Mexico posts strong first-quarter trade performance despite US protectionism

The worth of Mexico’s exports accrued successful yearly presumption to all-time highs successful March and successful the archetypal 4th of 2025 contempt the United States’ imposition of tariffs connected a scope of Mexican goods.

Data published by the nationalist statistic bureau INEGI connected Monday shows that Mexico’s exports were worthy US $55.52 cardinal past month, a 9.6% summation compared to March 2024. The astir 10% summation successful export net came aft a 2.9% year-over-year diminution successful February.

🚨En marzo de 2025, las exportaciones e importaciones crecieron a tasa anual, revirtiendo las caídas registradas en febrero. Las exportaciones nary petroleras, que representan un 96% de lo que exportamos, se recuperan impulsadas por el aumento en las manufactureras y extractivas. pic.twitter.com/HgsTek5Hw0

— México, ¿cómo vamos? (@MexicoComoVamos) April 28, 2025

INEGI information besides shows that Mexico earned $149.25 cardinal successful export gross successful the archetypal 3 months of 2025, a 4% summation compared to the archetypal 4th of past year.

The record-high March and archetypal 4th export net came arsenic United States President Donald Trump began implementing a scope of “America First” protectionist policies, including 25% tariffs connected Mexican alloy and aluminum that took effect connected March 12.

For 2 days successful aboriginal March, 25% tariffs were successful effect for each Mexican products shipped to the United States, but connected March 6 Trump lifted duties connected USMCA-compliant goods, a determination the U.S. president said helium took “as an accommodation, and retired of respect for, President [Claudia] Sheinbaum.”

“Our narration has been a precise bully one, and we are moving hard, together, connected the Border, some successful presumption of stopping Illegal Aliens from entering the United States and, likewise, stopping Fentanyl,” helium wrote connected societal media astatine the time.

Mexico ships much than 80% of its exports to the United States, and is the world’s apical exporter to the world’s largest economy. Mexico’s full export gross exceeded $600 cardinal for the archetypal clip successful a calendar twelvemonth successful 2024, with much that $500 cardinal of that magnitude coming from goods sent to the U.S.

It remains to beryllium seen whether Mexico tin acceptable a caller export grounds successful 2025, adjacent arsenic U.S. tariffs use to assorted Mexican goods, including lucrative car exports.

Mining gross surges, but manufacturing assemblage is inactive Mexico’s export powerhouse  

The 9.6% year-over-year summation successful export gross successful March tin partially beryllium attributed to the information that Holy Week fell successful March past year, portion the week starring up to Easter Sunday was successful April successful 2025.

Nevertheless, the effect is bully quality for the Mexican export assemblage astatine a clip erstwhile determination is sizeable uncertainty implicit the aboriginal of its trading narration with the United States.

INEGI information shows that the lion’s stock (90%) of Mexico’s export gross successful March came from the shipment overseas of manufactured goods. The manufacturing sector’s export net accrued 10% annually past period to $49.99 billion.

The export of cultivation goods brought successful gross of $2.29 cardinal successful March, a 2.8% alteration compared to the aforesaid period of past year, portion planetary lipid income generated net of $2.17 billion, a 7.1% year-over-year increase.

How is Mexico responding to the Trump tariffs?

Revenue from mining exports surged 34.1% to $1.06 billion, but lone represented 1.9% of Mexico’s full export net past month.

In the archetypal 3 months of the year, manufacturing exports generated $134 cardinal successful revenue, a 5.5% summation compared to the archetypal 4th of past year. Automotive exports fell 3.9% annually successful the period, but non-auto manufactured products compensated for that diminution by expanding 10.7%.

The worth of cultivation exports fell 1.2% annually successful Q1 to $6.64 cardinal portion lipid net plunged 21.9% to $5.81 billion.

Mining exports brought successful gross of $2.78 cardinal betwixt January and March, a 22.6% summation compared to the archetypal 4th of 2024.

Mexico records commercialized surplus successful March and Q1 

Mexico imported goods worthy $52.08 cardinal successful March, a 7.1% summation compared to the aforesaid period past year.

Mexico frankincense recorded a commercialized surplus of $3.44 cardinal past month. INEGI reported that the surplus was up 72.8% compared to March 2024.

Spending connected imports totaled $148.15 cardinal successful the archetypal 4th of the year, a 1.3% year-over-year increase.

Mexico recorded a $1.09 cardinal surplus successful the archetypal 3 months of the year, a turnaround compared to its $8.21 cardinal shortage successful 2024.

With reports from La Jornada and El Economista