Overview

• From January to July, Mexican exports to the U.S. rose 6.5% to $309.749 billion as Mexico accounted for 15.3% of total U.S. merchandise trade worth $506.91 billion.
• In July, Mexican shipments to the U.S. accelerated 8.2% year over year to $45.366 billion, marking the strongest monthly pace since spring.
• The U.S. trade deficit widened 32.5% in July to $78.3 billion as firms front‑loaded imports ahead of new tariff measures, with notable spikes in capital goods and gold purchases.
• Other major suppliers contracted in July as Canada’s exports to the U.S. fell 10.4% and China’s dropped 35.3%, while Mexico also ranked as the top destination for U.S. goods that month.
• The U.S. goods gap with Mexico reached $112.587 billion year to date, with USMCA rules and preferences supporting Mexican competitiveness as reciprocal tariffs that began on August 7 start to reshape inventories and flows.