MEXICO’S FOREIGN TRADE IN 2025: A COMPLETE OVERVIEW

A surplus powered by manufacturing

During the first seven months of 2025, Mexico posted a trade surplus of US$1.416 billion. In this period, exports totaled US$369.436 billion, whileimports reached US$368.020 billion, according to the most recent INEGI data. In July alone, exports grew 4.0% year over year to US$56.708 billion and imports rose 1.7% to US$56.724 billion. This rebound in exports is especially noteworthy because manufacturing remains the engine of Mexico’s foreign trade, representing 90.8% of total exports. The United States is still the main destination, absorbing 84.03% of non-oil exports. On the import side, intermediate goods accounted for 76.8% of the total, followed by consumer goods (14.4%) and capital goods (8.8%). In customs matters, ANAM’s collections reached a record MXN 711.9 billion in the first half of 2025, reflecting the growing weight of key customs offices such as Nuevo Laredo and Manzanillo.

This surplus marks a meaningful shift from previous years, when Mexico had been posting sizable deficits. The result reflects greater export competitiveness, especially in manufacturing, agricultural products, and electronics. Sales to the United States rose moderately, while imports of intermediate and consumer goods remain the most relevant, with a strong dependence on inputs from the United States and China. At the same time, customs revenue hit record levels, underscoring stronger logistics infrastructure and international trade.

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Imports and exports

In 2025, Mexico’s foreign trade is showing favorable results, with a trade surplus of US$1.416 billion in the first seven months of the year. This contrasts with the US$10.916 billion deficit recorded in the same period of 2024. The reversal reflects a notable boost in exports, especially in manufacturing, alongside more moderate and controlled import growth compared to prior years.

During the first half of 2025, Mexico exported US$369.436 billion, an increase of 4.3% year over year versus the same period in 2024. This performance confirms manufacturing as the main driver of external sales. In parallel, imports totaled US$368.020 billion, up just 0.5%, which points to some stagnation in external purchases and, in turn, supported a positive trade balance.

In July 2025, exports and imports moved more in tandem: exports rose 4.0% and imports 1.7%. Although imports grew less, intermediate and consumer goods remained dominant, with a notable pickup in technology products and machinery. This confirms that Mexican industry is increasingly integrated intoglobal production chains.

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Exports: The sectors powering growth

Mexican exports continue to be dominated by manufacturing, which represents 90.8% of the total, with solid growth in key areas such as electronics, industrial machinery, and auto parts. Notably, in July 2025, exports of machinery and equipment increased 28.7% year over year, reflecting the recovery of domestic industry and rising international competitiveness. Exports of electronic equipment also stood out with a 10.2% increase, reaffirming Mexico’s position as a producer of high value-added technology goods.

Within manufacturing, the automotive industry remains crucial. Although car exports fell 7.0% in July 2025, mainly due to a decline in sales to the United States, growth in exports of auto parts and commercial vehicles to other destinations points to diversification. That same month, Mexican exports to Europe, especially Germany and Spain, grew 12.0% year over year, highlighting deeper penetration into markets beyond North America.

Although it carries less weight in the export basket (3.7%), the agricultural sector also performed well. Products such as avocados (+13.7%) and green coffee (+91.8%) saw strong increases, which reaffirms Mexico as a key exporter of high-value agricultural goods, especially to the United States. In contrast, traditional goods like vegetables and tomatoes declined, reflecting the challenges agribusiness faces from weather factors and volatile global demand.

In energy, oil continues to play an important role in the export basket, although oil exports fell 24.8% in 2025 due to lower crude prices. Even so, non-oil exports remain in the lead, with manufacturing as the main engine of foreign trade.

On the import side, Mexico still depends on strategic inputs such as semiconductors, auto parts, and electronic products to sustain domestic production. In 2025, imports of semiconductors from the United States and China increased, reflecting the strength of the local technology sector, which requires these inputs to produce electronic and telecommunications goods. Autoparts also remain essential imports, as the country relies on specialized components from international markets to assemble and export vehicles worldwide.

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Imports: The role of key inputs and products

In 2025, Mexican imports have maintained moderate and steady growth, reflecting the country’s need to acquire strategic inputs for domestic production and consumption. Intermediate goods remain the most relevant, accounting for 76.8% of total imports. This confirms Mexican industry’s significant dependence on external inputs, especially in the automotive, electronics, and chemical sectors. Standout products include auto parts and electronics, mainly from the United States and China. These goods are essential for assembly and production, reinforcing Mexico’s role as a global supplier of vehicles and electronics.

In July 2025, imports of intermediate goods totaled US$42.943 billion, an increase of 2.5% year over year. This rebound is linked to stronger demand for industrial inputs in key sectors like automotive and electronics, particularly semiconductors and automotive components that are indispensable for manufacturing high-value, advanced technology products. Although most of these inputs come from the United States, China maintains a prominent role as a supplier of technological and electronic components.

