Mexico’s Trade Deficit Widens to US$2.4 Billion in September

In September, Mexico posted a trade deficit of US$2.4 billion, despite a 13.8% increase in exports, according to INEGI data. The deficit marked a sharp rise compared with the US$579 million shortfall recorded in the same month of 2024 and followed August 2025’s deficit of US$1.94 billion. For the first nine months of 2025, Mexico’s cumulative trade deficit reached US$2.93 billion.

Exports in September grew 13.8% year-over-year to US$56.48 billion. Oil exports fell 11.8% to US$1.67 billion, while non-oil exports rose 14.8% to US$54.82 billion. Within non-oil exports, shipments to the United States increased 12.4% annually, and exports to other markets jumped 28.5%, INEGI reported.

Imports also increased, rising 15.2% to US$58.89 billion. Oil imports declined 2.2% year-over-year to US$3.94 billion, whereas non-oil imports grew 16.7% to US$54.95 billion.

From January to September, total exports rose 5.7% to US$481.62 billion. Oil exports decreased 23.6% to US$16.36 billion, while non-oil exports expanded 7.1% to US$465.28 billion. During the same period, imports climbed 2% to US$484.57 billion, with oil imports falling 8.3% to US$35.20 billion and non-oil imports increasing 2.9% to US$449.33 billion.

In 2024, Mexico’s trade deficit widened 50.1% to US$8.21 billion, up from US$5.47 billion in 2023.