Mexico swings to trade surplus in 2025 despite wider oil products deficit

Jan 27 (Reuters) - Mexico registered a trade surplus in 2025, swinging from a major deficit the previous year despite a widening shortfall in oil products, data from statistics agency INEGI showed on Tuesday.

In non-seasonally adjusted terms, Latin America's second-largest economy posted a trade surplus of $771 million last year, compared with an $18.54 billion deficit in 2024, INEGI said.

The shift was mainly driven by a sharp increase in the non-oil products surplus, which jumped to $26.32 billion from $2.69 billion in 2024.

That offset a $25.55 billion deficit in oil products, which widened from the previous year's $21.23 billion shortfall.

In December alone, Mexico posted an $861 million trade deficit when adjusted for seasonal swings, INEGI said. In non-seasonally adjusted terms, the country recorded a $2.43 billion surplus.