Mexico's merchandise exports to the United States hit a record high of $44.5 billion in November 2025, solidifying the country as the top trading partner of the world's largest economy.
According to data from the US Census Bureau, Mexico's exports to its main market grew 5.3 percent year-over-year in November, capturing 17.0 percent of total US imports. This surpassed Canada at 10.8 percent and China at 8.0 percent. Meanwhile, Mexico absorbed $26.6 billion in US exports, equivalent to 14.6 percent of the total, ahead of Canada (13.9 percent) and China (3.8 percent).
From January to November 2025, Mexican exports to the US totaled $492.5 billion, a 5.6 percent increase from the previous year and the highest level on record. Mexico held a 15.7 percent share of US imports, leading over Canada (11.2 percent) and China (9.2 percent). US exports to Mexico reached $309.8 billion in the same period, making the country the second-largest destination, just behind Canada at $310 billion.
Óscar Ocampo, IMCO's Director of Economic Development, attributed this performance to Mexico's competitiveness and preferential access to the US market through the USMCA. “Mexico is today one of the countries with the greatest access to the US market. If you look at the behavior of exports from Europe, for example, or Asia, they fall significantly. Even Canada is losing some share,” he explained. He highlighted strengths in electronics, electrical machinery, and industrial machinery, despite setbacks in automotive and agriculture, and forecasted a modestly positive close for 2025.
Janneth Quiroz from Monex noted a favorable outlook, with China losing 4.3 percentage points in its share of US imports. However, Gabriela Siller from Banco Base warned of risks in the USMCA review: the US trade deficit with Mexico stood at $182 billion through November, close to $189 billion with China, which could strain bilateral relations if Mexico becomes the largest deficit.
