Mexico Leads in Trade Surpluses with the United States

Mexico ranked first among the largest trade surpluses with the United States in July 2026, with US$26,3 billion, the Census Bureau announced.

In addition to this ranking, the country has reaffirmed its position as the leading supplier to and leading destination for U.S. merchandise trade.

Mexico's trade surplus resulted from exports totaling US$60,5 billion—a year-over-year increase of 33.6%—and imports totaling US$34,2 billion, which rose by 18.3%.

Under the United States-Mexico-Canada Agreement (USMCA), although in July 2026 the United States decided not to renew it and the Agreement is undergoing annual reviews through 2036, the Agreement remains in effect.

As a result, Mexico continues to reap the benefits of trade. In fact, bilateral trade between Mexico and the United States in 2025 totaled US$871,5 billion, up 4.1% from 2024, and Mexico remained the United States’ leading trading partner.

Mexico gained market share last July, as total U.S. imports of goods increased by 14.0% on an annualized basis to US$332,9 billion, while its exports rose by 12.5% to US$197,4 billion.

However, the imposition of U.S. tariffs harms all countries around the world and has reshaped the structure of trade since March 2025. Mexico’s exports to the U.S. market of products covered by Section 232—including those from the light automotive, steel, aluminum, and aluminum products, copper, and pharmaceutical sectors—were reduced as a result of these tariffs.

Mexico's exports of products to the U.S. market—specifically those subject to U.S. Section 232 tariffs in the light automotive, steel and aluminum and their derivatives, and copper and pharmaceutical sectors—have declined as a result of the application of those tariffs.