The value of Mexico’s exports surged to a record high in September, driven by a year-over-year increase of almost 16% in manufacturing sector export revenue.
The national statistics agency INEGI reported Monday that Mexico’s exports were worth US $56.48 billion in September, an increase of 13.8% compared to the same month of 2024.
The annual percentage-terms increase in the value of Mexico’s exports was the highest in 14 months.
The growth rate was more than double the 5.7% increase in exports recorded between January and September, a period in which the shipment of Mexican products abroad generated revenue of $481.64 billion.
Mexico is on track to set a new record for export revenue in 2025, and to exceed $600 billion in earnings for just the second time ever. The increase in export revenue this year has helped prop up the Mexican economy, whose pace of growth is slowing.
Mexico’s spending on imports also increased at a fast clip in September, increasing 15.2% annually to $58.88 billion, according to INEGI. Mexico thus recorded a trade deficit of $2.39 billion last month, a 60.9% increase compared to September 2024.
Mexico’s export revenue shot up 10.6% in June, with manufacturing leading the way
In the first nine months of 2025, Mexico imported goods worth $484.56 billion, a 2% increase compared to the same period of last year. Mexico recorded a trade deficit of $2.92 billion between January and September, an 85% decline compared to the deficit in the first nine months of last year.
Manufacturing sector drives export growth
Like U.S. trade partners around the world, Mexico has been affected by the Trump administration’s aggressive protectionist agenda. However, Mexico has maintained a comparative advantage over most other U.S. trade partners as the majority of its trade with the United States — the recipient of the bulk of Mexico’s exports — occurs within the framework of the USMCA free trade pact and is thus exempt from tariffs.
That situation, along with the interconnectedness of the North American economy and the China-U.S. trade war, among other factors, has allowed Mexico to continue growing its export revenue this year even as the United States government collects tariffs on some Mexican exports, including light vehicles, steel and aluminum, that previously entered the U.S. duty-free.
The year-over-year growth in export revenue in September can largely be attributed to a 15.7% increase in manufacturing sector income.
The value of Mexico’s manufacturing sector exports was $52.37 billion last month, accounting for almost 93% of total revenue.
The value of non-automotive sector manufacturing exports surged 23.9% annually last month to reach $36.98 billion. In contrast, revenue from auto sector exports declined 0.2% compared to September 2024, indicating that the United States’ 25% tariff on light vehicles made in Mexico — with an exemption for U.S. content — is having an effect. The annual decline in the value of auto sector exports sent to the United States last month was a more pronounced 7.2%.
All told, Mexico’s auto exports brought in revenue of $15.38 billion last month.
In the first nine months of 2025, annual growth of 7.5% in manufacturing sector export revenue was a key factor in the 5.7% increase in the total value of Mexico’s exports in the period.
The value of non-automotive sector manufacturing exports increased 13.6% to $300.65 billion between January and September, while revenue from auto exports declined 3.7% to $138.82 billion. The value of all manufacturing sector exports during the period was $439.47 billion, accounting for 91% of Mexico’s total export revenue between January and September.
Another export category that recorded strong growth in September, and in the first nine months of 2025 was mining. Revenue from mining sector exports increased 20% annually to $1.16 billion in September, and 23.8% in the first nine months of 2025 to reach $9.53 billion. However, mining exports only make a minor contribution to Mexico’s overall export revenue, accounting for around 2% of total earnings in the first nine months of the year.
Mexico’s agricultural and oil exports both declined in annual terms in September and in the January-September period.
The agriculture sector, which is especially susceptible to adverse climate conditions, brought in export revenue of $1.29 billion in September, a 14.5% year-over-year decrease. In the first nine months of 2025, agricultural sector export revenue totaled $16.27 billion, a decline of 8.7%.
Mexico has been forced to halt exports of cattle to the United States in recent months due to the detection of cases of New World Screwworm in Mexican bovines.
The value of Mexico’s oil exports declined 11.8% annually in September to $1.66 billion. The petroleum sector’s export revenue fell 23.6% annually in the first nine months of the year to total $16.35 billion in the period.
Mexico is keeping more crude at home as it seeks to make progress toward achieving self-sufficiency for fuel. Petroleum sector export revenue is also affected by variable prices for oil.
Petroleum imports are down, but spending on intermediate goods rises
INEGI’s latest data shows that Mexico’s reliance on foreign fuel has declined, as the value of petroleum imports fell 8.3% annually to $35.19 billion in the first nine months of 2025.
Mexico’s outlay on consumer goods fell 5.8% to $70.21 billion in the same period. That decline stemmed from a 22% decrease in spending on petroleum-related consumer goods, such as gasoline, and a 2% reduction in expenditure on the import of all other consumer goods.
Imports of capital goods also declined between January and September, their value falling 8.8% to $41.77 billion.
In contrast, the value of imports of intermediate goods — products used as inputs in the production of other goods — increased 5% annually in the first nine months of 2025 to reach $372.58 billion. Expenditure on the import of intermediate goods accounted for 77% of Mexico’s total outlay on imports between January and September.
With reports from El Economista
