MEC (Mexico, United States, and Canada Agreement).
Despite Tariffs, Mexico’s Export Sector Thrives
In terms of deseasonalized data, Mexican exports increased by 2.96% monthly in March, while imports grew by 4.43%. The United States remains the top destination for Mexican exports, accounting for about 80% of these flows.
Key Export Categories and Their Performance
Manufactured Products:
Mexico’s manufactured product exports reached USD 49,990 million in March, marking a 10.0% annual increase. Key growth areas included:
- Machinery and Specialized Equipment for Diverse Industries: 50.2% increase
- Minero-Metalurgical Products: 31.9% increase
- Domestic Use Metal Products: 11.2% increase
- Professional and Scientific Equipment: 11.0% increase
- Automotive Products: 6.2% increase
The rise in automotive exports was driven by a 6.5% increase in sales to the US and a 4.0% rise in exports to other markets.
Oil Exports
In March 2025, Mexico’s oil exports totaled USD 2,173 million, comprising USD 1,654 million from crude oil sales and USD 519 million from other petroleum products.
- Average Export Price: The average export price of Mexico’s crude oil blend was USD 65.79 per barrel, down 3.20 from the previous month and 8.22 compared to March 2024.
- Crude Oil Export Volume: The daily export volume was 811,000 barrels, higher than February’s 752,000 barrels and March 2024’s 705,000 barrels.
Agricultural, Livestock, and Fishery Exports
The value of agricultural, livestock, and fishery exports was USD 2,300 million in March, representing a 2.8% annual decrease.
- Declining Exports: Fresh strawberries (-37.4%), onions and garlics (-34.2%), cucumbers (-30.9%), fresh legumes and vegetables (-27.2%), and tomatoes (-23.8%) saw the most significant drops.
- Increasing Exports: Avocados (28.4%) and melons, watermelons, and papayas (31.9%) experienced notable growth.
Extractive exports reached USD 1,064 million, with a 34.1% annual increase.
Import Trends
Consumer Goods:
Consumer goods imports totaled USD 7,051 million, marking a 1.2% annual decrease. This was due to a 5.6% rise in non-petroleum consumer goods and a 43.7% drop in petroleum goods (gasoline, liquefied petroleum gas, and propane).
Intermediate Goods
Intermediate goods imports were valued at USD 40,389 million, a 9.7% increase compared to March 2024.
Capital Goods
Capital goods imports amounted to USD 4,646 million, a 1.3% annual decrease.
Key Questions and Answers
- What drove Mexico’s export growth despite US tariffs? Favorable base comparison due to timing of Easter, along with resilience in key export categories like manufactured products and automotive exports.
- Which export categories experienced the most growth? Manufactured products, machinery and specialized equipment for diverse industries, minero-metalurgical products, domestic use metal products, professional and scientific equipment, and automotive products.
- How did oil exports perform in March 2025? Oil export value was USD 2,173 million, with a decrease in average export price but an increase in daily export volume.
- What were the trends in Mexican imports? A decrease in consumer goods, driven by a rise in non-petroleum consumer goods and a drop in petroleum goods. Intermediate goods imports increased, while capital goods imports decreased.
