The value of Mexico’s exports increased 8.1% annually in January to reach just over US $48 billion, according to official data.
Reported by the national statistics agency INEGI last Friday, the year-over-year increase was the largest for the month of January since 2023, when export revenue surged 25.6%.
Mexico’s outlay on imports also increased in January, rising 9.8% annually to $54.48 billion, INEGI reported.
Thus, Mexico recorded a trade deficit of $6.48 billion in the first month of 2026.
The publication of the trade data for January came a month after INEGI reported that the value of Mexico’s exports increased 7.6% in 2025 to total US $664.8 billion.
Mexico recorded its first trade surplus in four years in 2025, with export revenue exceeding expenditure on imports by $771 million, according to INEGI.
More than 80% of Mexico’s export revenue is derived from the shipment of goods to the United States. The North American neighbors are each other’s largest trade partner.
Manufacturing sector brings in lion’s share of export revenue
Mexico’s export of manufactured goods generated income of $43.5 billion in January, accounting for 90.6% of total revenue.
The value of manufacturing exports increased 9.4% compared to January 2025, fueled by a 17.8% year-over-year gain in the shipment abroad of non-auto sector goods, which were worth $32.16 billion.
Mexico’s auto sector exports generated revenue of $11.34 billion in January, an annual decline of 9%. Light and heavy vehicles made in Mexico are currently subject to tariffs when exported to the United States, although the U.S. content is not taxed as long as the vehicles comply with USMCA rules. The 9% decline in auto-sector revenue stemmed from a 16.7% decline in exports to the U.S. and an 18.2% increase in exports to other markets.
INEGI’s data also shows that the value of agricultural exports declined 11.6% annually in January to $1.85 billion.
Mining exports surged 81.1% to $1.53 billion in revenue, while oil exports slumped 33.5% to $1.11 billion.
The state oil company Pemex reported that it exported an average of 294,400 barrels of crude per day in January, an annual contraction of 44.4%.
Import data in detail
The 9.8% annual increase in expenditure on imports in January was the highest for the first month of a year since 2023.
The value of non-oil imports to Mexico increased 12.7% annually in January to reach $51.16 billion, according to INEGI. The outlay on oil-based imports declined 21.3% to $3.32 billion.
Mexico is aiming to reduce its reliance on foreign oil and petroleum products as it seeks to reach self-sufficiency for fuel.
Expenditure on imported intermediate goods, including semi-finished products and raw materials, increased 14.2% annually in January to reach $43.12 billion, representing 79% of Mexico’s total outlay on imports.
The outlay on the import of non-oil intermediate goods increased 16.5% annual to $40.7 billion, while the value of oil-based intermediate goods fell 14.4% to $2.41 billion.
Mexico’s expenditure on imported consumer goods fell 3.8% annually in January to $6.98 billion. Imported non-oil consumer goods were worth $6.07 billion, a 3.7% increase, while the outlay on oil-based consumer goods, including gasoline, declined 35.2% to $910.8 million.
Imported capital goods, such as machinery, tools and equipment, were worth $4.37 billion in January, a 4.4% year-over-year decline.
With reports from La Jornada, El Economista and El Financiero
