Mexican Exports Rise 7.4% in August, but Trade Deficit Widens

Mexico’s exports surged 7.4% year-on-year in August 2025, reaching US$55.7 billion, fueled by strong growth in manufactured goods and non-oil shipments. However, the expansion was overshadowed by a wider trade deficit of US$1.94 billion, compared with just US$17 million in July.

The deficit widened due to a sharp reduction in the non-oil surplus, which dropped from US$2.12 billion in July to US$293 million in August, and a deeper oil trade gap, which rose from US$2.14 billion to US$2.23 billion. Despite this, Mexico’s cumulative trade deficit for January-August 2025 stood at just US$528 million, a stark improvement from the US$17.98 billion deficit recorded in the same period of 2024, says the latest report of INEGI.

Manufactured Goods Drive Export Growth

Non-oil exports increased 8.9%, while oil exports contracted 26.3%. Sales to the United States, Mexico’s largest trading partner, rose 7.4%, and exports to other markets jumped 16.8%.

Manufactured goods led the growth, with exports totaling US$51.7 billion, up 9.0% from a year earlier. Machinery and specialized equipment exports skyrocketed 69.3%, followed by professional and scientific equipment (9.9%) and optical instruments and watches (4.2%). Automotive exports, however, slipped 1.2%, as sales to the United States fell 5.9%, partly offset by a 29.1% rise to other markets.

Oil exports dropped to US$1.64 billion, pressured by weaker prices and lower volumes. The average export price of Mexican crude stood at US$62.93 per barrel, US$8.12 lower than in August 2024. Export volumes fell to 594,000b/d, down from 769,000 a year earlier.

Agricultural and fishing exports decreased 14.3% to US$1.24 billion, dragged by sharp declines in tomatoes (26.9%), chickpeas (23.8%), fresh vegetables (19%), mangos (14.2%), and avocados (7.9%). Still, exports of fruits (27.4%) and seafood (24.3%) showed resilience. Meanwhile, extractive exports grew 41.3% to US$1.14 billion.

Between January and August 2025, exports reached US$425.2 billion, a 4.7% year-on-year increase. Manufactured goods made up 91% of this total, followed by agricultural products (3.5%), oil products (3.5%), and non-oil extractive products (2%).

Imports Fall Slightly Amid Lower Consumption

Imports totaled US$57.7 billion in August, representing a 0.2% annual decline. Consumption goods imports fell 5.8% to US$8.4 billion, reflecting a 30.6% drop in petroleum-based goods. Imports of intermediate goods grew 1.8% to US$44.6 billion, while capital goods imports fell 7.4% to US$4.7 billion.

From January to August, total imports reached US$425.7 billion, up 0.4% compared to the same period in 2024. Non-oil imports grew 1.2%, while oil imports contracted 9%. The composition of imports in the first eight months of 2025 was 76.9% intermediate goods, 14.4% consumption goods, and 8.7% capital goods.

Seasonally Adjusted Data

With seasonally adjusted figures, the trade balance showed a surplus of US$609 million in August, compared with US$219 million in July. Total exports rose 3.72% month-on-month, boosted by a 4.01% increase in non-oil exports, while oil exports fell 4.91%. Within non-oil exports, manufacturing posted a 4.16% monthly gain.

On the import side, total goods rose 3.02% compared to July, driven by a 4.45% increase in intermediate goods. Imports of consumption goods and capital goods decreased 1.26% and 1.72%, respectively.