Large Trade Balance Surplus in Mexico

Mexico posted a massive US$4.52bn trade surplus in April 2026, driven by a 34% surge in manufacturing exports. Despite the strong headline, weak capital goods imports continue to signal a soft investment environment.

Key Takeaways

• 1.Mexico's trade balance recorded a significantly larger-than-expected surplus of US$4.52bn in April, far exceeding the consensus of US$0.48bn.
• 2.The surplus was driven primarily by non-oil exports, specifically a 34% increase in manufacturing exports.
• 3.Capital goods imports remain weak, suggesting a soft investment environment and a stagnant capex cycle in Mexico.

Table of Contents

• Bottom Line
• KEY FIGURES (Apr)
• DETAILS
• Large Non-Oil Trade Balance Surplus
• Disclosure Appendix

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