Overview
- INEGI's Monday release showed April exports rose 32.6% year‑on‑year to $72,042 million and imports climbed 24.1% to $67,522 million, producing a monthly merchandise surplus of $4,520 million and record monthly export and import values.
- The rebound was driven by manufacturing, with manufacturing exports at $65,687 million, up 34.0%, and non‑petroleum exports to the United States up 34.8%, underlining heavy reliance on US demand.
- Imports of intermediate goods jumped to $54,228 million, up 29.8%, which supplied factories for export production but also means much of the value added relies on foreign inputs and domestic investment gains were limited.
- Petroleum export values rose because of higher prices—Mexico's export blend averaged $94.99 per barrel—but exported crude volumes fell to 478,000 barrels per day, muting the benefit of price gains.
- Mexican officials, led by Secretary Marcelo Ebrard, say the upcoming T‑MEC review will be long and complex and that Mexico will press US tariff and rules‑of‑origin concerns, a negotiation that could affect autos, steel and the durability of the export surge.