The Mexico to US corridor: what moves and how it is paid for

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Mexico is the largest goods trading partner of the United States. This page is the front door to our Mexico Trade Corridor series: the size of the trade on both countries' data, the top trades each way, the rules in force and how the trade is paid for.

Published October 23, 2026 · Facts as of October 23, 2026 · 13 min read · Sources listed at the end · Rules as of October 23, 2026

Facts as of October 23, 2026. This page states the facts as they stood on that date. Tariffs, rules and figures may have changed since publication. Tariffs and trade policy change often, so we review these pages every month and update them.

US$545.4bnMexico's exports to the US in 2025, as reported by Mexico. US data: US$539.0bn ¹

US$249.9bnMexico's imports from the US in 2025, as reported by Mexico. US data: US$338.0bn ¹

US$872.8bnTwo-way goods trade in 2025 on US Census data, a different series ²

88%Share of US imports from Mexico that were USMCA-compliant, January to May 2026 ²

What is it?

The Mexico-US corridor is the trade in goods between Mexico and the United States. Mexico reported US$545.4 billion of exports to the US and US$249.9 billion of imports from the US in 2025 ¹. On US Census data, two-way goods trade was US$872.8 billion ².

Why does it matter?

Mexico ranked first among US suppliers in 2025, and second among US export markets after Canada ². Factories in the two countries share production, so a change in a tariff or a rule of origin reaches plants on both sides of the border ².

How does it work?

Parts and inputs move south and finished goods move north, mostly by truck ^2,5. Credit terms of two to three months are common in Mexico, so many sellers need finance between shipment and payment ¹³.

In this page

1. How big is trade between Mexico and the US?
2. What does Mexico sell to the US?
3. What does Mexico buy from the US?
4. How do goods cross the border?
5. Which rules and tariffs apply?
6. How is the trade paid for and financed?
7. What should traders watch next?

01How big is trade between Mexico and the US?

Mexico reported US$545.4 billion of goods exports to the US in 2025. That is up 65.1% from US$330.4 billion in 2020, and up 8.3% from 2024 ¹. The US reported US$539.0 billion of imports from Mexico, within 1.2% of Mexico's figure ¹.

Trade going south is smaller. Mexico reported US$249.9 billion of imports from the US in 2025, down 4.9% from 2024 and up 48.6% from 2020 ¹. The US reported US$338.0 billion of exports to Mexico, US$88.1 billion more than Mexico recorded ¹. Our page on why Mexico's and US data differ explains the gap.

On Mexico's figures, Mexico sold US$295.5 billion more to the US than it bought from the US in 2025 ¹. US Census data, a different series, gives US$872.8 billion of two-way goods trade and a US goods trade deficit of US$196 billion with Mexico ². FreightWaves, using Census data, reports that two-way trade rose 3.9% in 2025 ³.

Growth continued in 2026. On Census data, Mexico's exports to the US rose 13.0% to US$298.2 billion in the first half, and its imports from the US rose 16.6% to US$195.6 billion ⁴.

Chart

Trade between Mexico and the US, as reported by each side

• Mexico exports to the US, Mexico data
• US imports from Mexico, US data
• Mexico imports from the US, Mexico data
• US exports to Mexico, US data

US$ billion, all goods. Solid lines: as reported by Mexico. Dashed lines: as reported by the US. Source: UN Comtrade, 2020 to 2025.

02What does Mexico sell to the US?

Ten 4-digit codes made up US$270.2 billion, or 49.5%, of Mexico's reported exports to the US in 2025 ¹. Computers and servers lead at US$78.3 billion, 14.4% of the total and up 167.1% since 2020. The US records more, US$89.9 billion ¹. Our computers and servers brief covers this trade.

Vehicles come next. Passenger cars, auto parts and trucks together came to US$117.5 billion, or 21.5% of the total ¹. Electrical goods fill most of the rest of the list: wire and cable, phones and network equipment, monitors and TVs, computer parts and control panels. Medical instruments rank sixth ¹.

Monitors and TVs are the only top 10 line that was smaller in 2025 than in 2020, down 10.1%. Computer parts grew 804.4%, and the US records less than half of Mexico's figure for them ¹.