As for consumer goods, imports rose only 0.4% compared with the previous year, reflecting stable demand but less momentum than in other categories. Technology products such as smartphones, computers, and home appliances stand out as the most purchased in this category, driven by consumers’ growing interest in advanced technology. However, purchases of luxury and non-essential goods have remained limited due to more cautious household spending.

Lastly, imports of capital goods fell 2.2% versus 2024, totaling US$5.101 billion in July 2025. This decline is tied to a lack of expansion in investment across some industrial sectors, affected by global economic uncertainty. Although Mexican companies still need high-tech machinery and equipment to improve productivity, the lack of tax incentives and international volatility have slowed decisions to invest in new technologies and advanced equipment.

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Mexico’s main trading partners: Who are we doing business with?

The relationship with the United States remains essential for Mexico’s foreign trade and in 2025 it is firmly established as its main partner, with more than 80% of Mexican exports going to that country. In 2023, exports to the U.S. reached US$476.6 billion, a 4.8% year-over-year increase. These figures confirm the importance of the bilateral relationship and the role of Mexican industry, especially in automotive, electronics, and agribusiness.

Trade with the United States remains the engine of the Mexican economy, although it also shows vulnerabilities. Exports of cars and auto parts continue to carry significant weight, but this sector has felt the impact of lower sales to the U.S. market due to tariff tensions and weaker demand in some segments. Even so, advanced technology products and agribusiness goods remain important sources of export growth.

Canada ranks second as Mexico’s trading partner within the USMCA framework. Although the volume of trade is not comparable to that with the United States, it remains a key ally in agricultural, automotive, and manufacturing trade. In 2025, Mexico continues to be Canada’s main supplier of goods such as automobiles, processed foods, and electronics.

Trade with China presents a challenge. Mexico maintains a trade deficit with China, since imports of electronic products and auto parts from the Asian giant have increased in 2025, underscoring Mexico’s dependence on technology goods. This relationship, while necessary, generates a sizable deficit and highlights the importance of reducing reliance on Chinese inputs. In 2024, imports from China represented 21% of Mexico’s total external purchases, reflecting the strategic weight of this relationship, particularly in electronics and industrial inputs.

Mexico’s most exported and imported goods

Mexican exports continue to be dominated by manufactured products, with strong representation from the automotive, electronics, and machinery sectors. The automotive industry in particular remains a cornerstone of the country’s exports, with vehicles and auto parts accounting for a large share of foreign trade. Exports of cars to the United States remain key to the Mexican economy and are expected to keep growing in the coming years, although with occasional setbacks due to trade tensions. In 2025, Mexico mainly exported the following products:

● 8471 – Computers and automatic data processing machines

● 8703 – Passenger motor vehicles

● 8708 – Parts and accessories for motor vehicles

● 8704 – Motor vehicles for the transport of goods (trucks/pickups)

● 8517 – Telephones and communication devices

● 8544 – Electrical conductors (cables)

These products reflect the strength of Mexican industry in high-tech and advanced manufacturing sectors, enabling Mexico to compete globally in key areas. Exports of semiconductors, auto parts, and electronic products remain essential to value chains in North America and other international markets, and Mexico is consolidating its role as a key player in the electronics industry.

On the other hand, Mexico’s imports continue to reflect the need for intermediate goods and technology products to supply Mexican factories and assembly plants. Electronic products such as semiconductors and integrated circuits remain one of the main import categories, especially from China and the United States. Imports of auto parts are also central, since Mexico assembles and exports vehicles globally and depends on specialized inputs from international markets.

Oil imports also remain essential for Mexico, although 2025 has seen a reduction in fuel imports due to increased domestic production. In particular, refined petroleum products remain the most relevant import in value terms, since Mexico still depends on imported fuels to meet domestic demand. Despite efforts to improve energy self-sufficiency, Mexico continues to be exposed to international oil prices and global market volatility.

Key customs offices and their impact on Mexico’s international trade

Mexico’s customs system continues to play a crucial role in the country’s foreign trade, handling more than MXN 700 billion in customs revenue in the first half of 2025 alone. The most important customs offices remain Nuevo Laredo, Manzanillo, and Veracruz, which process the vast majority of goods crossing Mexico’s land and sea borders. Nuevo Laredo, in particular, remains the main land crossing for goods, handling 40% of the imports and exports that move between Mexico and the United States. Its strategic location along the I-35 corridor, which connects Mexico directly to Texas, makes it a vital logistics hub for bilateral trade.

