Mexique Balance Commerciale

Mexico recorded a trade surplus of $3.44 billion in March 2025, up from $1.99 billion in the same period of the previous year and exceeding market expectations of $2.06 billion surplus. This was the second consecutive surplus, driven by surge in exports as companies speed up shipments in anticipation of US tariffs. Exports grew 9.6% to $55.5 billion, led by a 9.7% increase in non-oil shipments, including mining products (+34.1%), agricultural products (-2.8%) and manufactured goods (+10%). Exports rose the most for machinery and equipment for industry (50.2%), and cars ( 6.2%) driven by increases of 6.5% in sales to the US and 4.0% in those directed to other markets. Oil exports increased by 9.7%. Shipments to the US grew by 9.0%, while exports to other markets increased by 13.7%. At the same time, imports rose by 7.1% driven by higher purchases of non-oil products (+8.0%) and intermediate goods (+9.7%) while oil (-6.3%), capital goods (-1.3%) and consumer goods (-1.2%) all declined.