Despite tariffs, Mexico’s exports grow

One year after Donald Trump’s first tariffs took effect, Mexico has shown resilience and has adapted to maintain the pace of its exports to the US and to continue increasing its foreign sales.

In February, according to official data, Mexico exported US$44.31 billion worth of goods to the United States. During the same period, Mexican imports from the US also rose from US$26.753 billion to US$28.906 billion, reflecting greater dynamism in bilateral trade despite the tariff policy.

Mexican companies adjusted their production processes to mitigate the impact of tariffs; according to Banamex data, compliance with the rules of origin under the United States-Mexico-Canada Agreement (USMCA) rose from 48.6% prior to the tariff policy to 75.1% by the end of 2025.

At the same time, Mexico imposed tariffs of up to 50% on more than 400,000 products from countries with which it has no trade agreement—particularly China—as part of a strategy to strengthen local industry and address US concerns regarding the influx of Asian goods.

According to HSBC Mexico’s chief economist, Jose Carlos Sanchez, uncertainty surrounding the USMCA affected investment throughout 2025 and explains part of the low economic growth; however, trade integration between Mexico and the United States remains strong, and Mexico has solidified its position as the US’ leading trading partner.