Mexico’s export revenue surged almost 16% annually in February, the second-highest increase for any month in the past three years.
The national statistics agency INEGI reported on Friday that Mexico’s exports were worth US $56.85 billion last month, an increase of 15.8% compared to February 2025.
The newspaper El Economista reported that the annual increase was the second-highest in the past 37 months after a 17.2% jump last December.
The dollar total was the highest on record for February, but Mexico nevertheless recorded a $463 million trade deficit last month as the value of imports increased 20.8% annually to $57.31 billion.
The export figures contrast with January and February reports that manufacturing output is declining, as U.S. tariffs and weakening employment weigh on the sector.
According to INEGI, Mexico’s export revenue increased 12.2% annually in the first two months of 2026 to reach $104.85 billion. The outlay on imports increased 15.2% to $111.8 billion in the same period, leaving Mexico with a trade deficit of $6.94 billion.
More than 80% of Mexico’s export earnings come from goods shipped to the United States. The North American neighbors are each other’s largest trade partners.
Manufacturing exports increase 17%, despite drop in auto sector revenue
INEGI’s data shows that Mexico’s manufacturing exports were worth $51.77 billion in February, a 17.1% increase compared to the same month of last year. That total represents 91% of Mexico’s total export earnings last month.
The value of non-automotive sector manufacturing exports increased 26.7% annually to $38.13 billion, while auto-sector export earnings fell 3.4% to $13.64 billion. U.S. tariffs on light and heavy vehicles made in Mexico have affected Mexico’s auto sector.
INEGI’s data also shows that Mexico’s agricultural export earnings fell 12.8% annually to $1.77 billion in February, while revenue from international oil sales declined 24.2% to $1.48 billion.
Revenue from mining sector exports soared 107.6% annually to $1.8 billion in February. El Economista reported that the value of mining sector exports exceeded revenue from international oil sales for a third consecutive month in February. The federal government is aiming to have more crude refined in Mexican refineries as it seeks to achieve self-sufficiency for fuel.
Mexico’s outlay on imported intermediate goods increases 27%
INEGI’s data on imports shows that Mexico spent $46.24 billion on intermediate goods in February, an increase of 27.2% compared to the same month last year. The outlay on intermediate goods — including raw materials and semi-finished products — accounted for over 80% of Mexico’s total spending on imports last month.
Mexico imported consumer goods worth $7.05 billion last month, a 5.2% annual increase, and spent $4.02 billion on foreign capital goods, a year-over-year decrease of 8.1%.
Of Mexico’s total outlay of $57.31 billion on imports in February, $53.81 billion was spent on non-oil goods, while $3.49 billion was spent on products derived from petroleum, including fuel for motor vehicles.
With reports from El Economista and La Jornada
