Mexico's exports grew by approximately 4% year-on-year in July 2025, reaching $56.7 billion, driven primarily by manufacturing and extractive sectors. Pemex, the state oil company, increased crude oil exports compared to the previous month, although its Dos Bocas refinery experienced a 9.51% decline in fuel production in July and has been offline since Monday due to a power outage, with plans to restart on Thursday. The Deer Park refinery in the U.S. will receive more crude imports from Dos Bocas than initially planned. Mexico surpassed the United States as the second-largest importer of Brazilian beef in August, supported by Brazil's efforts to expand export approvals amid U.S. tariffs. Despite export growth, Mexico registered a trade deficit of $17 million in July. Mexican steel exports to the U.S. fell 16.6% in the first half of 2025, affected by tariffs. The semiconductor industry in Mexico continues to grow strategically, with protection under the USMCA (T-MEC) agreement against potential U.S. tariffs. Mexico is consolidating its role in semiconductor design, validation, and R&D, although over 90% of critical inputs remain imported. Additionally, Mexico is projected to produce 41.88 million tons of balanced feed in 2025, a 2% increase from 2024. Ternium is investing in Nuevo León and advocating for strengthening the USMCA to counteract unfair trade practices by China.