Brazil - Mexico Trade 2024 Whole Year: $1.80B Surplus

Key Market Takeaways: Brazil - Mexico Trade

The bilateral trade relationship between Brazil and Mexico shows growth with high volatility in 2024.

• Brazil holds a $1.80B trade surplus, exporting $7.80B to Mexico while importing $6.00B, though both flows face sharp monthly swings.
• Brazil - Mexico trade statistics reveal intra-industry dominance, with vehicles (HS 87) and machinery (HS 84/85) driving bilateral trade, reflecting deep supply chain integration.
• Strategic interdependence is strong, particularly in automotive and industrial sectors, with Mexico supplying higher-value tech inputs (HS 90) to Brazil.

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

Brazil-Mexico Trade Trend in Whole Year 2024

Brazil Export Performance: Shipments to Mexico

• Total Volume: $7.80B in 2024.
• Growth Trend & Context:
  • Mixed YoY performance: Strong growth in March (+34.13% MoM, +16.58% YoY) and April (+16.88% MoM), but sharp declines in May (-19.52% MoM, -23.63% YoY) and June (-15.5% MoM, -33.09% YoY).
  • Volatility peaked in March (34.13% MoM surge) and December (-17.51% MoM drop).

Brazil Import Performance: Sourcing from Mexico

• Total Volume: $6.00B in 2024.
• Growth Trend & Context:
  • YoY swings: Notable rebounds in April (+19.35% YoY) and August (+22.3% YoY), but contractions in March (-23.36% YoY) and May (-13.6% YoY).
  • October saw the highest MoM spike (+52.66%), while February (-24.63% MoM) and September (-24.04% MoM) were troughs.

Brazil - Mexico Trade Balance & Market Dynamics

• Net Position: Trade surplus of $1.80B (Exports $7.80B > Imports $6.00B).
• Relationship Status: Brazil maintains a net exporter role, though import volatility (e.g., October’s 52.66% MoM surge) suggests fluctuating demand for Mexican goods.

Brazil Import Trend from Mexico 2024 Whole Year (Source: yTrade)**

Brazil Export Trend to Mexico 2024 Whole Year (Source: yTrade)**

Get Historical Brazil Mexico Trade Records

Brazil-Mexico Top Trading Products in Whole Year 2024

Brazil Export Profile: What Does Brazil Sell to Mexico

• Top Commodity: Vehicles (HS 87) dominate exports, accounting for 20.05% of total value.
• Demand Driver: Mexico imports Brazilian vehicles and machinery (HS 84, 15.33%) for industrial and consumer markets. Agricultural products (HS 02, 11.30%) and oilseeds (HS 12, 9.31%) suggest raw material demand for processing.
• Concentration: No single category exceeds 50% share, but vehicles and machinery collectively make up 35.38% of exports.

Brazil Import Profile: What Does Brazil Buy from Mexico

• Top Commodity: Vehicles (HS 87) also lead imports, representing 32.64% of total value.
• Dependency Nature: High reliance on Mexican vehicles, machinery (HS 85, 15.84%), and optical/medical equipment (HS 90, 7.36%) indicates technology and industrial input dependency.

Brazil - Mexico Trade Relationship Dynamics

• The Exchange Model: Intra-Industry Trade dominates, with both countries exchanging vehicles (HS 87) and machinery (HS 84/85). This suggests deep supply chain integration, particularly in automotive and industrial sectors.
• Value Chain Position: Mexico holds a slight edge in higher-value tech (HS 90 imports to Brazil), but both nations trade similar mid-range manufactured goods.

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 expected to stabilize in 2025, but volatility in key sectors like vehicles (HS 87) and machinery (HS 84/85) will persist. The intra-industry trade model suggests continued supply chain interdependence, but exporters must prepare for demand swings, particularly in automotive and industrial inputs. Growth opportunities lie in agricultural exports (HS 02, 12) if Brazil can secure long-term contracts, while importers should monitor Mexico’s tech-driven shipments (HS 90) for competitive pricing shifts. The Brazil-Mexico trade forecast hinges on stabilizing industrial demand and mitigating MoM fluctuations.

Strategic Moves

• Diversify Export Markets for Vehicles (HS 87): Brazil’s overreliance on Mexico for auto exports exposes it to demand shocks. Traders should explore new markets in Latin America to balance risk.
• Lock In Agricultural Contracts (HS 02, 12): With steady demand for Brazilian soybeans and meat, exporters should negotiate multi-year agreements to hedge against price volatility.
• Optimize Cross-Border Logistics for Machinery (HS 84/85): Given the high volume of intra-industry trade, firms must streamline customs clearance and adopt JIT inventory systems to reduce delays and costs.

Frequently Asked Questions

How did Brazil - Mexico trade perform in 2024 Whole Year?

Brazil exported $7.80B to Mexico and imported $6.00B, with mixed YoY growth trends including sharp declines in May and June for exports and volatile import performance.

What are the top exports from Brazil to Mexico?

The top exports are vehicles (HS 87), machinery (HS 84), agricultural products (HS 02), and oilseeds (HS 12), with vehicles alone accounting for 20.05% of total exports.

What does Brazil import from Mexico?

Brazil primarily imports vehicles (HS 87), machinery (HS 85), and optical/medical equipment (HS 90), with vehicles making up 32.64% of total imports.

What is the trade balance between Brazil and Mexico?

Brazil recorded a trade surplus of $1.80B in 2024, maintaining its net exporter role despite fluctuating import demand from Mexico.