Mexico's Trade Surplus Reaches $663 Million in November Amidst Mixed Trade Performance

Mexico Registers Widened Trade Surplus in November

Mexico recorded a trade surplus of $663 million in November 2025, a slight increase from the $606 million surplus reported in October. This figure, released by the national statistics agency INEGI, surpassed the $391 million deficit that had been forecast by Mexican bank Banorte. The widened surplus emerged despite a complex trade landscape characterized by declines in both non-oil exports and imports.

Detailed Export Performance

Total exports from Mexico reached $56.4 billion in November, while imports stood at $55.7 billion. A significant factor in the overall trade balance was the performance of the non-oil sector. Non-oil exports, though experiencing a seasonal slip from October, saw a 10.5% annual increase to $54.9 billion. However, within the non-oil category, manufacturing exports experienced a 16% decline from the previous month, totaling $52.1 billion. Automotive exports specifically fell by 2.2% to $15.8 billion, following an increase in October. Other non-oil manufacturing exports also saw a 20% drop, reaching $36.3 billion. In contrast, oil exports plunged by 40.4% to $1.55 billion.

Imports and Sectoral Balances

Imports into Mexico rose by 5.2% to $55.7 billion in November. Notably, capital goods imports experienced a decline of 16.7%, reaching $4.36 billion, which could indicate a cooling investment appetite. The wider overall trade surplus was primarily attributed to an increase in the non-oil trade surplus, which grew to $2.84 billion in November from $2.74 billion in October. Concurrently, the oil trade deficit widened from $2.13 billion to $2.18 billion.

Economic Context and Outlook

The mixed trade results reflect ongoing dynamics in Mexico's economy. While the non-oil sector continues to be a crucial driver, with manufacturing as its backbone, fluctuations in specific categories like automotive exports and a significant drop in oil exports highlight areas of vulnerability. The increase in the non-oil trade surplus was a key factor in offsetting the widening oil deficit, leading to the overall positive trade balance for the month.