FX.co ★ Mexico Trade Gap Exceeds Forecasts in September

In September 2025, Mexico reported a trade deficit of $2.4 billion, a significant increase from the $1.5 billion deficit recorded the same month in the previous year. This figure surpassed market expectations, which anticipated a deficit of $1.3 billion, making it the most extensive shortfall thus far in the year. Imports experienced a notable rise of 15.2% compared to the prior year, reaching a total of $58.9 billion. This surge was primarily driven by a 19.6% increase in intermediate goods, totaling $45.5 billion. Imports of consumer goods grew by 5.6% to $8.8 billion, while capital goods imports experienced a decline of 3.2%, amounting to $4.6 billion.

Concurrently, exports displayed a robust growth of 13.8%, reaching $56.5 billion. Material from the extractive industry comprised $1.2 billion of these exports. Meanwhile, manufacturing exports increased impressively by 15.7% to $52.4 billion, compensating for downturns in other sectors, such as agriculture, which fell by 14.5% to $1.3 billion, and oil, which saw an 11.8% decrease to $1.7 billion. Exports to the United States rose by 12.4%, even in the face of heightened tariffs on Mexican goods, a factor that led to a 7.2% drop in automotive exports to the US. Offsetting this, however, was an extraordinary increase in automobile exports to other global destinations, which soared by 51.2%.