FX.co ★ Mexico Trade Balance Returns To Deficit

In April 2025, Mexico reported a trade deficit of $0.88 billion, significantly narrowing from the $3.746 billion deficit recorded in the same month the previous year. This marked the year's second deficit, following two consecutive surpluses. Exports saw an uptick of 5.8%, reaching $54.38 billion, driven primarily by a 6.6% rise in non-oil shipments. Notably, there was a substantial 46.4% increase in mining products and a 6.6% increase in manufactured goods, which helped offset a 7.1% decline in agricultural products. Despite this, oil exports experienced a decline of 13.2%. Exports to the US fell by 8.0%, attributed to aggressive tariffs imposed by US President Trump on Mexican goods not covered by the USMCA. Concurrently, imports decreased by 1.2%, with declines observed in non-oil purchases (-4.2%), capital goods (-18.8%), and consumer goods (-4.2%).