Mexico Posts US$663 Million Trade Surplus in November

Mexico’s merchandise trade balance registered a surplus of US$663 million in November 2025, widening slightly from US$606 million in October, as exports expanded by 7.9% year over year while imports increased 5.2%, according to INEGI’s latest Merchandise Trade Balance of Mexico (BCMM) bulletin.

Total exports reached US$56,412 million, while imports totaled US$55,749 million. The month-to-month improvement in the headline balance was driven by a larger non-oil surplus and a slightly deeper oil deficit.

According to INEGI, the non-oil trade surplus grew from US$2,736 million in October to US$2,838 million in November, while the oil trade deficit widened from US$2,129 million to US$2,175 million during the same period.

By export category, non-oil exports rose 10.5% year-on-year to US$54,865 million, while oil exports dropped 40.4% to US$1,547 million. Within non-oil shipments, exports to the United States increased 8.5%, and exports to the rest of the world surged 20.9%, reflecting strong demand diversification beyond Mexico’s primary trade partner.

Mexico’s export performance was primarily driven by the manufacturing sector. Manufactured goods exports rose 10.9% year-on-year to US$52,085 million, with notable gains in specialized machinery and industrial equipment, metal products for domestic use, and electrical and electronic devices.

In contrast, automotive exports fell 2.1% year-on-year to US$15,768 million, as shipments to the United States declined 4.8%, partially offset by 13.3% growth in exports to other destinations.

On the import side, growth was mainly concentrated in production inputs. Intermediate goods imports grew 8.7% year-on-year to US$42,949 million, reflecting strong industrial activity. Consumer goods imports increased 2.5% to US$8,437 million, while capital goods imports fell 16.7% to US$4,364 million, marking a notable contraction in investment-related purchases.

Despite the monthly surplus, Mexico accumulated a US$1,659 million trade deficit between January and November 2025, representing a significant improvement compared to the US$20,389 million deficit recorded during the same period in 2024.

In seasonally adjusted terms, INEGI reported a US$274 million deficit in November, compared to a US$1,530 million surplus in October. The adjusted data reflects a 2.96% month-on-month decline in exports and an almost flat 0.02% increase in imports, indicating a short-term slowdown after two consecutive months of positive trade balances.