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October 27, 2026.
INEGI published Mexico's trade balance for the month of September, reflecting a slight deceleration in export growth, which stood at 37.93% annually. Export growth continues to be fueled primarily by non-oil exports, which expanded by practically 39%, while oil exports grew by 9.63%, driven by the increase in international hydrocarbon prices. Manufacturing remains at the forefront. The growth of non-oil exports in September was explained by the manufacturing component, with an annual growth of 38.96%.
This rise was the result of growth in manufacturing outside the automotive sector, whose advance was 53.03%, though decelerating from a 63.2% rise in August, pointed out Gabriela Siller, Director of Economic Analysis at Banco Base.
Meanwhile, automotive exports rebounded at an annual rate of 5.67%, representing their highest growth pace since June.
"The growth of automotive exports in September was due to trade with the United States, as they grew 8.5% annually, while automotive exports to the rest of the world contracted by 7.4% annually," the specialist detailed.
In the accumulated figures for the year, the automotive sector is beginning to settle in positive territory, with a 1.3% rise, following last year's 4% drop. In total, exports advanced 30.35%, the largest annual advance since 2010, following the recovery from the 2009 financial bubble. "The growth of exports this year has been driven exclusively by the non-oil component, with a 31.42% growth, ahead of the historic 45.99% advance of non-automotive manufacturing exports, which includes computer equipment exports, particularly central processing units demanded in the United States amid the construction of data centers and artificial intelligence infrastructure," Siller noted.
Author: Mario Alavez
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