Mexico's external sector continues to show resilience. According to the latest data from Inegi, the country's exports from January to November 2025 reached $604.186 billion, representing an increase of 6.8% compared to the same period in the previous year. The main driver of this growth was the manufacturing industry, which jumped by 8.8%, consolidating Mexico's position as a key production center for the region.
Trade balance and the Trump factor: Reduction in deficit: The trade balance closed November with a negative balance of just $1.659 billion, a substantial improvement compared to the deficit of over $20 billion recorded in 2024. Rising imports: External purchases increased by 3.3%, totaling $605.845 billion. Tariff uncertainty: Despite the good performance, analysts from Grupo Financiero Monex warn of the risks posed by the tariffs imposed by the Donald Trump administration and the upcoming review of USMCA. Despite trade tensions with the United States, its main strategic partner, experts project that bilateral negotiations could lead to a favorable scenario for Mexico, allowing for the maintenance of the flow of goods in the North American market.
