Mexico’s trade balance for August has been released. Based on unadjusted figures, the growth of total goods exports slowed moderately from 43.74% to 40.38%. It is worth noting that the growth recorded in July was the highest since April and May 2021, a period that saw a strong rebound following the pandemic's impact in 2020.

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Growth in non-oil exports during August was driven by the manufacturing component—which grew by 42.57% year-on-year—specifically by non-automotive manufacturing exports. These grew by 63.20% year-on-year, a slight slowdown from the 64.89% growth seen the previous month. Meanwhile, automotive exports contracted by 2.21% year-on-year, marking their first contraction since May.

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In the first eight months of 2026, total exports grew by 29.34%, accelerating from the 27.68% cumulative growth recorded through July. This growth rate (29.34%) is the highest for a comparable period since 2010 (35.56%)—when exports rebounded from a 30.37% drop in 2009—and, prior to that, since 1995, when they grew by 32.65% during the same period. Export growth this year has been fueled by the non-oil component (up 30.44%), driven by a historic 45.00% surge in non-automotive manufacturing exports, a category that includes computer equipment.

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Original Note