Mexico’s export revenue increased by more than 10% annually in June, boosted by a significant spike in manufacturing sector earnings.

The national statistics agency INEGI reported Monday that export revenue totaled US $54.001 billion last month, a 10.6% increase compared to June 2024.

It was the first double-digit annual increase in export earnings since November 2024, and therefore the first increase of that magnitude since United States President Donald Trump began his second term and adopted a range of protectionist measures against U.S. trading partners, including Mexico. More than 80% of Mexico’s export earnings comes from goods sent to the United States.

As usual, the lion’s share of the revenue in June came from the export of goods made in Mexico’s vast manufacturing sector.

Earnings from the export of manufactured goods increased 13.5% annually to $49.68 billion, or 92% of total revenue.

Within the manufacturing category, revenue derived from automotive sector exports increased 4.5% to $16.32 billion, even as the United States charged tariffs on vehicles and non-USMCA compliant auto parts made in Mexico. Earnings from auto exports to the U.S. increased 6%, while those sent to other markets declined 2.6%.

Earnings from the export of non-auto sector manufactured goods surged 18.5% annually in June to reach $33.36 billion.

Revenue derived from the three other export sectors measured by INEGI — oil, agriculture and mining — all declined in June compared to the same month of 2024.

Oil exports generated $1.45 billion in earnings, a 30.4% year-over-year decrease. Mexico sent about 34% less crude oil abroad in June compared to the same month of last year, and the price per barrel was around 13% lower than a year earlier, according to data published by INEGI.

Revenue from agricultural sector exports declined 2.2% annually in June to $1.71 billion, while mining sector export earnings fell 5.5% to $1.14 billion.

Export earnings up 4.4% in first half of 2025

INEGI also reported on Monday that Mexico’s export revenue increased 4.4% annually between January and June to $312.728 billion.

The data indicates that Mexico is on track to set a new record for export earnings in 2025. In 2024, export revenue exceeded $600 billion for the first time, totaling just over $617 billion.

In the first half of this year, manufacturing sector export revenue increased 6.2% annually to $283.02 billion. Auto sector export earnings declined 4% compared to the first six months of 2024, while revenue from the export of non-auto sector manufactured goods increased 12%.

Oil earnings declined 24.8% compared to the first six months of last year, while agricultural sector export revenue fell 7.7%. Mining sector export earnings increased 22% compared to the first half of 2024.

Spending on imports increased in June, and the first half of 2025

Mexico spent $53.487 billion on imports in June, a 4.4% increase compared to the same month of 2024, INEGI reported.

The outlay on imports in the first six months of 2025 was $311.295 billion, an increase of 0.2% compared to the same period of last year.

Mexico recorded a trade surplus of $514.4 million in June and $1.43 billion in the first six months of the year.

In 2024, Mexico recorded a surplus of over $170 billion with the United States, its largest trading partner. President Claudia Sheinbaum acknowledged last Thursday that Mexico’s large surplus with the United States is “one of the concerns of President Trump,” who earlier this month announced that the U.S. would impose a 30% tariff on imports from Mexico starting Aug. 1.

Sheinbaum said on Thursday that her government was doing “everything” it could to stop the new duty from entering into force, and declared that the trade imbalance with the U.S. “can be reduced through different mechanisms that don’t affect the economy of Mexico.”

With reports from El Economista and La Jornada