2023 Aug Mexico Global Trade Data Summary: Deficit & Shifts

Mexico 2023 Aug Trade Data Key Takeaways

• Market Trend: Mexico trade data shows a $1.38B deficit in Aug 2023, with exports up 3.76% and imports down 4.33% YoY.
• Key Driver: Mexico import export data reveals U.S. dominates exports (79.4%), while imports diversify with China (19.2%) and Germany (3.7%).
• Strategic Risk: Over-reliance on U.S. demand and imported inputs exposes supply chain vulnerabilities.

Analysis covers 2023 Aug based on sanitized customs records from the yTrade database.

Mexico 2023 Aug Trade Data Trend Overview

• Mexico, a major manufacturing and export hub, posted a trade deficit of $1.38 billion in August 2023, according to the latest Mexico global trade data.
• The August 2023 Mexico import export data showed exports of $52.36 billion grew 3.76% year-over-year, while imports of $53.74 billion contracted 4.33% over the same period.
• This resulted in a marginal trade deficit, a significant improvement from the wider gaps seen in previous months.
• The import contraction suggests a cooling domestic demand environment, while export resilience was likely supported by strong nearshoring momentum and robust US manufacturing activity.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Aug Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23.1%), electrical machinery (18.4%), and industrial machinery (14.0%) dominating exports. Imports follow a similar pattern, led by electrical machinery (18.8%), unspecified goods (16.1%), and industrial machinery (14.5%). The high concentration in machinery and vehicles suggests strong integration into global supply chains, particularly in automotive and electronics. However, reliance on imports for key components (like plastics and fuels) exposes vulnerabilities. Key takeaways:

• Manufacturing makes up over 55% of exports.
• High dependence on imported inputs for production.
• Unspecified goods (HS 99) are significant in both exports and imports, indicating potential data gaps or complex trade flows.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports many of the parts and raw materials needed to produce them. For example, vehicle exports (HS 87) are nearly double imports, while electrical machinery (HS 85) shows balanced trade. This suggests Mexico adds value in assembly but relies on foreign inputs. The trade gap in mineral fuels (HS 27) highlights energy dependence. The overlap in HS codes (84, 85, 87) points to processing trade, where Mexico assembles imported components for re-export. Upgrading to higher-value production could reduce import reliance.

Table: Mexico Top Import & Export Product Categories (Source: yTrade)

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Mexico 2023 Aug Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are highly concentrated, with the United States accounting for 79.35% ($41.55B) of total shipments. The next-largest destinations—Canada (3.13%), Germany (1.60%), and Mainland China (1.41%)—are far smaller, indicating heavy reliance on a single market. Imports show more diversification, though the U.S. remains the top source (42.90%, $23.05B), followed by Mainland China (19.20%) and Germany (3.73%). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are moderately diversified, with Asia (China, Japan, South Korea) playing a significant role.
• Regional trade ties are strong with North America (U.S., Canada) but limited elsewhere.

Mexico Export–Import Geographic Gap

Exports depend overwhelmingly on the U.S., while imports draw from a broader mix, including Asia and Latin America. The overlap of the U.S., China, Germany, and Canada in both lists suggests some processing trade. The structure reveals upstream diversification (imports) but downstream concentration (exports), creating vulnerability to U.S. demand shifts. Trade flows are lopsided: exports are hyper-focused, while imports are more balanced.

Table: Mexico Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Mexico in 2023 Aug?

Mexico's top exports in August 2023 were vehicles (HS Code 87, $12.11B, 23.14%), electrical machinery (HS Code 85, $9.64B, 18.41%), and machinery/equipment (HS Code 84, $7.31B, 13.96%).

What are the main products Mexico imports in 2023 Aug?

Mexico's primary imports included electrical machinery (HS Code 85, $10.09B, 18.78%), unspecified goods (HS Code 99, $8.64B, 16.09%), and machinery/equipment (HS Code 84, $7.81B, 14.53%).

Which countries are the top destinations for Mexico's exports in 2023 Aug?

The United States was Mexico's largest export market ($23.05B, 42.9%), followed by Mainland China ($10.32B, 19.2%) and Germany ($2.01B, 3.73%).

Which countries supply most of Mexico's imports in 2023 Aug?

The United States dominated Mexico's imports ($41.55B, 79.35%), with Canada ($1.64B, 3.13%) and Germany ($840.15M, 1.6%) as minor suppliers.

How balanced are Mexico's export and import markets in 2023 Aug?

Mexico recorded a $1.38B trade deficit in August 2023, with exports ($52.36B) growing 3.76% YoY and imports ($53.74B) contracting 4.33%, reflecting cooling domestic demand but resilient exports.