Mexico’s trade balance posted a deficit of $848 million in July 2026, compared with a $80.9 million deficit a year earlier, marking the largest gap since January. Imports rose 45% year-on-year to $82.27 billion, led by a 56.3% increase in intermediate goods. This reflected increases of 57.7% in non-oil intermediate goods imports and 36.3% in oil intermediate goods imports. Imports of capital goods rose 9.9%, while consumer goods imports increased 9.8%, driven by a 50.4% rise in oil consumer goods, including gasoline and butane and propane gas. Exports rose 43.7% to $81.42 billion, reflecting growth of 45% in non-oil exports and 6.8% in oil exports. Within non-oil exports, shipments to the US increased 49.8%, while exports to other markets rose 21%. In the first seven months of 2026, the merchandise trade balance posted a surplus of $9.25 billion.