Exports Rise to a Record High in September

Between January and September 2026, the value of Mexican merchandise exports increased by 30.3%, reaching a record US$627.1 billion, according to a report released by the National Institute of Statistics and Geography (Inegi).

After the first three quarters of the year, Mexican merchandise exports are on track to close 2026 with unprecedented results.

Export growth through September was the highest for a comparable period since 2010, when a 33.7% increase was recorded. However, that surge reflected a technical rebound following the collapse in exports during the 2008–2009 financial crisis.

Furthermore, even excluding the 33.2% growth recorded during the first three quarters of 1995, the increase in Mexican exports in 2026 would still be the largest in more than 43 years.

These gains have been driven by a remarkable increase in computer equipment exports, fueled by growing demand from the U.S. artificial intelligence industry for data center components.

The historic expansion is reflected in the 46% increase in non-automotive manufacturing exports, which reached US$436.6 billion. By contrast, automotive manufacturing exports posted a marginal 1.3% increase, totaling US$142 billion.

This export strength has coincided with a significant increase in merchandise imports, reflecting the substantial reliance on foreign inputs in the production of goods for export.

As of September, imports had risen by 27.5% to US$617.9 billion, also marking a record high.

Consequently, Mexico recorded a cumulative trade surplus of US$9.2 billion, the highest on record for the Mexican economy when excluding the exceptional US$18.6 billion surplus registered in 2020.

However, this overall surplus resulted from a record US$34.9 billion surplus in the non-oil trade balance, which offset a substantial US$25.6 billion deficit in the oil trade balance.

The trade balance has been affected by unexpected increases in oil prices linked to geopolitical conflicts: Russia's invasion of Ukraine in 2022 and conflicts in the Middle East in 2026.

More specifically, Mexican oil exports totaled US$16.3 billion during the first nine months of 2026, while oil imports reached US$43 billion.