Mexico’s trade finance landscape is confronting renewed turbulence with the Trump administration’s sweeping tariffs Iike the recently imposed 25% duties on many Mexican exports not covered under The United States-Mexico-Canada Agreement (USMCA) – the trade agreement that replaced the North American Free Trade Agreement (NAFTA) on July 1, 2020.
Though the vast majority of goods remain exempt thanks to the protections under USMCA (with 84% of Mexican exports still duty-free), targeted levies on key sectors including autos, steel and aluminum alongside the abrupt anti-dumping duty on tomatoes are amplifying risk perceptions for exporters and lenders alike. The resulting volatility is prompting heightened scrutiny, stronger credit insurance needs and tighter liquidity management among Mexican banks and trade financing institutions.
However, amid these headwinds, structural drivers are buoying trade finance prospects. Mexico’s export finance market, valued at USD 811.5 million in 2024, is projected to grow at a 5.7% CAGR through 2033, fueled by nearshoring trends, SME integration into global value chains and financial innovation. Public instruments such as Bancomext, Mexico’s national export bank, continue empowering SMEs with financing, technical support and market access tools. Moreover, IFC-WTO research suggests that better access to low-cost trade finance could boost goods trade in Mexico by up to 9%, underscoring the transformative potential of accessible, inclusive trade finance solutions.
These developments frame the current moment as one of both challenge and opportunity: growing protectionism is tightening short-term trade finance flows, while longer-term shifts in trade patterns and policy infrastructure offer real growth avenues for the sector. However, over-arching it all is the shift in technology adoption, driving banks and corporates to keep pace through collaboration and agility which – amid the current uncertainties – increasingly demands speed, transparency and digital interoperability.
At the beginning of July, ICC Mexico hosted its inaugural Trade Finance Day in Mexico City, bringing together leading voices from across the trade sector to explore how trade finance is evolving in an era defined by digitalization and rapid change.
One of the most anticipated discussions was the panel “From Traditional to Innovative: The Evolution and New Frontiers in Trade Finance Instruments,” moderated by Jessica Guzmán, VP of Trade & Working Capital at JP Morgan, with panelists from BBVA, Monkey Tech and Matías Hutin, Surecomp’s Head of Sales for the Americas.
Matías delivered a strategic perspective on the critical shifts redefining international trade finance today, both in Mexico and beyond:
- Letters of Credit: A Timeless Tool in Need of a Timely Upgrade
LCs remain the cornerstone for establishing trust in new trade relationships. Yet, the industry’s patience for weeks-long processing is fading. The future lies in real-time, fully traceable, and transparent transactions delivering speed without compromising security. - Beyond the Instrument: The Power of the Ecosystem
True innovation extends far beyond digitizing a single instrument. Matías called for collaborative, interoperable platforms that connect all stakeholders, breaking down silos created by outdated systems and incompatible technologies. - Regulation as an Enabler, Not a Barrier
Disparate regulatory frameworks across countries continue to slow technology adoption. Matías urged the creation of a shared implementation framework, enabling banks to adopt digital solutions with clarity and confidence. - Inclusion as the Next Growth Engine
While large corporates are driving digital transformation, SMEs still face high barriers to entry. Banks have a clear opportunity to champion inclusivity by embracing solutions that are accessible, interoperable and scalable. - The Rise of the Corporate-Centric Model
The traditional dynamic – banks pursuing corporates – is shifting. Today, corporates are adopting their own trade portals like Surecomp’s RIVO™ and expect banks to integrate seamlessly into them. This requires not just technological change but a cultural mindset shift across the industry.
Innovation with Purpose
Closing his remarks, Matías warned that innovation without coordination risks fragmentation. “Blockchain, despite over a decade of exploration, reminds us that meaningful transformation requires focus, time and deliberate steps. In banking, where trust is the ultimate currency, digitalization must deliver tangible value not just novelty.”
Surecomp’s participation in ICC Mexico’s Trade Finance Day reinforced our commitment to driving purposeful innovation, empowering banks, corporates, and SMEs alike to thrive in a seamlessly connected global trade ecosystem.
Leading Mexican financial institution MONEX is partnering with Surecomp to fulfil its ambition to remain competitive in a rapidly evolving trade landscape.
“Partnering with Surecomp has not only fueled growth in traditional trade finance over the past year, but has provided a solid foundation for us to enter into new market segments. As our business expands into the factoring and supply chain finance arena, we needed a robust, future-ready platform. Surecomp is empowering us to provide a seamless, customer-centric experience while streamlining internal operations and ensuring regulatory compliance. The result is a modernized digital infrastructure that accelerates transaction processing, reduces manual intervention, and delivers an improved customer experience.” – Karla Hernandez, Vice President of Trade Finance at MONEX and Chair of the Mexican FCI, a global factoring association.