Our briefs also cover seats (No. 11), air conditioners (No. 12) and farm, food and drink. Mexico reported US$43.0 billion of farm, food and drink exports to the US in 2025, against US$45.5 billion in US data ¹.

Top 10

Mexico's top 10 exports to the US, 2025

US$ billion, 2025, ranked by value as reported by Mexico. Share of Mexico's US$545.4 billion of reported exports to the US. Change: 2025 against 2020, Mexico data. Source: UN Comtrade, 4-digit HS codes ¹.

Product (HS code)	Mexico data	US data	Share	Change since 2020
1. Computers and servers (8471)	78.3	89.9	14.4%	+167.1%
2. Passenger cars (8703)	44.9	44.7	8.2%	+54.4%
3. Auto parts (8708)	36.8	35.2	6.7%	+59.7%
4. Trucks (8704)	35.8	34.2	6.6%	+53.2%
5. Wire and cable (8544)	18.7	17.9	3.4%	+80.4%
6. Medical instruments (9018)	14.6	12.9	2.7%	+86.4%
7. Phones and network equipment (8517)	14.2	13.2	2.6%	+69.0%
8. Monitors and TVs (8528)	10.3	9.8	1.9%	-10.1%
9. Computer parts (8473)	8.3	3.7	1.5%	+804.4%
10. Electrical control panels (8537)	8.3	8.8	1.5%	+94.7%

03What does Mexico buy from the US?

Trade going south is spread more widely. The top 10 codes made up US$81.0 billion, or 32.4%, of Mexico's reported imports from the US in 2025 ¹.

Energy leads. Refined fuels were US$23.1 billion, 9.3% of the total, and natural gas and LPG US$10.8 billion. Together they came to US$33.9 billion, or 13.6% ¹. Our guide to financing fuel imports explains how these cargoes are paid for.

Auto parts rank second, at US$16.6 billion, because plants in the two countries supply each other ^1,2. Corn ranks fourth, at US$5.7 billion; see our guide to financing grain imports. Three engine codes, diesel engines, gas turbines and jet engines and gasoline engines, add US$13.1 billion ¹. Mexico's farm, food and drink imports from the US were US$30.7 billion in 2025 on both countries' data ¹.

The two sides differ more in this direction. For diesel engines and turbines, Mexico records more than the US. For computer parts, the US records US$20.6 billion of exports to Mexico, while Mexico records US$1.0 billion of imports ¹. Importers also pay import VAT and duties at the border, as our guide to landed cost explains.

Top 10

Mexico's top 10 imports from the US, 2025

US$ billion, 2025, ranked by value as reported by Mexico. Share of Mexico's US$249.9 billion of reported imports from the US. Change: 2025 against 2020, Mexico data. Source: UN Comtrade, 4-digit HS codes ¹.

Product (HS code)	Mexico data	US data	Share	Change since 2020
1. Refined fuels (2710)	23.1	27.5	9.3%	+49.1%
2. Auto parts (8708)	16.6	18.9	6.6%	+37.1%
3. Natural gas and LPG (2711)	10.8	9.4	4.3%	+66.1%
4. Corn (1005)	5.7	6.0	2.3%	+98.3%
5. Diesel engines (8408)	5.1	3.2	2.1%	+37.2%
6. Passenger cars (8703)	4.4	4.0	1.8%	+142.5%
7. Gas turbines and jet engines (8411)	4.2	1.4	1.7%	+148.8%
8. Medical instruments (9018)	3.7	4.6	1.5%	+66.4%
9. Gasoline engines (8407)	3.7	3.5	1.5%	+155.2%
10. Wire and cable (8544)	3.5	5.0	1.4%	+45.8%

04How do goods cross the border?

Trucks carried 73.6% of the value of US-Mexico freight in 2025, and rail 10.9% ⁵. Laredo, Texas handled US$296.2 billion of truck trade, or 46.1% of the total. Ysleta in El Paso handled 17.5% and Otay Mesa in San Diego 9.1% ⁵. Rail crosses at Laredo, Eagle Pass and El Paso ⁵. Our page on border crossings and our guide to how goods cross the border give the detail for each port and mode.

Each shipment needs customs paperwork on both sides. In Mexico a licensed customs broker files the customs declaration, the pedimento, as our guide to customs brokers explains. Imported inputs may carry duties unless they enter under a program such as IMMEX. The Incoterms rule in the sale contract sets who pays for each leg and who clears customs.

