Brazil - Mexico Trade 2024 Q3: $360M Surplus & Auto Dominance
Key Market Takeaways: Brazil - Mexico Trade
The bilateral trade relationship between Brazil and Mexico shows signs of stabilization amid volatility in Q3 2024.
- Brazil holds a $360M surplus, with exports ($1.84B) outpacing imports ($1.48B), though both sides saw sharp monthly swings.
- Brazil - Mexico trade statistics reveal intra-industry dominance, with vehicles (HS 87) as the top traded commodity both ways, reflecting deep automotive sector ties.
- Strategic interdependence is high, with Mexico commanding a slight value-add edge in vehicle exports, signaling tight supply chain integration.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Brazil-Mexico Trade Trend in Q3 2024
Brazil Export Performance: Shipments to Mexico
- Total Volume: $1.84B in Q3 2024.
- Growth Trend & Context:
- YoY declines persisted across all months, with August (-37.01%) showing the sharpest contraction.
- September’s marginal YoY dip (-0.84%) suggests a potential stabilization.
- Key Volatility: August saw an 11.57% MoM drop, while September rebounded with a 22.65% MoM surge.
Brazil Import Performance: Sourcing from Mexico
- Total Volume: $1.48B in Q3 2024.
- Growth Trend & Context:
- Mixed YoY performance: July (+11.76%) and August (+22.3%) grew, but September (-11.36%) reversed gains.
- Key Volatility: August’s imports spiked 25.42% MoM, followed by a 24.04% MoM plunge in September.
Brazil - Mexico Trade Balance & Market Dynamics
- Net Position: Brazil held a $360M trade surplus with Mexico (Exports: $1.84B > Imports: $1.48B).
- Relationship Status: Brazil maintains a net exporter role, though import volatility indicates shifting demand for Mexican goods.
Brazil Import Trend from Mexico 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 461.67M | -3.76% | 11.76% |
| Aug | 579.02M | 25.42% | 22.3% |
| Sep | 439.84M | -24.04% | -11.36% |
| Total | 1.48B | - | - |
Brazil Export Trend to Mexico 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 621.33M | 5.66% | -11.49% |
| Aug | 549.42M | -11.57% | -37.01% |
| Sep | 673.85M | 22.65% | -0.84% |
| Total | 1.84B | - | - |
Get Historical Brazil Mexico Trade Records
Brazil-Mexico Top Trading Products in Q3 2024
Brazil Export Profile: What Does Brazil Sell to Mexico
- Top Commodity: Rank #1 export is HS Code 87 (Vehicles) at 21.57% of total exports.
- Demand Driver: Mexico imports Brazilian vehicles to serve its consumer market and automotive industry.
- Concentration: Trade is moderately diversified, with the top 3 exports (HS 87, 84, 02) accounting for 51.34% of total exports.
Brazil Import Profile: What Does Brazil Buy from Mexico
- Top Commodity: Rank #1 import is HS Code 87 (Vehicles) at 32.45% of total imports.
- Dependency Nature: Brazil relies on Mexican vehicles, indicating intra-industry trade in the automotive sector.
Brazil - Mexico Trade Relationship Dynamics
- The Exchange Model: "Intra-Industry Trade" dominates, with both countries exchanging similar categories (e.g., vehicles, machinery).
- Value Chain Position: Mexico holds a slightly higher value-add position, given its stronger share in vehicle exports to Brazil.
Import Analysis by Product: Mexico to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 480.41M | 32.45% |
| 85 | 227.94M | 15.40% |
| 84 | 222.78M | 15.05% |
| 90 | 112.15M | 7.57% |
| 79 | 34.34M | 2.32% |
| 29 | 34.34M | 2.32% |
| 39 | 29.73M | 2.01% |
| 76 | 25.93M | 1.75% |
| 40 | 25.22M | 1.70% |
| 89 | 24.80M | 1.68% |
Export Analysis by Product: Brazil to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 397.85M | 21.57% |
| 84 | 307.85M | 16.69% |
| 02 | 241.22M | 13.08% |
| 12 | 134.64M | 7.30% |
| 44 | 76.85M | 4.17% |
| 72 | 72.93M | 3.95% |
| 85 | 61.26M | 3.32% |
| 09 | 52.11M | 2.82% |
| 26 | 51.16M | 2.77% |
| 48 | 46.44M | 2.52% |
Check Detailed Brazil-Mexico Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Brazil-Mexico trade relationship is likely to stabilize in Q4 2024, with modest recovery in Brazil’s exports as September’s marginal YoY decline (-0.84%) hints at demand normalization. However, import volatility from Mexico—marked by sharp MoM swings—suggests supply chain adjustments are ongoing, particularly in the automotive sector (HS 87). Given the dominance of intra-industry trade, both nations must address logistical inefficiencies to sustain growth. Without intervention, Brazil’s surplus could narrow if Mexican vehicle exports rebound.
Strategic Moves
- Diversify Export Markets: Brazilian vehicle exporters should target secondary Mexican industries (e.g., agriculture machinery) to reduce reliance on consumer automotive demand.
- Optimize Cross-Border Logistics: Traders must adopt real-time tracking for high-volatility goods (HS 87) to mitigate MoM shipment disruptions.
- Lock In Mexican Supplier Contracts: Brazilian importers should negotiate fixed-term agreements to stabilize costs amid Mexico’s erratic export volumes.
Frequently Asked Questions
How did Brazil - Mexico trade perform in 2024 Q3?
Brazil's exports to Mexico totaled $1.84B in Q3 2024, with YoY declines, while imports from Mexico reached $1.48B, showing mixed YoY growth.
What are the top exports from Brazil to Mexico?
The top exports are HS Code 87 (Vehicles), HS Code 84 (Machinery), and HS Code 02 (Meat), accounting for 51.34% of total exports.
What does Brazil import from Mexico?
Brazil's top import from Mexico is HS Code 87 (Vehicles), representing 32.45% of total imports, highlighting intra-industry trade in the automotive sector.
What is the trade balance between Brazil and Mexico?
Brazil held a $360M trade surplus with Mexico in Q3 2024, maintaining its net exporter role despite import volatility.
Brazil - Mexico Trade 2024 Q2: Export Contraction & Auto Ties
Brazil's trade surplus with Mexico faces export declines (-23.6% YoY) amid auto supply chain ties. Explore Brazil Mexico trade trends & top trading products via yTrade data.
Brazil - Mexico Trade 2024 Q4: Surplus & Auto Ties
Brazil's $290M trade surplus with Mexico highlights strong auto & machinery trade. Explore Brazil Mexico trade trends & top trading products via yTrade data.
