Mexico’s export revenue increased 24.6% annually in the first six months of 2026 to reach a record high of US $389.72 billion, according to the national statistics agency INEGI.

The year-over-year gain in percentage terms was the highest since 2021, when export revenue rose 29.4% in the first six months of the year.

México es una locomotora de exportación y pronto llegará a ser la novena potencia exportadora del mundo.

El crecimiento anual de las exportaciones mexicanas al mundo fue de prácticamente 25% anual en el periodo ene-junio.

Esto nos lleva al superávit comercial mas alto… pic.twitter.com/PjEm0SumEb

— Luis Rosendo Gutiérrez (@LuisRosendo_) July 28, 2026

Published on Monday, INEGI’s data also shows that Mexico recorded a record high trade surplus of $9.85 billion between January and June, its export revenue exceeding its outlay on imports by that amount.

More than 80% of Mexico’s export earnings come from goods shipped to the United States. In 2023, Mexico supplanted China to become the world’s largest exporter to the United States and has remained in the top spot ever since. In 2025, Mexico sent goods worth more than $534 billion to its northern neighbor, while its total exports were worth almost $665 billion.

Non-automotive manufacturing exports surge 37% between January and June 

INEGI’s data shows that 91.3% of Mexico’s export revenue between January and June came from the shipment abroad of manufactured goods.

On an annual basis, the value of manufacturing exports increased 25.8% to $355.9 billion.

That growth was the result of a 37.6% increase in earnings from the export of non-automotive manufactured goods and a 1% increase in the value of automotive exports, which are subject to tariffs when shipped to the United States. Non-automotive manufacturing exports were worth $263.64 billion between January and June, while automotive exports were worth $92.25 billion. The value of automotive exports to the U.S. in the first six months of 2026 fell 2.7% annually, but exports of those products to other markets rose 24%, according to INEGI.

Rodolfo Ostolaza, deputy director of economic studies at Banamex, said that technology-related investment in the United States, including in data centers and other infrastructure that supports the burgeoning artificial intelligence industry, is a factor in Mexico’s export dynamism. However, he said it wouldn’t be prudent to attribute all of Mexico’s export growth to technology investment in the U.S. because Mexico’s non-automotive manufacturing exports category is very broad.

For his part, Mario Correa, a former president of the economic studies committee of the Mexican Institute of Financial Executives, told the newspaper El Financiero that a good part of Mexican manufacturing sector exports have Asian content and therefore Mexico’s role in the chain, in some cases, is concentrated in assembly.

INEGI’s data also shows that the value of mining sector exports increased 78.6% annually to reach $11.2 billion between January and June.

Meanwhile, revenue from agricultural exports fell 4% annually to $11.74 billion, while oil export earnings declined 2.9% to $10.86 billion.

Exports increase 34% in June 

Mexico’s strong export performance in the first half of 2026 was aided by a 34.4% annual increase in export revenue in June.

Mexico’s exports generated a record $72.55 billion in revenue last month, boosted primarily by a 48.8% increase in the value of non-automotive manufacturing goods that were shipped abroad.

Those goods generated earnings of $49.65 billion in June, accounting for 68.4% of total export revenue.

Mexico’s expenditure on imports grows by more than 20%  

INEGI’s data shows that Mexico spent $379.86 billion on imports between January and June, a 22% increase compared to the same period of last year. Almost 80% of Mexico’s outlay on imports was spent on intermediate goods — i.e., inputs used in the production of finished goods.

Expenditure on intermediate goods, including oil-based intermediate goods, totaled $303.54 billion between January and June, a 26.7% annual increase.

Mexico’s outlay on imported consumer goods increased 9.8% annually in the same period to reach $48.65 billion, while expenditure on imported capital goods such as machinery and tools rose 1.1% to $27.65 billion.

In June, Mexico’s expenditure on imports totaled $68.46 billion, a 28% year-over-year increase. Mexico recorded a $4.08 billion trade surplus last month.

With reports from El Financiero and El Economista