1. PlantA plant in Mexico or the US makes the goods, often with inputs that crossed the border before.
2. PaperworkThe seller issues a commercial invoice and, for USMCA treatment, a certification of origin. A customs broker files the export declaration.
3. Truck or railMost value moves by truck. Laredo handles the largest share of truck trade ⁵.
4. CustomsThe importer claims USMCA treatment or pays the duty and taxes that apply to the tariff line.
5. BuyerThe goods reach a plant, a distributor or a terminal. The invoice is now due on the agreed terms.

Trucks carried 73.6% of the value of US-Mexico freight in 2025, and rail 10.9%, according to US transport data.

05Which rules and tariffs apply?

As of October 23, 2026, USMCA remains in force. At the first six-year joint review, on July 1, 2026, the US did not agree to renew it in its current form. Annual joint reviews now follow, and the agreement ends on July 1, 2036 unless the three countries confirm an extension ⁶. From January to May 2026, 88% of US imports from Mexico were USMCA-compliant ².

The US tariffs of 2025 have changed. The Supreme Court held on February 20, 2026 that the IEEPA law does not authorize tariffs, and collection ended on February 24, 2026. A temporary 10% Section 122 surcharge then ran until July 24, 2026 ⁷. Since July 24, 2026, a 10% Section 301 tariff has applied to Mexican goods. Goods entered with a USMCA claim and goods under Section 232 are exempt ⁸.

Section 232 tariffs apply by product. Vehicles, listed auto parts and medium and heavy trucks pay 25%, with relief for USMCA content ^9,10. Steel, aluminum and copper goods pay 50%, 25% or 15%, depending on the annex of Proclamation 11032 that lists them ¹¹. Mexico also raised its own tariffs from January 1, 2026 on goods from countries without a trade agreement with Mexico ¹².

Our guides to US tariffs on Mexican goods and USMCA rules of origin explain the detail. The corridor watch keeps the live list.

Rules in force

As of October 23, 2026. Live list: corridor watch.

Measure	What it does	Since	Status
USMCA	Duty-free entry for goods that meet rules of origin. Annual joint reviews; ends July 1, 2036 unless extended 6	Jul 1, 2020	In force
US IEEPA tariffs	Supreme Court held IEEPA does not authorize tariffs; collection ended. Check the refund process 7	Feb 24, 2026	Ended
US Section 301, forced labor	10% on Mexican goods. Exempt with a USMCA claim; goods under Section 232 excluded 8	Jul 24, 2026	In force
US Section 232, vehicles and parts	25% on cars, light trucks and listed parts, with relief for USMCA content 9; 25% on medium and heavy trucks since November 1, 2025 10	Apr 3, 2025	In force
US Section 232, steel, aluminum and copper	50% (Annex I-A), 25% (Annex I-B) or 15% (Annex I-C and Annex III), set by tariff line, under Proclamation 11032 11	Jun 8, 2026	In force
Mexico tariffs on non-agreement countries	5% to 50% on 1,463 tariff lines for goods from countries without a trade agreement with Mexico. Official text not retrieved 12	Jan 1, 2026	Check DOF text

06How is the trade paid for and financed?

No public source found gives the share of Mexico-US trade paid on open account, where the buyer pays after delivery. The ICC reports a general shift toward open account trade, without a figure for this corridor ¹⁵. Our guide to payment terms in the corridor compares the options.

Mexican buyers often take time to pay. Atradius found that about 30% of business-to-business sales in Mexico are made on credit, that two- to three-month terms are more common than the regional average, and that about one fifth of invoices are overdue ¹³. The US Commercial Service says many importers in Mexico pay 30 to 45 days late. It advises US exporters to use a confirmed letter of credit or insurance from the US Export-Import Bank, and notes that small and medium-sized firms find bank credit hard to obtain ¹⁴.

The right finance depends on a firm's place in the trade. Mexican exporters can turn invoices owed by US buyers into cash through factoring or supplier finance programs run by US buyers, and auto suppliers have their own guide. Importers of fuel and grain finance cargoes and stocks, and US sellers can offer terms backed by US export credit. Many firms earn in one currency and pay in another; see paying in dollars, earning in pesos.

