The Myth of the Trade Deficit

El Financiero

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One of the most persistent narratives in U.S. trade policy—and one that has become particularly visible at electoral times—is that of the trade deficit with Mexico. Under this logic, the U.S. “loses” in its economic relationship with its southern neighbor, as it matters more than it exports. This mercantilist view suggests that exporting is synonymous with national profit and that importing amounts to losing jobs and competitiveness. However, th…

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Foreign trade figures for the month of May are there. The first five months of 2025 resulted in a deficit of 8,367.2 Mtnd, compared with -6,409.8 Mtnd on the same date in 2024. The non-energy trade balance deficit is reduced to 4034.7 Mtnd, while the energy balance deficit is 4332.5 Mtnd (-4974.7 Mtnd at the end of May 2024). The year's exports totalled 26,831.5 Mtnd, a slight increase of 0.3% year-on-year. The mechanical and electrical industri…