Mexico’s export revenue hit a record high for any month in April, increasing 32.6% annually to US $72.04 billion, according to preliminary data published by the national statistics agency INEGI on Monday.
Meanwhile, Mexico’s outlay on imports increased 24.1% to a record-high $67.52 billion. Mexico thus recorded a trade surplus of $4.52 billion last month, more than nine times larger than the $472.35 million median estimate derived from a Bloomberg survey.
Mexico’s export revenue total in April was the largest for any month since comparable data was first kept in 1980.
The 32.6% year-over-year spike in export earnings was the largest increase for any month since June 2021.
Bloomberg reported that “the surge highlights how the country continues to strengthen its role as a manufacturing hub for the U.S. economy as Washington takes a tougher stance on trade.”
The Trump administration has imposed duties on Mexican vehicles, steel and aluminum, but the majority of Mexico’s exports enter the United States tariff-free under the terms of the USMCA free trade pact, which is being reviewed by its three parties this year. Around 80% of Mexico’s export revenue comes from goods shipped to the United States, while Mexico is now the world’s top importer of U.S. goods.
The 32.6% jump in exports in April came after annual increases of 27.7% in March, 15.8% in February and 8.1% in January.
Export of non-auto manufactured goods surges 45.8%
INEGI’s data shows that 91.2% of Mexico’s total export revenue in April came from the shipment abroad of manufactured goods.
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The total value of exported manufactured goods was $65.68 billion, up 34% from April 2025. The export of non-automotive manufactured goods generated earnings of $49.12 billion last month, up 45.8% from a year earlier.
Auto sector exports brought in revenue of $16.56 billion, an annual increase of 8.2%.
Mexico’s export of agricultural goods generated revenue of $2.22 billion in April, a 0.1% annual increase, while mining sector exports surged 71% to $2.07 billion. The lowest-earning export category last month was oil (crude and petroleum products), which brought in revenue of $2.04 billion, a 7.9% annual increase. Oil revenue increased even though shipments declined due to higher prices for crude.
Mexico’s export revenue increased 21.8% in the first 4 months of 2026
Between January and April, Mexico exported goods worth $247.62 billion, a 21.8% increase compared to the first four months of last year. In the period, the shipment abroad of manufactured goods generated revenue of $225.69 billion, a 23.3% year-over-year increase. Non-automotive exports were worth $166.77 billion, a 34.4% annual increase, while auto exports were worth $58.91 billion, representing 0.0% change compared to the first four months of 2026. The data on auto sector exports indicates that the U.S. tariffs on light, medium and heavy duty vehicles made in Mexico are hindering the export growth of the country’s automotive industry.
Buoyed by high metal prices, Mexico’s mining sector grew its export income by 87.6% annually to $7.49 billion in the first four months of 2026. Meanwhile, earnings from agricultural exports fell 5.7% to $8.08 billion in the period, while oil revenue dropped 17.2% to $6.35 billion.
Spending on imported intermediate goods increased 29.8% in April
The top line item in INEGI’s report on Mexico’s imports in April is intermediate goods, a category that includes raw materials and semi-finished products, many of which are imported from the United States. Mexico spent $54.22 billion on intermediate goods last month, a 29.8% increase compared to April 2025.
The outlay on intermediate goods accounted for 80.3% of Mexico’s total spending on imports in April.
Spending on imported consumer goods rose 7.7% annually to $8.49 billion even as the outlay on imported fuel (a sub-category of consumer goods) fell 5.3% to $1.53 billion.
Expenditure on imported capital goods, such as machinery, computers and tools, increased 1.3% annually in April to reach $4.79 billion.
Imports increased 19.9% between January and April
Mexico spent $244.11 billion on imports in the first four months of 2026, a 19.9% increase compared to the same period of last year. The lion’s share of that amount — $194.99 billion — was spent on intermediate goods.
Mexico recorded a trade surplus of $3.5 billion in the first four months of 2026. In the same period last year, Mexico recorded a $314 million trade deficit.
With reports from El Economista, Sin Embargo and Bloomberg
