2023 May Mexico Trade Data Summary: Resilient Exports, US Reliance

Mexico 2023 May Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 5.8% YoY, imports sluggish at 1.4%, signaling resilient manufacturing demand.
• Key Driver: Mexico import export data reveals vehicles (24.8% of exports) and U.S. (80% export share) dominate trade flows.
• Strategic Risk: Extreme U.S. export dependence creates vulnerability, despite diversified import sourcing from China and Japan.

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

Mexico 2023 May Trade Data Trend Overview

• Mexico’s export-driven economy, a key node in North American supply chains, posted Mexico global trade data for May 2023 reflecting steady, though moderated, expansion amid shifting global demand and policy signals.
• Exports reached $52.86 billion, rising 5.8% year-on-year, while imports grew more slowly at 1.4% to $52.93 billion, indicating resilient external demand for manufactured goods and softening domestic import appetite in key Mexico import export data categories.
• The marginal trade deficit of -$70 million underscores a near-balance in goods trade, highlighting Mexico’s role as a tightly integrated manufacturing hub with lean inventory buffers.
• The modest import growth reflects caution among buyers ahead of anticipated tariff adjustments and stricter customs enforcement slated for 2025, as signaled in early legislative drafts and trade policy reviews.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 May Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily focused on manufactured goods, with vehicles (24.8%), electrical machinery (16.1%), and industrial machinery (14.4%) dominating exports. These three categories alone make up over 55% of total export value, showing a strong manufacturing base. Imports also center on machinery and electrical goods (34.2% combined), suggesting a reliance on industrial inputs. Key takeaways:

• Manufacturing drives exports, with vehicles as the top product.
• High import dependence for machinery and electrical components.
• Limited resource exports (5% fuels, 1.7% fruit/nuts) vs. higher fuel imports (6.2%).

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports similar industrial goods, indicating assembly or processing trade. The overlap in HS codes 84, 85, and 87 suggests supply chain integration, likely with the U.S. under trade agreements. Fuel imports exceed exports, revealing energy dependence. The structural gap points to mid-tier manufacturing—adding value to imported parts but not fully self-sufficient in high-tech production.

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

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Mexico 2023 May Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 80% of total exports ($42.26B). Other destinations like Canada (3.26%, $1.72B) and Germany (1.64%, $866.59M) play minor roles. In contrast, imports show more diversity, with the U.S. still the top source (42.39%, $22.44B) but followed by Mainland China (18.83%, $9.97B) and Japan (3.75%, $1.99B). Key takeaways:

• Extreme export reliance on the U.S., with minimal diversification.
• Imports are more balanced, with significant sourcing from Asia (China, Japan, South Korea).
• Overlap in trade partners (U.S., China, Germany, Canada) suggests some two-way trade.

Mexico Export–Import Geographic Gap

Mexico’s trade structure shows a stark asymmetry: exports depend almost entirely on one market (U.S.), while imports are spread across multiple regions, including Asia and North America. The U.S. is both the top export destination and import source, indicating deep integration. However, imports from China and Japan highlight supply chain diversification, while exports remain narrowly focused. This suggests upstream (import) flexibility but downstream (export) concentration risk. The lack of major export markets beyond the U.S. underscores vulnerability to demand shifts.

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 May?

Mexico's top exports in May 2023 were vehicles (HS Code 87, 24.81% share), electrical machinery (HS Code 85, 16.13%), and nuclear reactors/machinery (HS Code 84, 14.38%), based on the export value data.

What are the main products Mexico imports in 2023 May?

Mexico's primary imports were electrical machinery (HS Code 85, 19.10% share), unspecified goods (HS Code 99, 16.05%), and nuclear reactors/machinery (HS Code 84, 15.10%), according to import value data.

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

The United States was Mexico's largest export destination (42.39% share), followed by Mainland China (18.83%) and Japan (3.75%), per export country distribution data.

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

The United States dominated Mexico's imports (79.96% share), with Canada (3.26%) and Germany (1.64%) as secondary suppliers, based on import origin data.

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

Mexico had a near-balanced trade with a marginal $70 million deficit, as exports grew 5.8% ($52.86B) while imports rose only 1.4% ($52.93B), reflecting tight supply chain integration.