Brazil - Mexico Trade 2023 Whole Year: $2.8B Surplus

Key Market Takeaways: Brazil - Mexico Trade

The bilateral trade relationship between Brazil and Mexico showed growth with notable volatility in 2023.

• Brazil holds a $2.8B trade surplus, exporting $8.58B (led by vehicles and agriculture) while importing $5.78B (dominated by vehicles and high-tech machinery).
• Brazil - Mexico trade statistics reveal intra-industry exchange, with both nations trading vehicles (HS 87) but Mexico supplying advanced machinery (HS 84, 85) and Brazil exporting raw materials (agriculture, steel).
• Strategic interdependence is asymmetric: Mexico commands higher value-add exports, while Brazil’s role leans toward commodities and lower-complexity manufacturing.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Brazil-Mexico Trade Trend in Whole Year 2023

Brazil Export Performance: Shipments to Mexico

• Total Volume: $8.58B in 2023.
• Growth Trend & Context:
  • Strong YoY growth in H1 (peaking at +48.72% in April), but turned negative in Q4 (-18.46% in December).
  • No specific trade news to explain fluctuations.
• Key Volatility: April saw the highest MoM surge (+35.58%), while December had the sharpest drop (-24.44%).

Brazil Import Performance: Sourcing from Mexico

• Total Volume: $5.78B in 2023.
• Growth Trend & Context:
  • YoY growth early in the year (+63.16% in January) but deteriorated to consistent declines from June onward.
• Key Volatility: March recorded the highest MoM jump (+51.87%), while February and April saw steep drops (-26.44% and -24.56%, respectively).

Brazil - Mexico Trade Balance & Market Dynamics

• Net Position: Brazil held a trade surplus of $2.8B ($8.58B exports vs. $5.78B imports).
• Relationship Status: Brazil is a net exporter to Mexico, though import volatility suggests shifting demand or supply chain adjustments.

Brazil Import Trend from Mexico 2023 Whole Year (Source: yTrade)**

Brazil Export Trend to Mexico 2023 Whole Year (Source: yTrade)**

Get Historical Brazil Mexico Trade Records

Brazil-Mexico Top Trading Products in Whole Year 2023

Brazil Export Profile: What Does Brazil Sell to Mexico

• Top Commodity: Vehicles (HS 87) dominate at 25.84% of exports.
• Demand Driver: Mexico imports Brazilian vehicles for consumer markets and industrial use. Agricultural products (HS 12, 10, 02) suggest Mexico relies on Brazil for food and feed.
• Concentration: No single category exceeds 50%, but vehicles, machinery (HS 84), and agriculture collectively account for 55.83%.

Brazil Import Profile: What Does Brazil Buy from Mexico

• Top Commodity: Vehicles (HS 87) lead at 30.74% of imports.
• Dependency Nature: High-tech machinery (HS 84, 85, 90) and vehicles indicate Brazil depends on Mexico for industrial and automotive components.

Brazil - Mexico Trade Relationship Dynamics

• The Exchange Model: Intra-Industry Trade dominates, with vehicles (HS 87) traded both ways. Machinery (HS 84, 85) and tech (HS 90) flow from Mexico, while Brazil supplies agriculture (HS 12, 10, 02) and steel (HS 72).
• Value Chain Position: Mexico holds a higher value-add position, exporting advanced machinery and tech, while Brazil focuses on raw materials (agriculture, ores) and lower-complexity manufacturing (vehicles).

Import Analysis by Product: Mexico to Brazil (Source: yTrade)

Export Analysis by Product: Brazil to Mexico (Source: yTrade)

Check Detailed Brazil-Mexico Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Brazil’s trade surplus with Mexico is likely to stabilize in 2024, though volatility in vehicle and machinery trade could persist. The intra-industry nature of exchanges suggests resilience, but exporters must prepare for demand fluctuations in Mexico’s industrial sector. Agricultural exports (HS 12, 10, 02) will remain a steady pillar, while Brazil’s reliance on Mexican high-tech imports (HS 84, 85, 90) may tighten supply chain risks. Without major policy shifts, the Brazil-Mexico trade forecast hinges on automotive sector performance and global commodity prices.

Strategic Moves

• Diversify Export Markets for Vehicles (HS 87): Brazil’s overexposure to Mexican demand for vehicles leaves it vulnerable to downturns. Traders should target other Latin American markets to mitigate risk.
• Lock In Long-Term Contracts for Agricultural Exports: With Mexico’s consistent demand for Brazilian soybeans (HS 12) and meat (HS 02), exporters should secure multi-year agreements to stabilize revenue.
• Optimize Tech Import Logistics: Given Brazil’s dependency on Mexican machinery (HS 84, 85), importers must streamline cross-border logistics and explore nearshoring alternatives to reduce delays.

Frequently Asked Questions

How did Brazil - Mexico trade perform in 2023 Whole Year?

Brazil exported $8.58B to Mexico and imported $5.78B, with strong early-year growth but declines in later months.

What are the top exports from Brazil to Mexico?

Vehicles (HS 87) dominate, followed by machinery (HS 84) and agricultural products (HS 12, 10, 02).

What does Brazil import from Mexico?

Vehicles (HS 87) lead imports, alongside high-tech machinery (HS 84, 85, 90).

What is the trade balance between Brazil and Mexico?

Brazil held a trade surplus of $2.8B in 2023, driven by higher exports than imports.