México Balança Comercial

Mexico posted a trade deficit of $0.088 billion in April 2025, narrowing from the $3.746 billion in the same period a year earlier and contrasting with market expectations of $0.16 billion. This was the second deficit of the year, after two consecutive surpluses. Exports grew 5.8% to $54.38 billion, led by a 6.6% increase in non-oil shipments as mining products (+46.4%) and manufactured goods (+6.6%) offset a decline in agricultural goods (-7.1%). Oil exports fell by 13.2%. However, sales of autos to the US decreased by 8.0% due to the aggressive tariffs that US President Trump placed on Mexican goods outside the USMCA. At the same time, imports fell by 1.2% as purchases of non-oil (-4.2%), capital goods (-18.8%) and consumer goods (-4.2%) fell.