FX.co ★ Mexico Posts Surprise Trade Deficit in February

Mexico’s trade balance posted a deficit of $0.46 billion in February 2026, reversing the $1.65 billion surplus recorded a year earlier and sharply missing analysts’ expectations for a $1.2 billion surplus.

Imports surged 20.8% year-on-year to $57.31 billion, as a 22.6% jump in purchases of non-oil goods more than offset a 1.4% decline in oil imports. Within this category, imports of intermediate goods rose 29.5%, while consumer goods imports increased 5.5%.

Exports advanced 15.8% to $56.85 billion, driven by a 17.5% increase in non-oil shipments. This was led by mining products, which soared 107.6%, and manufactured goods, which climbed 17.1%. In contrast, overseas sales of oil products fell 24.2%.

Within non-oil exports, shipments to the United States grew 15.9% year-on-year, while exports to the rest of the world expanded 26.4%.