2023 Jun Mexico Trade Data Summary: Surplus Signals Shift

Mexico 2023 Jun Trade Data Key Takeaways

• Market Trend: Mexico trade data shows a $40M surplus as exports edge up 1.1% while imports drop 6.2%, signaling tightening trade balance.
• Key Driver: Mexico import export data reveals manufacturing (vehicles, machinery) dominates, with U.S. absorbing 79% of exports but imports diversifying across Asia.
• Strategic Risk: Extreme export reliance on U.S. and concentrated product mix heightens supply chain vulnerability.

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

Mexico 2023 Jun Trade Data Trend Overview

• Mexico's export-driven manufacturing economy posted a $40 million trade surplus in June 2023, as its global trade data showed modest export growth against a sharp import contraction.
• Mexico import export data for the period showed exports of $51.80 billion, a slight 1.13% year-on-year increase, while imports fell 6.21% to $51.76 billion, reflecting shifting domestic demand and supply chain realignments.
• The marginal trade surplus of $40 million marks a significant tightening from previous months, indicating a near-balance in goods trade as import values declined more rapidly than exports.
• The import slump was likely driven by ongoing adjustments to tariff policies and stricter enforcement of customs rules aimed at reducing reliance on non-FTA partners, though specific 2025 measures were not yet in effect during this reporting period [International Trade Administration].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2023 Jun Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) and electrical machinery (HS 85) making up nearly 40% of total exports. The top four export categories—vehicles, electrical machinery, machinery parts, and unspecified goods (HS 99)—account for over 68% of exports, showing high concentration. Imports follow a similar pattern, dominated by electrical machinery (HS 85), machinery parts (HS 84), and vehicles (HS 87), indicating a strong industrial supply chain. Key takeaways:

• Manufacturing dominates both exports and imports.
• High reliance on a few key sectors raises dependence risks.
• Unspecified goods (HS 99) are a significant but unclear part of trade.

Mexico Export-Import Structural Gap

Mexico exports and imports similar goods, like vehicles and machinery, suggesting a processing trade model where parts are imported, assembled, and re-exported. However, exports are more concentrated in finished vehicles, while imports include more raw materials like plastics (HS 39) and iron/steel (HS 72). This points to an economy deeply integrated in global manufacturing chains but with room to move into higher-value production. The near-balance in electrical machinery trade hints at strong regional supply chains.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Jun Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's export market is heavily concentrated, with the United States accounting for 79.38% ($41.12B) of total exports. Other key destinations like Canada (2.63%, $1.36B) and Mainland China (2%, $1.03B) are far smaller. Imports show more diversity, though the U.S. remains the top source (41.61%, $21.54B), followed by Mainland China (19.24%, $9.96B) and Japan (3.54%, $1.83B). Regional trade is notable, with North America (U.S., Canada) dominating exports, while imports draw from Asia (China, Japan, South Korea) and Latin America (Brazil).

Key takeaways:

• Extreme export reliance on the U.S. (nearly 80% share).
• Imports are more diversified, with strong Asian and regional supply chains.
• Limited overlap in trade partners—only the U.S., China, Canada, Japan, and Brazil appear in both lists.

Mexico Export–Import Geographic Gap

Exports are hyper-focused on a single market (U.S.), while imports spread across multiple regions, reducing supply-chain risks. The U.S. is both the top export destination and import source, suggesting integrated production. However, Mexico’s import structure is more global, with Asia contributing heavily, whereas exports remain North America-centric. This asymmetry indicates upstream diversification (imports) but downstream dependence (exports). The lack of major overlapping partners beyond the U.S. and China hints at limited processing trade.

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 Jun?

Mexico's top exports in June 2023 were vehicles (21.65% of exports), electrical machinery (17.24%), and nuclear reactors/machinery (14.34%), based on HS code data.

What are the main products Mexico imports in 2023 Jun?

Mexico primarily imported electrical machinery (19.14% of imports), unspecified goods (16.76%), and nuclear reactors/machinery (15.04%) in June 2023.

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

The U.S. received 41.61% of Mexico's exports, followed by Mainland China (19.24%) and Japan (3.54%), per country trade data.

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

The U.S. dominated Mexico's imports (79.38%), with Canada (2.63%) and Mainland China (2.00%) as secondary sources.

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

Mexico achieved a $40 million trade surplus in June 2023, with exports rising 1.13% to $51.80B while imports fell 6.21% to $51.76B.