Mexico’s trade balance recorded a deficit of $848 million in July 2026, widening from an $80.9 million shortfall in July 2025 and marking the largest gap since January. Imports surged 45% year-on-year to $82.27 billion, driven primarily by a 56.3% jump in intermediate goods. This reflected increases of 57.7% in non-oil intermediate goods and 36.3% in oil-related intermediate goods. Imports of capital goods rose 9.9%, while consumer goods imports climbed 9.8%, supported by a 50.4% increase in oil consumer goods, including gasoline and butane and propane gas.
Exports grew 43.7% to $81.42 billion, underpinned by a 45% expansion in non-oil exports and a 6.8% rise in oil exports. Within the non-oil category, exports to the United States advanced 49.8%, while shipments to other destinations increased 21%. Over the first seven months of 2026, the merchandise trade balance registered a cumulative surplus of $9.25 billion.
