2023 Jul Mexico Trade Data: Deficit Narrows

Mexico 2023 Jul Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 2.9% YoY, imports down 7.7%, narrowing deficit to $880M.
• Key Driver: Mexico import export data reveals U.S. dominates exports (79.2%), while imports diversify across China (19.3%) and others.
• Strategic Risk: Over-reliance on U.S. exports and imported components exposes Mexico to demand shocks and supply chain disruptions.

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

Mexico 2023 Jul Trade Data Trend Overview

• Mexico's manufacturing and export-driven economy, a key global trade hub, saw its July 2023 Mexico global trade data reflect steady export growth amid import compression.
• The Mexico import export data for July shows exports of $47.55B, up 2.9% year-on-year, while imports contracted sharply to $48.43B, down 7.7% annually, indicating weaker domestic demand for foreign goods.
• This generated a trade deficit of $880M, a significant narrowing from prior periods, as import value fell faster than export growth.
• The import slump aligns with Mexico's broader 2025 policy shift toward protectionist tariffs on non-FTA partners, which began impacting trade flows and supply chain strategies ahead of formal implementation [PhotonPay].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2023 Jul Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (24.3%), electrical machinery (16.3%), and industrial machinery (14.0%) dominating exports. Imports also focus on machinery and electronics (19.4% and 14.6%), suggesting a strong industrial supply chain. However, the high share of "Description not available" (14.5% exports, 16.8% imports) limits full transparency. Key takeaways:

• Manufacturing makes up over half of exports, led by autos and electronics.
• Imports are similarly machinery-heavy, indicating reliance on industrial inputs.
• Fuel trade is balanced, with modest exports (5.6%) and imports (6.6%).

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, showing strength in finished goods. However, it relies on imported electrical and mechanical components (HS 84, 85), suggesting assembly-based production. The overlap in HS codes (e.g., plastics, steel) hints at mid-stream processing. This points to opportunities in localizing high-value parts rather than just final assembly. The trade gap is narrow, with exports and imports leaning toward similar industrial categories.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Jul Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 79.22% ($37.67B) of total shipments. The remaining top destinations—Canada (3.09%), Germany (1.73%), and Mainland China (1.30%)—are far smaller, indicating low export diversification. Imports show a more balanced mix, with the U.S. (40.69%, $19.71B) and Mainland China (19.31%, $9.35B) as primary suppliers, followed by Japan (3.80%) and Germany (3.71%). Key takeaways:

• Export reliance: Over 80% of exports go to the U.S., creating high dependency.
• Import diversity: Top 10 suppliers cover 80% of imports, but no single supplier dominates.
• Regional trade: North America (U.S., Canada) is central for both exports and imports.

Mexico Export–Import Geographic Gap

Exports are hyper-concentrated in the U.S., while imports are more diversified across North America, Asia (China, Japan, South Korea, Vietnam), and Europe (Germany). The overlap of the U.S., China, Germany, Japan, and Brazil in both lists suggests some processing trade. The structure reveals upstream dependency (diverse import sources) paired with downstream risk (single-market export reliance). This imbalance leaves Mexico vulnerable to U.S. demand shifts.

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

Get Complete Mexico Trading Patner Countries Profile

Frequently Asked Questions

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

Mexico's top exports in July 2023 were vehicles (HS Code 87) at $11.57B (24.33% share) and electrical machinery (HS Code 85) at $7.76B (16.33% share), followed by nuclear/reactor machinery (HS Code 84) at $6.63B (13.95% share).

What are the main products Mexico imports in 2023 Jul?

Mexico's primary imports were electrical machinery (HS Code 85) at $9.39B (19.40% share), unspecified goods (HS Code 99) at $8.14B (16.80% share), and nuclear/reactor machinery (HS Code 84) at $7.05B (14.55% share).

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

The U.S. was Mexico's largest export destination ($19.71B, 40.69% share), followed by Mainland China ($9.35B, 19.31%) and Japan ($1.84B, 3.80%).

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

The U.S. dominated Mexico's imports ($37.67B, 79.22% share), with Canada ($1.47B, 3.09%) and Germany ($823.88M, 1.73%) as distant runners-up.

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

Mexico recorded a $880M trade deficit in July 2023, with exports rising 2.9% YoY to $47.55B while imports fell 7.7% to $48.43B, reflecting weaker domestic demand.