South and Central America runs a US surplus on $214,935.4 million of 2025 exports, while Mexico runs a deficit
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Ossiano Guides · Sectors and corridors
US sellers into Latin America face two different corridors. In Mexico, the United States buys more than it sells. In South and Central America, it sells more than it buys, and export credit agencies help buyers pay for US equipment.
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01 · Two corridors
Mexico and South and Central America pull the US balance in opposite directions
A is exports minus imports. When the United States sells more than it buys, the balance is a surplus. When it buys more, the balance is a deficit.
Mexico is a deficit corridor for the United States. In 2025, US goods exports to Mexico were $337,281.7 million and imports from Mexico were $534,314.9 million, according to the US Census Bureau. The published balance was a deficit of $197,033.2 million. Exports were $334,492.1 million in 2024, so they rose 0.83% on our Research Desk's calculation.
South and Central America is a surplus corridor. In 2025, US goods exports to the region were $214,935.4 million and imports were $163,204.1 million, per the Census Bureau's regional page. That left a US surplus of $51,731.3 million. Exports were $204,164.3 million in 2024, a rise of 5.28% on our Research Desk's calculation.
The Census Bureau reports Mexico and South and Central America as separate totals. This guide shows each total on its own and never adds them together.
"The 2025 deficit with Mexico ($196.9 billion) was the highest on record."
US Census Bureau, Annual 2025 Press Highlights, February 19, 2026
The highlights report uses a different basis from the country page. This guide uses the country page figure of $197,033.2 million for the corridor.
Figure 1 · Interactive
Four US export corridors in Latin America
Pick a market to see 2025 exports, imports, balance and the change on 2024.
Source: US Census Bureau, Trade in Goods with Mexico, Brazil, South and Central America and CAFTA-DR, accessed September 30, 2026. Millions of US dollars, nominal, not seasonally adjusted. Changes calculated by our Research Desk.
02 · Inside the region
Brazil and Central America are surplus markets for US exporters
Brazil bought more from the United States in 2025 and sold it less. US exports to Brazil were $54,329.2 million and imports were $39,881.5 million, per the Census Bureau. The US surplus rose from $6,699.0 million in 2024 to $14,447.7 million in 2025. Exports rose 10.85% on our Research Desk's calculation.
is a trade agreement that links the United States with the Dominican Republic and several Central American countries. In 2025, US exports to the group were $47,010.1 million and imports were $39,380.2 million, a surplus of $7,629.9 million, per the Census Bureau. The surplus was $9,918.7 million in 2024.
Trade has kept moving in 2026. US exports to Mexico were $229,816.8 million from January to July 2026, per the Mexico page. US exports to South and Central America were $116,993.4 million from January to June 2026, per the regional page. The two periods differ in length, so they should not be compared directly.
Figure 2 · Interactive
US goods balance by corridor, 2024 and 2025
Tap a bar to see the balance; bars left of zero are US deficits.
Source: US Census Bureau country and regional pages, accessed September 30, 2026. Published balances.
Shown in billions of US dollars, converted from the published millions by our Research Desk. Each bar is a separate Census total; do not add them together.
03 · Capital goods on credit
Export credit agencies help Latin American buyers pay for US equipment over time
Big equipment, such as trains or machinery, is often paid for over several years. An is a government-backed body that makes this easier. In the United States, that body is .
A recent Mexico deal shows how it works. On September 18, 2025, the EXIM board approved nearly $185 million for Grupo Mexico Transportes (GMXT) to buy modernized locomotives from US exporter Wabtec, according to EXIM. The approval did not state the length of the loan.
An earlier Federal Register notice named EXIM as the lender. It named GMXT US Inc. and Ferrosur S.A. de C.V. as , meaning they promise to pay if GMXT does not. The notice covered a long-term loan or financial guarantee of more than $100 million.
This is a : the loan goes to the buyer, not the seller. EXIM's Loan Guarantee finances international buyers of US capital goods and related services. It covers 100 percent of (the buyer cannot pay) and (events in the buyer's country stop payment).
The buyer must put in some of its own money first. Under the OECD Arrangement, the buyer makes a of at least 15% of the contract value. The rest is then repaid in equal, regular installments, at least once a year.
EXIM also offers . It covers 85% of the invoice value after a 15% buyer down payment, on terms of 1 to 5 years, according to EXIM's product sheet. CIF value is the price of the goods including freight and insurance to the destination port.
Our ECA-backed finance card walks through buyer and supplier credit in more detail.
04 · Farm exports
GSM-102 backs US farm sales paid by a foreign bank's letter of credit
is a US Department of Agriculture program for farm exports sold on credit. It starts with a , a bank's promise to pay the seller when the right documents are shown.
Under the program, an approved foreign bank issues a dollar-denominated, in favor of the US exporter, per the USDA Foreign Agricultural Service. Irrevocable means the terms cannot be changed unless everyone agrees.
A guarantee then typically covers 98 percent of the principal and a portion of the interest. GSM-102 covers credit terms of up to three years, and the maximum terms may vary by country, USDA states.
Figure 3 · Interactive
How a Latin American buyer pays for US goods over time
Pick a route to follow the sale from contract to final repayment.
