Mexico's trade surplus widened sharply in December from the previous month, with statistics agency Inegi reporting a strong expansion in non-auto manufacturing exports.
Mexico posted a $2.43bn trade surplus in December, said Inegi, up from a $663mn surplus in November, on larger overall trade volumes. Total exports reached $60.7bn, while imports stood at $58.2bn in December. That compared with $56.4bn in exports and $55.7bn in imports in November.
Inegi attributed the wider surplus to an increase in the non-oil trade surplus to $4.84bn in December from $2.84bn in November, alongside a widening of the oil trade deficit to $2.41bn from $2.18bn.
The surplus was significantly wider than the $469mn surplus forecast by Mexican bank Banorte, having expected a larger surge in non-oil imports on the strength of the Mexican peso, which has gained 9.5pc against the dollar in the last six months, trading at Ps17.2 to the US dollar as of 27 January.
Within non-oil trade, manufacturing exports rose by 6.7pc to $55.6bn in Decemberfrom the prior month, while automotive exports declined by 4.4pc to $15.1bn, following a 2.2pc decrease in November. The US absorbed 78pc of Mexico's light vehicle exports from January-December, with Mexico supplying 17pc of total US auto imports over the 12-month period, according to Mexican auto industry association AMIA, who also noted light auto exports were down 15pc from a year earlier in December to 3.39mn units.
In contrast, the "others" component of non-oil manufacturing exports expanded by 12pc to $40.5bn in December, up again after a 20pc decline in November.
Agricultural exports rose by 31pc to $1.9bn, picking up speed after more modest increases in November and October, respectively.
In contrast, the "others" component of non-oil manufacturing exports expanded by 11.6pc to $40.5bn in December.
Agricultural exports rose by 31pc to $1.9bn after increases of 3.9pc in November.
Oil-related exports totaled $1.52bn in December, down from $1.55bn in November, including $839mn in crude and $683mn in refined products on lower prices and volumes.
Mexico's crude export basket averaged $56.26/bl, down by $1.40/bl from November and $9.39/bl lower compared with a year earlier. Crude export volumes fell to 481,000 b/d in December from 597,000 b/d in November, remaining well below the 902,000 b/d exported in December 2024.
The year in trade
Inegi reported a $771mn surplus for the full year in 2025. This compares with a $18.5bn deficit in 2024 that resulted from a larger surplus in the non-oil trade balance — which went to $26.32bn in 2025 from $2.69bn in 2024 — and an increase in the oil trade deficit to $25.55bn in 2025 from $21.23bn in 2024.
These shifts occurred in 2025 despite Mexico's efforts to boost refining and reduce fuel imports and the US 25pc blanket tariff on Mexican goods, meant to reduce its own trade deficit with the neighboring country.
Banorte said 2025 trade data confirm "quite solid" North American trade integration, adding a "further reconfiguration of global trade will favor Mexico this year, albeit with less volatility and a moderation in flows on the back of overstocked companies," as it benefits from a lower effective tariff rate relative to other countries.
