2023 Dec Mexico Trade Data Summary: Surplus Narrows

Mexico 2023 Dec Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports flat (-0.15%) but imports slump 6.89%, narrowing trade surplus to $4.24B.
• Key Driver: Mexico import export data reveals U.S. dominates 80.5% of exports, while imports diversify with China (20.7%).
• Strategic Risk: Assembly-based manufacturing relies on imported components (HS 84, 85), exposing supply chains to global disruptions.

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

Mexico 2023 Dec Trade Data Trend Overview

• Mexico's export-driven manufacturing economy held steady in December, with the latest Mexico global trade data showing resilience despite global headwinds.
• December's Mexico import export data shows exports totaled $49.25B, nearly flat year-on-year (-0.15%), while imports contracted sharply to $45.01B, down 6.89% from 2022.
• The narrower import bill solidified a $4.24B trade surplus for the month, providing a positive contribution to the current account.
• The import slump was driven by a strategic policy pivot, as Mexico prepared significant 2025-2026 tariff increases and customs reforms targeting non-FTA partners to protect domestic industry [Clark Hill](Clark Hill).

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Dec Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23.7% of exports, followed by electrical machinery (HS 85) and industrial machinery (HS 84). These three categories alone account for over half of total exports, showing a strong focus on finished goods. Imports are similarly concentrated in machinery and electronics (HS 84, 85), suggesting a reliance on industrial inputs. Key takeaways:

• Manufacturing dominance: Exports are led by vehicles and machinery, indicating an advanced industrial base.
• High import reliance: Mexico depends on foreign machinery and electronics for production.
• Limited resource exports: Only 5.2% of exports are fuels (HS 27), showing a non-resource-driven economy.

Mexico Export-Import Structural Gap

Mexico exports more finished vehicles and machinery than it imports, but it relies heavily on imported components for production (HS 84, 85). The overlap in these categories suggests assembly-based manufacturing, where parts are imported and assembled into final goods for export. The trade gap in plastics (HS 39) and steel (HS 72, 73) indicates a need for more domestic raw material production. This structure points to Mexico’s role as a manufacturing hub with room to strengthen local supply chains.

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

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Mexico 2023 Dec Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 80.5% ($39.6B) of total shipments. The next-largest destinations—Canada (3.0%), Mainland China (1.5%), and Germany (0.8%)—are far smaller, indicating low diversification. Imports show broader sourcing, with the U.S. (41.1%, $18.5B) and China (20.7%, $9.3B) as top suppliers, followed by Germany, South Korea, and Japan (each 3–4%). Key takeaways:

• Export reliance: Over 80% of exports go to the U.S., creating high dependency.
• Import diversity: Top 5 suppliers cover 72% of imports, but sources are more varied than exports.
• Regional ties: North America dominates both flows, with Asia (China, South Korea, Japan) playing a secondary role.

Mexico Export–Import Geographic Gap

Exports are hyper-focused on the U.S., while imports draw from a wider group, including major Asian economies. The U.S. appears in both lists, suggesting some processing trade. The structure reveals upstream diversification (imports) but downstream concentration (exports), raising vulnerability to U.S. demand shifts. Mexico’s trade is regional for exports but semi-global for imports.

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 Dec?

Mexico's top exports in December 2023 were vehicles (HS Code 87, $11.65B, 23.65%), electrical machinery (HS Code 85, $7.25B, 14.72%), and industrial machinery (HS Code 84, $6.53B, 13.26%), accounting for over half of total export value.

What are the main products Mexico imports in 2023 Dec?

Mexico primarily imported electrical machinery (HS Code 85, $8.74B, 19.42%), industrial machinery (HS Code 84, $6.79B, 15.09%), and vehicles (HS Code 87, $4.26B, 9.47%), with these three categories representing 44% of total imports.

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

The United States was Mexico's dominant export market (41.13%, $18.51B), followed by Mainland China (20.72%, $9.32B) and Germany (3.68%, $1.66B).

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

The United States supplied 80.47% ($39.63B) of Mexico's imports, with Canada and Mainland China distant runners-up at 3.04% ($1.50B) and 1.53% ($752M) respectively.

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

Mexico achieved a $4.24B trade surplus in December 2023, with exports ($49.25B) nearly flat year-on-year while imports ($45.01B) contracted 6.89%, driven by tariff policy adjustments targeting non-FTA partners.