Mexico | The surplus on non-oil-related goods widens

Summary

The trade surplus in 2Q25 is mainly due to the positive balance on non-oil-related goods, which in the second quarter of 2025 was USD 8,893 million after having posted a surplus of USD 4,730 million in the first quarter.

Key points

• Key points:
• Consequently, a trade surplus arose in the second quarter vs. a trade deficit in the first quarter.
• Going forward, it would be worrisome that trade surpluses continue given the stylized fact that the trade balance tends to show a countercyclical behavior.
• Net foreign direct investment posted a decrease of 0.5% YoY in 1S25 when comparing advance figures.

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