May exports to US break record even as USMCA renewal stalls

Mexico set a new monthly record for exports to the United States in May, sending goods worth US $54.18 billion to its northern neighbor, according to U.S. data.

The revenue represents an increase of 17.5% compared to May 2025, when Mexico exported goods worth $46.11 billion to the United States. Mexico exports a wide range of goods to the United States, including vehicles, auto parts, computers, televisions, medical devices, fresh food products and alcoholic beverages such as beer and tequila.

#EconomíaInforma 🗞️

Alcanzan exportaciones mexicanas a Estados Unidos récord histórico

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— Economía México (@SE_mx) July 7, 2026

Mexico’s Economy Ministry said in a statement that the revenue from exports shipped to the U.S. in May is a “historic record for any month.”

The record was set despite the U.S. government last year imposing tariffs on Mexican vehicles, steel, aluminum and goods not covered by the USMCA free trade pact. Still, the majority of Mexico’s exports to the U.S. enter the country tariff-free thanks to the three-way trade agreement.

A U.S. Census Bureau and U.S. Bureau of Economic Analysis report published on Tuesday also shows that Mexico’s exports to the United States between January and May were worth $242.9 billion, an annual increase of 10.8%.

The data in the report shows that Mexico was the top exporter of goods to the United States in May and in the first five months of 2026.

The publication of the report came six days after the U.S. government announced that it had declined to renew the USMCA for an additional 16 years. However, the trade pact remains in effect, and President Claudia Sheinbaum is confident that Mexico, the U.S. and Canada will reach an agreement to renew it for 16 additional years at some point in the future.

Imports from US also increased

The U.S. data shows that Mexico imported goods worth $33.05 billion from the U.S. in May, a 17.5% annual increase.

In the first five months of 2026, Mexico imported U.S. goods worth $161.66 billion, a year-over-year increase of 15.4%.

Mexico was the world’s top buyer of exported U.S. goods both in May and in the first five months of the year. Among Mexico’s imports from its northern neighbor are natural gas, petroleum products, yellow corn, auto parts and other intermediate goods (manufacturing inputs).

Mexico had a trade surplus of $21.13 billion with the U.S. in May, and a surplus of $81.23 billion in the first five months of 2026. Mexico’s surplus in May increased 17.5% compared to the same month last year, while its surplus in the first five months of 2026 was 2.7% higher in annual terms. The increase in the surpluses would not please U.S. President Donald Trump, who has railed against the trade imbalance between Mexico and the United States, and has even suggested that Mexico’s surplus constituted grounds for the country becoming a U.S. state.

When announcing the decision to not renew the USMCA, U.S. Trade Representative said that the U.S. would “continue to engage with Mexico and Canada to address the Agreement’s shortcomings and our trade deficits with these countries.”

Mexico and the US remain each other’s largest trade partners

The U.S. data shows that two-way trade between Mexico and the United States was worth $404.56 billion in the first five months of 2026. That amount accounts for 16.5% of the United States’ total trade with all countries around the world.

Trade between Canada and the U.S. — worth $307.48 billion between January and May — accounts for 12.5% of the United States’ total trade in the first five months of 2026. Canada is the United States’ second largest trade partner after Mexico.

In its statement, the Finance Ministry highlighted that Mexico’s exports to the United States in the 12 months to the end of May were worth $558 billion, an 8% year-over-year gain. It also noted that Mexico’s imports from the U.S. in the same period were worth $358.9 billion, an annual increase of 7%.

“Based on these figures, Mexico has cemented its position as the United States’ largest trading partner, ahead of Canada, China, Taiwan, and Vietnam,” the Finance Ministry said.

“Economy Minister Marcelo Ebrard said that Mexico’s record exports to the United States are explained by our country’s preferential access to the U.S. market,” the ministry said.

On social media, Banco Base’s director of economic analysis, Gabriela Siller, posted a graph on Tuesday that shows that the average tariff Mexican goods face when entering the U.S. is 3.65%.

“Mexico continues to be among the countries with the lowest average tariff in the United States,” she wrote.

With reports from El Economista and El Financiero