Lenders check documents first, as set out in what lenders ask Mexican companies for. Mexico's development banks and our guide to nearshoring finance cover longer-term needs. The Trade Finance Guide's US to Latin America corridor guide explains each instrument.

Where the cash goes

From order to payment in the corridor

1. Order
   Terms agreedSeller and buyer agree the payment terms: cash in advance, a letter of credit, a collection or open account.
2. Production
   Inputs and wagesThe seller buys materials, often from across the border, and pays its workers.
3. Border
   Freight, broker and taxesFreight, the customs broker, duties and import VAT are paid at or near the border. See landed cost.
4. Invoice
   Waiting for paymentThe buyer pays on its terms. Two- to three-month terms are common in Mexico ¹³.
5. Payment
   Cash returnsPayment arrives in dollars or pesos. Deductions can cut it; see deductions and disputes.

The order of cash needs is typical for a corridor trade. Actual days depend on each contract.

Before shipmentPre-shipment finance

Funds materials and production against a confirmed order.

After invoice, any buyerFactoring or invoice discounting

The seller sells or borrows against its unpaid invoices.

After invoice, large buyerPayables finance

The buyer approves the invoice and a finance provider pays the supplier early.

New or distant buyerLetters of credit or trade credit insurance

A bank undertakes to pay, or an insurer covers most of an unpaid invoice.

07What should traders watch next?

The USMCA review is the main open question as of October 23, 2026. The US and Mexico held three rounds of bilateral talks between May and July 2026. A fourth round was delayed from September, with no date announced as of October 18, 2026 ¹⁶. As reported on that date, Mexico asks for a 15% tariff ceiling and the US asks for tougher auto rules of origin. These are negotiating positions, not rules in force ¹⁶.

A US Section 301 investigation into excess capacity was open as of August 13, 2026 ². New 2025 trade figures may also be revised when UN Comtrade updates its data ¹. Each change in rules is added to the corridor watch.

• PendingFourth round of US-Mexico USMCA talks, delayed from September. No date announced as of October 18, 2026 ¹⁶.
• PendingDecision in the US Section 301 investigation into excess capacity, open as of August 13, 2026 ².
• Jan 12, 2027Deadline for public comments to the US Trade Representative on the USMCA review ¹⁶.
• Dec 31, 2027Section 232 metals rates under Proclamation 11032 run to this date ¹¹.
• Jul 1, 2036USMCA ends on this date unless the three countries confirm an extension ⁶.

Questions traders ask

How big is trade between Mexico and the US?

Mexico reported US$545.4 billion of exports to the US and US$249.9 billion of imports from the US in 2025, in UN Comtrade data. The US reported US$539.0 billion of imports from Mexico and US$338.0 billion of exports to Mexico. On US Census data, two-way goods trade was US$872.8 billion, which made Mexico the largest US goods trading partner.

What does Mexico export most to the US?

Computers and servers lead, at US$78.3 billion in 2025 as reported by Mexico. Passenger cars, auto parts and trucks follow, together worth US$117.5 billion. The top 10 codes make up about half of Mexico's reported exports to the US.

What does Mexico import most from the US?

Refined fuels lead, at US$23.1 billion in 2025 as reported by Mexico, followed by auto parts at US$16.6 billion and natural gas and LPG at US$10.8 billion. Corn and engines are also in the top 10.

Do Mexican goods pay US tariffs?

Goods that meet USMCA rules of origin and are entered with a USMCA claim are exempt from the 10% Section 301 tariff in force since July 24, 2026. Section 232 tariffs apply by product, including 25% on vehicles and listed parts and 50%, 25% or 15% on metal goods, with relief for USMCA content in some cases. These rules are as of October 23, 2026.

How is Mexico-US trade paid for?

No public figure gives the split between payment methods for this corridor. Credit terms of two to three months are common in Mexico, and many importers pay late. Sellers bridge the wait with factoring, supplier finance, letters of credit, credit insurance or bank loans.

