Mexico's exports totaled US$77.797 billion in September 2026, up 37.9% from September 2025, according to the timely estimate of [INEGI's merchandise trade balance](https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2026/comext_o/balcom_o2026_10.pdf) published on October 27. Imports grew 33.1% to US$78.403 billion, and the trade balance closed the month with a US$606 million deficit, after a US$605 million surplus in August.
The driver was electronics: exports of electrical and electronic equipment and devices grew 94.7% year on year. So far this year, Mexico has a cumulative surplus of US$9.254 billion, compared with a deficit of US$3.398 billion in the same period of 2025.
Mexico's trade balance in September 2026
| Item | September 2026 (US$ millions) | Annual change |
|---|---|---|
| Total exports | 77,797 | +37.9% |
| Oil | 1,803 | +9.6% |
| Non-oil | 75,993 | +38.8% |
| Manufactured goods | 72,773 | +39.0% |
| Automotive | 16,434 | +5.7% |
| Non-automotive | 56,339 | +53.0% |
| Total imports | 78,403 | +33.1% |
| Balance | −606 | — |
Source: INEGI, bulletin 638/26, timely figures compiled with data from the SAT tax authority, the Economy Ministry and the Bank of Mexico. Timely figures are revised when the final ones are published; the next release is on November 27.
Why Mexico's trade balance went from surplus to deficit
September's deficit is not explained by lower exports, but by a smaller advantage in non-oil trade. According to INEGI, the non-oil surplus fell from US$4.047 billion in August to US$2.748 billion in September, while the oil deficit narrowed only slightly, from US$3.441 billion to US$3.354 billion. Mexico remains a net importer of fuel: it buys gasoline, gas and other derivatives abroad.
| Month of 2026 | Exports | Imports | Balance |
|---|---|---|---|
| July | 81,420 | 82,268 | −848 |
| August | 78,010 | 77,405 | +605 |
| September | 77,797 | 78,403 | −606 |
| January-September | 627,194 | 617,940 | +9,254 |
Source: INEGI, US$ millions. Imports of intermediate goods, which factories use to make what they export, grew 38.8% in September: much of Mexico's trade is assembly for the United States, so when manufacturing exports rise, input purchases rise too.
What is driving Mexico's exports
- Electronics (+94.7%): electrical and electronic equipment and devices, the fastest-growing category, according to INEGI.
- Mining and metallurgical products (+15.5%), special machinery (+14.7%) and plastics (+12.9%).
- Cars (+5.7%): sales to the United States rose 8.5%, but those to other markets fell 7.4%.
- Agricultural products (+4.6%): led by raw coffee beans (+28.2%), cucumber (+20.7%), tomato (+11%) and avocado (+7.7%); citrus fell (−20%).
- Oil: the Mexican crude blend averaged US$92 a barrel, US$30.66 more than a year earlier, but the export volume fell to 466,000 barrels a day from 653,000.
Source: INEGI. Non-oil exports to the United States grew 43.5% in September and account for 84.8% of the total so far this year, while those to the rest of the world grew 16.4%.
Mexico's trade balance for the year
| Period | Exports | Imports | Balance |
|---|---|---|---|
| 2024 (full year) | 617,771 | 636,218 | −18,447 |
| 2025 (full year) | 664,267 | 664,057 | +209 |
| January-September 2026 | 627,194 (+30.4%) | 617,940 (+27.5%) | +9,254 |
Source: INEGI, US$ millions. In nine months, Mexico has already exported 94% of what it sold in all of 2025. Manufactured goods account for 92.3% of export value this year; oil goods, just 2.6%. The figures were also reported by UnoTV and La Razón.
Non-oil extractive exports, mainly minerals, are the fastest-growing category year to date: +74.1% between January and September, to US$16.606 billion, on the back of high metal prices. Agricultural exports, by contrast, are down 2.4% for the year despite a good September.
What Mexico buys abroad
| Type of imported good | September 2026 (US$ millions) | Annual change |
|---|---|---|
| Consumer goods | 9,823 | +11.4% |
| Of which, oil products (gasoline, butane and propane gas) | 1,843 | +40.9% |
| Intermediate goods | 63,103 | +38.8% |
| Capital goods (machinery and equipment) | 5,477 | +18.7% |
| Total oil imports | 5,158 | +31.0% |
Source: INEGI. Eight out of every ten dollars Mexico spends on imports go to intermediate goods: parts, components and raw materials for industry. Purchases of capital goods, an indicator of investment, grew 18.7% in the month, but only 4.8% year to date. Imports of gasoline and consumer gas rose 40.9%, in line with higher oil prices.
What it means for the peso and the economy
Foreign trade growing at this pace supports industrial activity, which in August already showed its biggest rise since 2023 (see Mexico's economy in August). One month's deficit does not change the picture, but it is a reminder of the dependence on imported energy just as oil is expensive. The exchange rate responds more to interest rates and risk appetite than to a monthly trade figure (see why the Mexican peso has fallen). The recent truckers' strike is not reflected in these September figures.
Frequently asked questions
How much did Mexico export in September 2026?
US$77.797 billion, 37.9% more than in September 2025, according to INEGI.
Why did Mexico run a trade deficit in September?
Because the non-oil trade surplus fell to US$2.748 billion and did not cover the US$3.354 billion oil deficit. The balance was −US$606 million.
Which export grew the most?
Electrical and electronic equipment and devices, up 94.7% year on year.
What is Mexico's trade balance in 2026?
A surplus of US$9.254 billion between January and September, compared with a deficit of US$3.398 billion in the same period of 2025.
When is the October figure released?
INEGI will publish the October trade balance on November 27, 2026.
