Overview
- The balance swung from a $2.43 billion surplus in December to a $6.48 billion deficit in January, led by a deterioration in the non‑petroleum balance.
- Total exports rose 8.1% year over year to $48.01 billion, the strongest January since 2018, but trailed $54.49 billion in imports that climbed 9.8%.
- Non‑petroleum exports increased 9.8% to $46.90 billion, propelled by non‑auto manufactures, while petroleum exports fell 33.5% to about $1.11 billion.
- The average Mexican crude price was $55.34 per barrel and crude export volumes slipped to roughly 355,000 barrels a day, pressuring oil receipts.
- Intermediate‑goods imports jumped 14.2% and made up about 79% of the total, as shipments to the U.S. grew 7.9% but exports to other markets rose faster at 19.6% with auto exports down about 9%.