Overview

• Mexico’s exports rose 4% year over year in July to $56.7 billion, led by non‑petroleum manufacturing with strong gains in machinery, equipment, and electronics, according to Inegi and Banxico.
• Automotive exports from Mexico fell 7% year over year, including a 9.2% drop to the United States, leaving the monthly trade balance slightly negative at about $17 million and imports up 1.7%.
• Mexico’s petroleum exports declined 23% and agro shipments fell 5.6% in July, with steep drops in cattle and several produce categories partly offset by growth in avocados and coffee.
• Argentina’s activity index (IGA‑OJF) contracted 1% in July from June, leaving output only 0.3% above December levels, with manufacturing down 2.4% year over year on sharp declines in oils and autos.
• Private and sector monitors in Argentina report resilience in farming, with Coninagro noting 14 of 19 rural activities growing year over year and FADA showing July beef production up 11.6% as retail asado prices edged down 0.1%.