2023 Jan Mexico Global Trade Data Summary: Exports Surge, Deficit Widens

Mexico 2023 Jan Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports surged 25.6% YoY to $42.61B, outpacing import growth (16.3%) but widening the deficit to $4.11B.
• Key Driver: Mexico import export data reveals U.S. dominates exports (78.4%) while imports diversify with China (18.9%) as critical supplier.
• Strategic Risk: Assembly-based economy relies on imported inputs (fuels, plastics) for vehicle/machinery exports, exposing supply chain vulnerabilities.

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

Mexico 2023 Jan Trade Data Trend Overview

• Mexico, a major manufacturing and export hub, opened 2023 with robust trade activity, as reflected in the latest Mexico global trade data, signaling strong external demand for its industrial output.
• January's Mexico import export data shows exports surged 25.6% year-over-year to $42.61B, while imports grew 16.3% to $46.72B, indicating resilient supply chain demand and solid domestic consumption.
• The nation recorded a trade deficit of $4.11B for the month, as import growth, though slower than exports, remained elevated in absolute terms.
• This strong bilateral trade performance was likely underpinned by sustained US nearshoring momentum and solid manufacturing activity, reinforcing Mexico's strategic role in North American supply chains.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Jan Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23% 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 (HS 84, 85) and fuels (HS 27), but with a higher reliance on raw materials like plastics (HS 39) and steel (HS 72). The trade structure suggests a well-integrated supply chain, with some dependence on imported inputs for production. Key takeaways:

• Manufacturing dominates exports, led by vehicles and machinery.
• Imports include critical inputs like fuels and industrial materials.
• High export concentration in a few sectors may pose risks.

Mexico Export-Import Structural Gap

Mexico exports mostly finished goods (vehicles, machinery) while importing components and raw materials (fuels, plastics, steel). This points to an assembly-based economy, where imported parts are processed into higher-value exports. The overlap in HS 84 and 85 for both exports and imports indicates strong intra-industry trade, common in manufacturing hubs. However, the heavy reliance on fuel imports (10% of total imports) highlights an energy dependency. The gap suggests opportunities to deepen local supply chains, especially in materials like steel and plastics.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Jan Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 78.44% ($33.42B) of total shipments. Other destinations like Canada (2.93%), Germany (1.91%), and Mainland China (1.41%) play minor roles. Imports show more diversification, though the U.S. remains the top supplier (43.97%, $20.54B), followed by Mainland China (18.88%, $8.82B) and Japan (3.49%). Key takeaways:

• Export reliance: Extreme dependence on the U.S. market.
• Import spread: Broader sourcing, with China as a secondary supplier.
• Regional ties: Strong North American integration in both flows.
• Asymmetry: Exports are ultra-concentrated; imports are moderately diversified.

Mexico Export–Import Geographic Gap

Exports are overwhelmingly U.S.-centric, while imports draw from a wider pool, including China, Japan, and South Korea. The overlap of the U.S., Canada, and China in both lists suggests some processing trade. The structure reveals upstream diversification (imports) but downstream dependence (exports). This gap highlights Mexico’s role as a U.S.-linked manufacturing hub with multi-country input sourcing.

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 Jan?

Mexico's top exports in January 2023 were vehicles (HS Code 87, $9.88B, 23.18%), electrical machinery (HS Code 85, $6.53B, 15.33%), and industrial machinery (HS Code 84, $6.22B, 14.59%), accounting for over half of total exports.

What are the main products Mexico imports in 2023 Jan?

Mexico primarily imported electrical machinery (HS Code 85, $8.50B, 18.20%), industrial machinery (HS Code 84, $6.64B, 14.22%), and mineral fuels (HS Code 27, $4.75B, 10.18%) in January 2023.

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

The United States was Mexico's dominant export market (43.97%, $20.54B), followed by Mainland China (18.88%, $8.82B) and Japan (3.49%, $1.63B) in January 2023.

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

The United States supplied 78.44% ($33.42B) of Mexico's imports in January 2023, with Canada (2.93%, $1.25B) and Germany (1.91%, $814.30M) as distant secondary sources.

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

Mexico recorded a $4.11B trade deficit in January 2023, with exports growing 25.6% to $42.61B and imports rising 16.3% to $46.72B, reflecting strong industrial demand and supply chain activity.