Mexico records $17 million trade deficit in July despite rising exports

The National Institute of Statistics and Geography (INEGI) reported that Mexico recorded a trade deficit of $17 million in July 2025, despite a 4% increase in exports. This figure contrasts with the $12.136 billion deficit in the same month in 2024 and the $514 million surplus achieved last June.

In total, exports amounted to $56.707 billion. Of these, oil sales fell 23% year-over-year to $1.865 billion, while non-oil exports grew 5.2% to $54.842 billion.

INEGI reported that non-oil exports to the United States grew 3.9% annually, while those to the rest of the world increased 12.2%.

Regarding imports, Mexico reported a 1.7% increase in July, totaling $56.7245 billion. Oil purchases fell 7.1% to $4.0069 billion, while non-oil purchases increased 2.5% to $52.7176 billion.

From January to July, the country recorded a trade surplus of $1.416 billion. During that period, exports grew 4.3% year-on-year, although oil exports fell 24.5%, compared to a 5.8% increase in non-oil exports.

Imports in the first seven months of the year increased 0.5% to $368.02 billion, with an 8.3% drop in oil purchases and a 1.2% increase in non-oil imports.

Mexico has faced external pressure, especially from US tariffs, but has so far managed to avoid the recession that international organizations such as the IMF and the World Bank had predicted.