Mexico | Trade balance continues to confirm the slowdown

Summary

The trade balance (excluding goods acquired in ports) during the January–April 2026 period amounted to USD 3,508 million, after posting deficits of USD 314 million and USD 9,400 million during the same period in 2025 and 2024, respectively.

Key points

• Key points:
• Given the stylized fact that the trade balance tends to exhibit countercyclical behavior, the slowdown observed in year-over-year GDP growth during the first quarter is not surprising.
• Using seasonally adjusted figures, this growth stood at 1.9%, 0.6% and 0.4% in 2024, 2025 and 2026, respectively.
• Net foreign direct investment posted an increase of 8.8% YoY in the first quarter of 2026 when comparing advance figures.

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