Mexico’s Trade Deficit Widens in September as Imports Surge

Mexico’s trade balance shifted deeper into negative territory in September 2025 amid strong import momentum that exceeded export gains, according to the most recent data from INEGI’s trade bulletin. The country posted a US$2.4 billion commercial deficit in the month, higher than the US$1.94 billion deficit recorded in August.  

The deterioration stemmed from both sides of the ledger: the surplus in non-oil products shrank to a US$128 million deficit, while the oil goods deficit widened to US$2.27 billion. Despite the monthly setback, Mexico has significantly improved its external balance compared to 2024. Cumulatively from January to September, the deficit totaled US$2.93 billion, a dramatic improvement compared to the US$19.47 billion shortfall registered in the same period of last year. 

Exports reached US$56.49 billion, up 13.8% annually, driven primarily by manufacturing. Non-oil exports jumped 14.8 %, while oil sales declined 11.8 %.

Manufactured goods surged 15.7%, led by strong growth in machinery and special-purpose equipment (up 76.2%), minerometallurgy goods (up 12.1%), and electrical-electronic products (up 9.9%). The automotive sector remained a pressure point, slipping 0.2% annually, including a 7.2% drop in shipments to the United States, although sales to other regions jumped over 50%. 

Oil exports totaled US$1.67 billion, with crude volumes rising month-to-month to 653,000b/d, though still below last year’s levels. The Mexican crude basket averaged US$62.45 per barrel, down year-over-year. 

Agricultural exports fell by 14.5%, especially shipments of beef, mango, tomatoes, and avocados, while seafood and specialty fruits posted gains. 

Imports climbed 15.2% year-over-year to US$58.89 billion. Growth centered on intermediate goods (up 19.6%), reflecting a robust industrial supply chain. Non-oil inputs advanced 20.7%. 

From January through September 2025, total imports increased 2.0%, with non-oil purchases up 2.9%, and oil-related imports down 8.3%. 

Although September brought a wider monthly deficit, the year-to-date improvement suggests Mexico is operating under a healthier trade composition than in 2024. Non-oil goods continue to dominate the country’s external sales, accounting for more than 91% of export value so far this year.