Read next

• Corridor hubTwo sides of the same trade: why Mexico's and US data differ
• Corridor hubHow goods cross: border crossings, rail lines and ports
• Corridor hubCorridor watch: tariffs and rules in force
• Corridor guideUS tariffs on Mexican goods: what applies now
• Corridor guidePayment terms in the corridor: open account and the alternatives
• Product briefComputers and servers: Mexico's largest export to the US, led by AI racks
• Ossiano Trade Finance GuideHow each trade finance instrument works
• GlossaryTrade finance terms in plain English

Trading goods between Mexico and the US? Ossiano Capital works on trade finance in this corridor.

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Sources and notes

1. UN Comtrade, annual trade data 2020 to 2025, all goods and 4-digit HS codes, Mexico and the US as reporters. Downloaded October 2026; 2025 figures may be revised. https://comtradeplus.un.org/
2. Congressional Research Service, U.S.-Mexico Trade Relations (IF11175), August 13, 2026. https://www.everycrsreport.com/files/2026-08-13_IF11175_366b72c3fd2f3ebe10b28bf3feddca0088251bbb.html
3. FreightWaves, US-Mexico trade hits new high of $872B in 2025, March 4, 2026. https://www.freightwaves.com/news/us-mexico-trade-hits-new-high-of-872b-in-2025
4. Mexico Business News, Mexico exports to US rise 13% in 1H26, August 4, 2026 (US Census data). https://mexicobusiness.news/trade-and-investment/news/mexico-exports-us-rise-13-1h26-despite-tariff-pressure
5. Air Freight News, US Bureau of Transportation Statistics transborder freight data, 2025 annual report, March 17, 2026. https://airfreight.news/articles/full/transborder-freight-data-annual-report-2025
6. White & Case, USMCA 2026 joint review: United States declines to extend agreement, July 2, 2026. https://www.whitecase.com/insight-alert/usmca-2026-joint-review-united-states-declines-extend-agreement-triggering-annual
7. Perkins Coie, Supreme Court holds IEEPA tariffs unlawful, February 2026. https://perkinscoie.com/insights/update/supreme-court-holds-ieepa-tariffs-unlawful-president-trump-terminates-and-partially
8. EY Tax News, USTR finalizes Section 301 forced labor tariffs on 60 economies, July 2026. https://taxnews.ey.com/news/2026-1607-ustr-finalizes-section-301-forced-labor-tariffs-on-60-economies-additional-tariffs-of-10-percent-or-125-percent-take-effect-24-july-2026
9. Steptoe, New tariffs on imports of automobiles and automobile parts, April 16, 2025. https://www.steptoe.com/en/news-publications/global-trade-and-investment-law-blog/president-trumps-new-tariffs-on-imports-of-automobiles-and-automobile-parts-key-updates-and-implications.html
10. BDO, New Section 232 tariffs on trucks and buses take effect; offset program extended through 2030, November 2025. https://www.bdo.com/insights/tax/new-section-232-tariffs-on-trucks-and-buses-take-effect-offset-program-extended-through-2030
11. Thompson Hine SmartTrade, President modifies Section 232 tariffs on aluminum, copper and steel imports, June 2026. https://www.thompsonhinesmartrade.com/2026/06/president-trump-modifies-section-232-tariffs-on-aluminum-copper-and-steel-imports/
12. Cluster Industrial, Mexico activates tariffs on imports from Asia and redefines its trade policy in 2026, December 2025. https://clusterindustrial.com.mx/mexico-activa-aranceles-a-importaciones-de-asia-y-redefine-su-politica-comercial-en-2026/
13. Atradius, B2B payment practices trends in Mexico, 2026. https://atradius.us/knowledge-and-research/reports/b2b-payment-practices-trends-in-mexico-2026
14. US Commercial Service, Mexico Country Commercial Guide: Trade Financing, February 17, 2026. https://www.trade.gov/country-commercial-guides/mexico-trade-financing
15. Trade Finance Global, 2024 ICC Trade Register report (data for 2023). https://www.tradefinanceglobal.com/posts/2024-icc-trade-register-report-positively-upbeat-despite-global-trade-goods-slowdown/
16. ICPA, USMCA joint review automotive tracker, October 18, 2026. https://www.icpainc.org/usmca-joint-review-automotive/

All facts on this page are as of October 23, 2026, the date of publication, and may have changed since. Rules and tariffs are as of October 23, 2026 and change often: check the corridor watch before you act.

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