Mexico’s non-oil goods trade balance reached a surplus of $10.411 billion in the fourth quarter of 2025, according to data released Thursday by BBVA Research. This marks the fifth consecutive quarter with a positive balance, a significant increase from the $2.289 billion surplus recorded in the third quarter.
The sustained surplus in the non-oil trade balance coincides with 0.8% GDP growth for Mexico in 2025, a relationship analysts at BBVA Research characterize as consistent with the historically anticyclical nature of trade balances. The data suggests a strengthening of Mexico’s external position despite a global economic climate that remains uncertain.
Preliminary figures also indicate a 2.1% annual increase in net foreign direct investment (FDI) in 2025. This influx of capital further bolsters Mexico’s economic outlook, though detailed breakdowns of sector-specific investment remain forthcoming.
The overall current account registered a surplus of $7.702 million in the fourth quarter, according to a report from Monex, though this figure is lower than the $10.830 million surplus observed in the same period of the previous year. Despite the decrease, the current account remained in positive territory at the close of 2025.
In March 2025, Mexico’s trade balance showed a surplus of $3.442 billion, an increase from the $2.212 billion surplus reported in February, according to data from INEGI. This growth was primarily driven by an expansion of the surplus in non-oil goods.
Detailed monthly data on Mexico’s trade balance, excluding maquiladoras, is available from Banco de México dating back to January 1993. The most recent data available, as of February 26, 2026, covers through December 2025.
The next publication of Mexico’s trade balance data, covering the month of May, is scheduled for June 26, 2025, according to Banco Base.
