Mexico's U.S. Trade Surplus Shrinks 21% in January as Imports Jump

Overview

• Mexico's surplus with the United States fell to $10.93 billion in January, down about 20–21% year over year and the steepest drop since 2009 excluding the 2020 anomaly.
• Mexican exports to the U.S. reached a January record of about $42.52 billion, growing roughly 2% from a year earlier, according to U.S. official data.
• U.S. goods exports to Mexico rose 13.1% to about $31.59 billion, outpacing Mexico's export growth and narrowing the bilateral surplus.
• Total bilateral trade hit roughly $74.1 billion, keeping Mexico as the United States' largest trading partner with a 16.6% share of U.S. commerce.
• The U.S. Trade Representative's 2026 agenda highlighted the U.S. deficits with Mexico and Canada ahead of the T-MEC review.