FX.co ★ Mexico Trade Surplus Biggest in More Than 2 Years

In March 2025, Mexico achieved a trade surplus of $3.44 billion, a notable rise from the $1.99 billion surplus recorded during the corresponding month of the previous year, and surpassing market projections of a $2.06 billion surplus. This marks the second successive month of surplus, fueled by a significant increase in exports as companies expedite shipments in anticipation of impending US tariffs. Export activities surged by 9.6%, reaching $55.5 billion, primarily driven by a 9.7% rise in non-oil shipments. These included a notable 34.1% increase in mining products, a 2.8% decrease in agricultural products, and a 10% increase in manufactured goods. Among these, exports of machinery and industrial equipment saw a remarkable growth of 50.2%, while automobile exports rose by 6.2%, underpinned by a 6.5% increase in sales to the US and a 4.0% rise directed towards other markets. Oil exports also experienced a 9.7% climb. Overall, shipments to the US increased by 9.0%, while exports to other international markets expanded by 13.7%. Concurrently, imports grew by 7.1%, propelled by heightened purchases of non-oil products (+8.0%) and intermediate goods (+9.7%), whereas imports of oil products (-6.3%), capital goods (-1.3%), and consumer goods (-1.2%) experienced declines.