The value of Mexico’s exports increased 14.2% annually in October to reach US $66.13 billion, a record high for any month, according to official data.
In percentage terms, the annual increase was the largest for any month since a 14.7% jump in July 2024. Compared to September, Mexico’s export revenue increased 17% in October.
The national statistics agency INEGI also reported last Thursday that Mexico’s export revenue increased 6.6% annually in the first 10 months of 2025 to reach $547.77 billion.
Mexico is thus on track to set a new annual record for export revenue this year, and to exceed $600 billion in earnings for just the second time ever, after first breaking that barrier in 2024.
The strong growth in Mexico’s export revenue has occurred despite the Trump administration imposing tariffs on a range of Mexican goods in 2025, including steel, aluminum and vehicles, as well as all other products that don’t comply with the USMCA, the North American free trade pact.
Still, the majority of Mexico’s trade with the U.S. — easily the world’s top buyer of imported Mexican goods — remains tariff-free thanks to the USMCA, a five-year-old accord that will be formally reviewed in 2026.
A 34.8% year-over-year increase in the value of Mexico’s non-automotive sector manufactured exports drove the 14.2% increase in revenue in October. Revenue from the export of those goods rose 16% annually in the first 10 months of the year.
William Jackson, Capital Economics’ chief emerging markets economist, said that Mexico’s growth in export revenue has been supported by an artificial intelligence investment boom in the United States, where huge amounts of capital are being used to build the data centers required to power AI.
Record revenue despite decline in auto exports
As is the norm, the vast majority of Mexico’s export revenue in October came from the shipment abroad of manufactured goods. The value of those exports increased 17.4% to $61.64 billion in October, accounting for 93% of Mexico’s total earnings in the month.
Revenue from the export of non-automotive sector manufactured goods surged 34.8% annually to $45.52 billion. That increase, the highest for any month in over four years, well and truly offset a 14% decline in the value of auto sector exports, which were worth $16.12 billion in October.
The non-U.S. content in USMCA-compliant light vehicles made in Mexico has been subject to a 25% U.S. tariff since April. The United States’ 25% tariff on medium- and heavy-duty trucks — which also excludes U.S. content in USMCA-compliant vehicles — took effect on Nov. 1.
Approximately 7% of Mexico’s export revenue in October came from shipments of oil, agricultural products and mineral resources.
Oil exports brought in revenue of $1.82 billion, a 29.8% annual decline, while shipments of agricultural products generated earnings of $1.38 billion, down 19.5% from October 2024. Revenue from the export of beef, avocados, tomatoes and onions all declined.
Mining exports increased 18.6% annually to $1.28 billion in October.
Revenue from exports of manufactured goods exceeds $500 billion in 2025
INEGI’s data shows that the shipment abroad of manufactured goods generated revenue of $501.11 billion between January and October, an increase of 8.6% compared to the same period of last year.
The value of non-auto sector exports increased 16% to $346.17 billion, while auto sector exports declined 4.9% to $154.94 billion. Of every $100 in export revenue between January and October, $63.20 came from the export of non-auto sector manufactured goods, up from $58.20 in the same period of last year.
Mexico makes a wide range of manufactured goods, including electronic equipment, medical devices and aerospace inputs.
Oil sector exports were worth $18.17 billion in the first 10 months of the year, a 24.3% annual decline, while the value of agricultural exports fell 9.6% to $17.65 billion.
The value of exported mineral resources increased 23.2% annually to reach $10.82 billion between January and October.
Mexico recorded a trade deficit between January and October
Mexico’s outlay on imports was $550.09 billion in the first 10 months of 2025, according to INEGI. That figure represents a 3.1% increase compared to the same period of last year.
Mexico thus recorded a trade deficit of $2.32 billion between January and October, representing an 88.2% decrease compared to the deficit in the same period of 2024.
In October, Mexico’s outlay on imports increased 12.8% annually to a record high $65.52 billion, leaving it with a trade surplus of $606.1 million during that month.
In the first 10 months of the year, more than three-quarters of Mexico’s expenditure on imports (77%) went to the purchase of intermediate goods, products used as inputs in the production of other goods.
Mexico imported intermediate goods worth $423.21 billion between January and October, an annual increase of 6.2%.
Mexico’s outlay on petroleum imports, including refined fuel, declined 7.8% to $39.14 billion in the first 10 months of 2025. Expenditure on petroleum “consumer goods” — i.e. gasoline and diesel — declined by an even larger 20%, indicating that Mexico’s reliance on foreign fuel is on the wane, a positive sign as the federal government targets self-sufficiency.
Mexico’s outlay on non-oil consumer goods declined 0.4% to $67.62 billion in the first 10 months of 2025, while expenditure on capital goods (including manufacturing machinery) fell 8.6% to $46.8 billion.
Mexico spends more on imports from the United States than from any other country, and in the first eight months of the year was the world’s top buyer of U.S. goods, outpacing Canada, according to U.S. government data.
With reports from El Economista, Expansión, El Financiero and La Jornada
