2023 Feb Mexico Global Trade Data Summary: Deficit Widens

Mexico 2023 Feb Trade Data Key Takeaways

• Market Trend: Mexico trade data shows a $1.89B deficit as exports fell 3.02% YoY while imports grew 4.06% in Feb 2023.
• Key Driver: Mexico import export data reveals manufacturing (HS 87, 85, 84) dominates trade but relies on imported fuels (HS 27) and parts.
• Strategic Risk: Extreme export concentration in the U.S. (80.09%) exposes Mexico to demand shocks.

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

Mexico 2023 Feb Trade Data Trend Overview

• Mexico's export-driven manufacturing economy posted a February trade deficit, with global trade data showing a marked deceleration in outbound shipments.
• Mexico import export data for February 2023 shows exports of $44.89B, a 3.02% YoY contraction, while imports grew 4.06% YoY to $46.78B.
• The $1.89B trade deficit resulted from weakening external demand for manufactured goods outpacing resilient domestic consumption.
• The decline was driven by a broader cooling in global industrial activity and goods demand, with no specific trade policies announced to counter the trend.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Feb Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), electrical machinery (HS 85), and industrial machinery (HS 84) making up over 50% of exports. Imports follow a similar pattern, dominated by electrical machinery, machinery parts, and vehicles, suggesting a strong industrial supply chain. However, Mexico also relies on imported fuels (HS 27) and plastics (HS 39), indicating some resource dependencies. Key takeaways:

• Manufacturing exports (vehicles, electronics, machinery) are the backbone of trade.
• High import reliance on fuels and industrial materials poses supply risks.
• Overlap in HS codes (e.g., vehicles, machinery) points to integrated production networks.

Mexico Export-Import Structural Gap

Mexico exports finished goods like vehicles and machinery but imports many of the components and raw materials needed to produce them. For example, electrical machinery (HS 85) and industrial equipment (HS 84) appear in both top exports and imports, showing assembly-based trade. Fuel imports (HS 27) are nearly double fuel exports, highlighting energy dependence. The gap suggests Mexico is a manufacturing hub but lacks full self-sufficiency in key inputs. Industrial upgrading could reduce reliance on imported parts and materials.

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

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Mexico 2023 Feb Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 80.09% ($35.95B) of total shipments. The remaining top destinations—Canada (2.39%), Mainland China (1.64%), and Germany (1.40%)—are far smaller, indicating low export diversification. Imports show a broader sourcing base, with the U.S. still dominant (45.55%, $21.31B) but followed by Mainland China (17.54%), Japan (3.27%), and Germany (3.22%). Key takeaways:

• Extreme export reliance on the U.S., with minimal diversification.
• More balanced import sources, though still U.S.-centric.
• Overlap in trade partners (U.S., China, Germany, Canada) suggests some processing trade.

Mexico Export–Import Geographic Gap

Mexico’s exports are hyper-concentrated in a single market (the U.S.), while imports are spread across multiple suppliers, reducing dependency risks. The trade structure reveals upstream diversification (imports) but downstream dependence (exports). Overlapping partners like the U.S., China, and Germany hint at integrated supply chains, but the lopsided export geography leaves Mexico vulnerable to U.S. demand shifts. The data shows a clear gap: exports are narrowly focused, while imports are relatively diversified.

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 Feb?

Mexico's top exports in February 2023 were vehicles (HS Code 87, $9.77B, 21.76%), electrical machinery (HS Code 85, $7.51B, 16.73%), and industrial machinery (HS Code 84, $6.86B, 15.28%).

What are the main products Mexico imports in 2023 Feb?

Mexico's primary imports included electrical machinery (HS Code 85, $8.78B, 18.78%), unspecified goods (HS Code 99, $8.06B, 17.23%), and industrial machinery (HS Code 84, $6.90B, 14.75%).

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

The U.S. was Mexico's largest export market ($21.31B, 45.55%), followed by Mainland China ($8.20B, 17.54%) and Japan ($1.53B, 3.27%).

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

The U.S. dominated Mexico's imports ($35.95B, 80.09%), with Canada ($1.07B, 2.39%) and Mainland China ($737.17M, 1.64%) as distant secondary sources.

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

Mexico recorded a $1.89B trade deficit in February 2023, with exports declining 3.02% YoY to $44.89B while imports grew 4.06% to $46.78B, reflecting weaker global demand for manufactured goods.