Mexico Posts Strong First‑Half Trade Surplus as Pemex Runs Growing Deficit

Overview

• INEGI reported a $9,857 million trade surplus for January–June 2026 driven by a sharp rise in non‑petroleum exports.
• Mexico recorded a monthly surplus of about $4,090 million in June, which INEGI attributed largely to stronger non‑oil shipments.
• Petróleos Mexicanos reported a $1,110 million trade deficit for January–May 2026 as its imports outpaced exports.
• Pemex's May figures show the gap widening: exports were $1,995 million while imports jumped to $2,918 million, producing a $923 million monthly deficit.
• The split reflects Mexico's broader export diversification and stronger manufacturing demand but highlights a petroleum‑sector vulnerability that could pressure public finances and prompt policy action.