Mexican exports to the United States reached a record 54.179 billion dollars in May, up 17.5 percent year-over-year, according to US Census Bureau data. Mexico solidified its position as the top US trading partner. The United States-Mexico-Canada Agreement (USMCA) was not renewed on July 1 and will undergo annual reviews for the next ten years.
The value of Mexican exports to the United States in May accounted for 17.4 percent of all US imports, ahead of Canada, Taiwan, China, Vietnam and Germany. In the opposite direction, Mexico imported 33.05 billion dollars in US goods, making it the top buyer of American products.
The US trade deficit with Mexico reached a record 21.128 billion dollars in May. Mexico accounted for 16.8 percent of total US trade that month.
On July 1, the US government chose not to renew the USMCA in its current form and activated annual reviews for the next ten years. The next round of negotiations is scheduled for the end of July 2026, covering issues such as rules of origin and regional supply chains.
S&P Global Ratings warned that prolonged uncertainty could keep investment weak and limit Mexico's GDP growth to around 1.0 percent in 2026. The agency kept Mexico's rating at BBB with a negative outlook.
