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Mexico’s February Exports Jump, but Faster Import Surge Leaves Trade Deficit

A surge in inputs for factories signals stronger production at the cost of a wider trade gap.

Overview

  • Inegi reported Friday that exports rose 15.8% to $56.85 billion in February while imports climbed 20.8% to $57.31 billion, yielding a $463 million deficit.
  • Purchases of non‑oil intermediate goods, the parts and materials factories use to make finished products, jumped about 29.5% to $43.79 billion and led the import surge.
  • Non‑oil exports grew 17.5% as oil shipments fell 24.2% to $1.49 billion, and extractive sales such as metals rose sharply from a year earlier.
  • Manufacturing exports reached roughly $51.78 billion, up 17.1%, while automotive exports fell 3.4% on weaker sales to the United States during a period of partially applied U.S. tariffs.
  • In the year’s first two months, exports totaled $104.86 billion and imports $111.80 billion, leaving a cumulative trade gap of $6.94 billion.