Steps are drawn from the OECD Arrangement TAD/PG(2026)1, UK Export Finance and EXIM product pages, and USDA Foreign Agricultural Service program pages.
The $10 million figures in the buyer credit route are an illustration from our Research Desk's worked example, not a real deal.
05 · Commodities flowing north
Oil producers raise cash now and repay with future oil deliveries
Trade finance also runs the other way, from Latin American producers to global buyers. GeoPark, an oil producer, has an with Vitol to sell production from the Llanos 34 Block in Colombia, per its 2025 annual report filed with the SEC.
The deal comes with a prepayment. That means the buyer pays cash up front for oil it will receive later. Amounts drawn on the Vitol facility can be repaid through future oil deliveries, the filing states.
GeoPark has a similar deal with BP. Amounts drawn under it may be repaid through future crude oil deliveries or paid back early at any time. Our Prepayment finance card and the Pre-export finance guide explain these structures.
06 · Ossiano view
Latin America is a surplus corridor for US exporters outside Mexico
OBSERVATION 01
The Brazil surplus rose to $14,447.7 million
The US surplus with Brazil rose from $6,699.0 million in 2024 to $14,447.7 million in 2025. US exporters sold more into Brazil while imports from Brazil fell.
OBSERVATION 02
The regional total grew on exports
US exports to South and Central America rose 5.28% in 2025 on our Research Desk's calculation. More US goods moving south means more buyer-side credit to arrange.
OBSERVATION 03
Equipment sales arrive with ECA structures attached
The GMXT locomotive approval named EXIM as lender, with US and Mexican guarantors. For rolling stock and machinery, ECA credit is part of how the sale closes.
Summary
Two corridors, one toolkit: buyer credit for equipment and guaranteed letters of credit for farm goods
US goods exports to South and Central America were $214,935.4 million in 2025, with a US surplus of $51,731.3 million. Mexico is a different corridor: exports of $337,281.7 million against imports of $534,314.9 million.
Equipment sales often come with export credit agency support. EXIM approved nearly $185 million for GMXT to buy locomotives, and buyers make a down payment of at least 15%. Farm exports can use GSM-102, which typically guarantees 98 percent of principal behind a foreign bank's letter of credit.
Related guides: Financing industrial goods trade; Financing agricultural commodity trade; Financing energy and coal trade; Pre-export finance; The payment terms spectrum; Buyer, country and performance risk. Instrument cards: ECA-backed finance; Trade credit insurance; Prepayment finance; Letter of credit (sight); Confirmed letter of credit. Terms are defined in the Trade Finance Glossary.
For questions on how these shifts affect existing or planned trade finance exposures, contact the Ossiano Research Desk.
Sources
- US Census Bureau, Trade in Goods with Mexico, 2026. Supports: 2024 and 2025 exports and imports; 2026 exports from January to July; published balances of $-197,033.2 million (2025) and $-168,618.0 million (2024).
- US Census Bureau, Trade in Goods with Brazil, 2026. Supports: 2024 and 2025 exports, imports and surpluses.
- US Census Bureau, Trade in Goods with South and Central America, 2026. Supports: 2024 and 2025 exports, imports and balances; 2026 exports from January to June.
- US Census Bureau, Trade in Goods with CAFTA-DR, 2026. Supports: 2024 and 2025 exports, imports and balances.
- US Census Bureau, Annual 2025 Press Highlights, February 19, 2026. Supports: the 2025 deficit with Mexico of $196.9 billion on the highlights basis, the highest on record.
- Export-Import Bank of the United States, EXIM Board of Directors approves infrastructure investments totaling nearly $285 million, September 18, 2025. Supports: the approval of nearly $185 million for GMXT to buy locomotives from Wabtec.
- Export-Import Bank of the United States (Federal Register), Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 million, AP300022XX, August 18, 2025. Supports: EXIM as lender; GMXT US Inc. and Ferrosur S.A. de C.V. as guarantors; financing of more than $100 million for locomotives exported to Mexico.
- Export-Import Bank of the United States, Loan Guarantee, undated. Supports: financing for international buyers of US capital goods and related services; cover for 100 percent of commercial and political risks.
- OECD, Arrangement on Officially Supported Export Credits, TAD/PG(2026)1, January 26, 2026. Supports: minimum 15% down payment (Article 11 a)); equal and regular installments, at least annually (Article 13).
- Export-Import Bank of the United States, Medium-Term Export Credit Insurance (EBK-MEDT-26-02-18), February 18, 2026. Supports: terms of 1 to 5 years; cover of 85% of CIF invoice value after a 15% buyer down payment.
- UK Export Finance via GOV.UK, Buyer Credit Facility, January 27, 2026. Supports: a guarantee to a bank making a loan to an overseas buyer; the exporter paid as though it has a cash contract.
- USDA Foreign Agricultural Service, About the Export Credit Guarantee Program (GSM-102), undated. Supports: 98 percent of principal typically covered; credit terms of up to three years; the foreign bank's dollar-denominated, irrevocable letter of credit.
- US SEC EDGAR, GeoPark Ltd, Form 20-F for fiscal year 2025, Note 29 Offtake and prepayment agreements, March 31, 2026. Supports: the Vitol offtake for Llanos 34 Block production in Colombia; Vitol and BP prepayments repaid through future oil deliveries.
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