Mexico surpassed Canada as the top U.S. trading partner in goods and services in 2024, and held that position through 2025 with $976.1 billion in total bilateral trade. That figure — approaching a trillion dollars — reflects a relationship that has been decades in the making and is now deeply wired into the structure of both economies. In goods alone, total U.S.-Mexico trade reached $872.8 billion in 2025, with the United States importing $534.

Mexico is the second-largest economy in Latin America, with a GDP of $1.8 trillion in 2025 and a population of 132 million — the most populous Spanish-speaking country in the world. Its per capita GDP of $13,874 places it in the World Bank’s upper-middle income category, a meaningful distinction in a region where many economies remain in the lower-middle or low-income tiers. Economic growth has been modest but positive. Real GDP expanded by 0.

When an automobile rolls off an assembly line in Michigan or Kentucky, it may carry thousands of components sourced from dozens of U.S. states and multiple Mexican locations. The final assembly badge — “Made in USA” or “Made in Mexico” — says almost nothing about the actual geography of production. This is the reality that the NAFTA era built, and that USMCA inherited. A significant portion of U.S.-Mexico merchandise trade is not conventional import-export commerce.