Mexico’s trade balance posted a deficit of $606 million in September 2026, compared with a $240 million deficit a year earlier and market expectations of a $400 million shortfall. Total merchandise exports rose 37.9% year over year to $77.80 billion, with non-oil shipments up 38.8% and oil exports up 9.6%. Within non-oil exports, shipments to the US increased 43.5%, while sales to other markets rose 16.4%. Manufactured goods sales increased 39%, led by electrical and electronic equipment (94.7%), mining and metallurgical products (15.5%), and machinery and equipment for various industries (14.7%). Imports climbed 33.1% to $78.40 billion, as intermediate goods purchases jumped 38.8%, capital goods imports rose 18.7%, and consumer goods imports increased 11.4%. From August, the trade balance swung from a $605 million surplus, as the non-oil surplus narrowed to $2.75 billion from $4.05 billion. In the first nine months of 2026, the trade balance recorded a $9.25 billion surplus.