Mexico’s gold exports reach 12-year high

Mexico’s exports of raw, semi-processed, or powdered gold grew by 16.2% year-on-year between January and July 2025, reaching a value of US$3.397 billion — the highest level in the past 12 years — according to data from the National Institute of Statistics (Inegi).

This performance aligns with the boom in non-oil extractive exports, which rose 24.4% from January to August, totaling US$8.377 billion, consolidating their position as the main driver of Mexico’s external sales. While industry-level statistics are available through August, product-level details remain updated to July. Overall, Mexico’s total exports grew by 4.7% in the first eight months of the year, contrasting with the strong— and typically more volatile — growth of the extractive sector.

Historically, the previous record for gold exports was between January and July 2012, when Mexico reached US$4.57 billion.

In 2025, Mexico ranked as the world’s seventh-largest gold producer, accounting for 3.8% of global output.

The increase mainly reflects higher international prices for metals such as steel, aluminum, and particularly gold, driven by ongoing trade and geopolitical tensions that have kept global uncertainty elevated.

According to Trading Economics, the international gold price reached a record US$4,200.37 per troy ounce on Wednesday, October 15, representing an increase of US$1,576.41/oz since January 1, 2025, when it traded at US$2,623.96/oz — a cumulative gain of 60.1% so far this year.

This new record is primarily driven by three factors:

– Safe-haven demand amid geopolitical and trade volatility;

– Expectations of monetary easing in the United States, reducing the appeal of fixed-income instruments;

– Strong physical and institutional demand, especially from Asia, where central banks have increased their gold reserves.

With this performance, gold has strengthened its position as one of the most profitable assets of 2025 and a key factor behind the recent dynamism of Mexico’s mining-sector exports.