Overview
- U.S. Census and BEA data published Thursday show the U.S. goods and services deficit rose to $88.6 billion in July, a 24.4% increase from June.
- Mexico recorded the largest bilateral surplus with the United States in July at $26.31 billion after Mexican exports to the U.S. hit a record roughly $60.55 billion that month.
- The export boom is concentrated in technology products: Mexico shipped about $125.4 billion in advanced‑technology goods to the U.S. from January through July 2026, with computers (HS 8471) explaining roughly 73% of Mexico’s export growth.
- July’s wider U.S. deficit reflected a $14.4 billion one‑month jump in imports of capital goods and a 2.1% fall in U.S. exports, linking U.S. demand for tech infrastructure to rising Mexican shipments.
- Policy and risk notes: U.S. tariff measures since 2025 and the T‑MEC annual review opened in July 2026 are shifting trade patterns, and the heavy concentration of Mexico’s tech exports raises economic and political exposure if demand or policy changes.