Historic collections in Nuevo Laredo have been driven mainly by trade in automotive products, electronics, and agribusiness goods that make up a large share of commerce between the two countries. This success is also due to infrastructure investments and the implementation of automation technologies that enable faster, more efficient handling of goods. In addition, more transparent and agile customs procedures have improved Mexico’s competitiveness at border crossings, benefiting Mexican companies that depend on these ports of entry to export products to the United States.

As for Manzanillo, it is Mexico’s leading seaport for trade with Asia and other regions of the world. In 2025, Manzanillo continues to consolidate its status as one of the most active ports in terms of trade transactions, especially for electronics, industrial machinery, and agribusiness products. Rising exports of avocados and other agricultural products have also had a major impact on Manzanillo, making it a key gateway to international markets.

The port of Veracruz in the Gulf of Mexico also remains fundamental to international trade, especially for exporting energy products and agricultural goods. Reconstruction and modernization of port infrastructure have allowed Veracruz to remain a primary gateway for products exported to Europe and Asia. In addition, efforts to strengthen logistics corridors between these ports and the industrial areas of central and southern Mexico are spurring interregional trade, which increases Mexico’s competitiveness in global markets.

Regarding customs revenue, the National Customs System (ANAM) continues to report record figures, with MXN 711.9 billion collected in the first half of 2025, a 23.4% real increase compared to the same period in 2024. This growth is due to process optimization at customs posts and the adoption of new technologies that enable better management of goods at border crossings. VAT collections, which represent 70.1% of the total, remain the main revenue source, followed by IEPS and IGI.

Prices and exchange rate

The price environment for Mexico’s foreign trade has shown moderate swings in 2025. Export prices in particular have stabilized compared with the previous year, which has benefited manufacturing and electronics. However, exchange-rate volatility remains a key factor for companies that rely on imports of intermediate goods. The Mexican peso appreciated slightly against the U.S. dollar during the first half of 2025, which positively impacted the competitiveness of Mexican exports by reducing the cost of imported inputs for domestic production.

Despite this appreciation, the peso continues to experience significant fluctuations, especially due to external factors such as U.S. Federal Reserve monetary policy and trade tensions between the United States and other global economies. Mexican exports have benefited from a stronger currency, making products manufactured in Mexico more attractive to international markets, especially in automobiles and electronics. However, an excessive increase in the peso’s value could have the opposite effect by raising the price of Mexican products in key markets and hurting export competitiveness.

Imports have also been affected by the stronger peso, since imported intermediate goods have become “cheaper,” especially those from the United States. Imports of machinery and electronics have increased in volume terms, reflecting Mexico’s ongoing need for these inputs to support domestic production. The energy sector still faces difficulties, since Mexico continues to depend on fuel imports, which has created a deficit in oil-related imports that fell 8.5% in 2025.

Trade policy environment

In 2025, Mexico’s international trade environment has been marked by tariff tensions between the United States and China, which have indirectly affected Mexico, given that both are key trading partners. The trade war between these two economies has encouraged Mexico to take advantage of nearshoring, relocating production by suppliers that previously served China to Mexico. This phenomenon has indirectly benefited the Mexican economy by increasing investment in sectors such as automotive and electronics.

Even so, protectionist measures adopted by the United States continue to pose a risk to Mexican exports. In particular, tariffs on steel and aluminum have affected several Mexican companies that depend on these materials for production. Although the USMCA remains a fundamental agreement for trilateral trade in North America, changes to tariff rules could generate additional tensions. In addition, the recent escalation of tariffs on products such as copper and aluminum has affected the flow of certain key Mexican goods to the United States.

Despite these challenges, Mexico remains a strategic partner for the United States, not only because of geographic proximity but also due to its ability to offer competitive products in sectors such as automotive, electronics, and machinery. Bilateral relations remain strong because the commercial interests of both countries are highly interconnected, and the growing Mexican industry plays a key role in the U.S. supply chain.

The future of Mexico’s foreign trade

Mexico’s foreign trade performance in 2025 has been a success story, with a trade surplus achieved thanks to growth in manufacturing exports and the recovery of key sectors such as automotive and electronics. However, the high concentration in the U.S. market remains both a strength and a vulnerability. While the United States is still Mexico’s largest trading partner, it is crucial for Mexico to keep diversifying markets to reinforce long-term competitiveness.

Nearshoring remains a key strategy that Mexico should leverage to strengthen its industry. Despite challenges from exchange-rate volatility and tariff tensions, Mexico has shown resilience in foreign trade. Improvements in logistics infrastructure, record customs collections, and foreign investment are clear signs of Mexico’s commitment to upgrading its trade capabilities.

Mexico is well positioned to continue expanding its foreign trade. Diversifying products, markets, and trading partners will be essential to consolidate economic growth, while strengthening logistics infrastructure will allow the country to remain a key player in the global economy.