2023 Nov Mexico Trade Data Summary: Steady Export Growth

Mexico 2023 Nov Trade Data Key Takeaways

• Market Trend: Mexico trade data shows steady 2% export growth in Nov 2023, with a $630M surplus amid muted global demand.
• Key Driver: Mexico import export data reveals U.S. absorbs 80% of exports, dominated by vehicles (HS 87) and electronics (HS 85).
• Strategic Risk: Hyper-concentration on U.S. exports and Asian imports exposes supply chains to geopolitical or demand shocks.

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

Mexico 2023 Nov Trade Data Trend Overview

• Mexico, a key manufacturing and export hub for North America, reported steady Mexico global trade data for November 2023, reflecting its entrenched role in continental supply chains.
• The latest Mexico import export data shows outbound shipments valued at $50.25 billion, a 2.0% year-on-year increase, while imports reached $49.62 billion, rising just 0.4% over the same period.
• This resulted in a monthly trade surplus of $630 million, underscoring the economy's ability to maintain a positive balance despite muted global demand.
• The marginal growth in both exports and imports aligns with a period of stable nearshoring investment flows and steady U.S. industrial demand, absent major policy shifts or supply chain disruptions.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2023 Nov 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) dominating exports at 23.3% and 17.2% of total export value, respectively. Machinery (HS 84) and an unspecified category (HS 99) also play significant roles, indicating a strong industrial base. Imports mirror this trend, with electrical machinery (HS 85) and machinery (HS 84) being top categories, suggesting reliance on imported components for production. Key takeaways:

• Manufacturing (vehicles, electronics, machinery) is the backbone of exports.
• High import dependence for industrial inputs (HS 85, 84) points to assembly or processing trade.
• Low share of raw material exports (except mineral fuels) highlights a value-added export model.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports similar categories, likely for assembly or further processing. The overlap in HS 85 and 84 suggests integration into global supply chains, where components are imported and assembled for export. Imports of plastics (HS 39) and iron/steel (HS 72) support industrial production, while mineral fuels (HS 27) appear in both lists, indicating energy trade. The structural gap shows Mexico as a manufacturing hub with reliance on imported inputs.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Nov Top Trading Countries

Mexico Global Trade Key Patterns

Mexico’s exports are heavily concentrated, with the United States accounting for 80.25% of total exports ($40.33B). The next-largest destinations—Canada (3.38%), Germany (1.77%), and Mainland China (1.47%)—are far behind, showing limited diversification. Imports are more balanced but still rely on the U.S. (41.51%) and China (20.32%) as primary suppliers, followed by Germany (3.58%) and South Korea (3.22%). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are less concentrated but still dominated by the U.S. and China.
• Overlap exists (U.S., China, Germany, South Korea, Canada, Brazil) but with asymmetric trade volumes.

Mexico Export–Import Geographic Gap

Exports are hyper-focused on the U.S., while imports show moderate diversification across Asia (China, South Korea, Japan, Vietnam, Malaysia) and North America. This suggests downstream dependence on a single market (U.S. demand) but upstream reliance on multiple suppliers, particularly for manufactured goods. The overlap in trade partners hints at some processing trade (e.g., U.S. inputs re-exported to the U.S.), but the extreme export concentration creates vulnerability.

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 Nov?

The top exports were vehicles (HS Code 87) at $11.72B (23.32%), electrical machinery (HS Code 85) at $8.66B (17.23%), and machinery/equipment (HS Code 84) at $7.46B (14.85%).

What are the main products Mexico imports in 2023 Nov?

Key imports included electrical machinery (HS Code 85) at $10.41B (20.98%), unspecified goods (HS Code 99) at $8.61B (17.34%), and machinery/equipment (HS Code 84) at $7.37B (14.86%).

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

The U.S. was the largest destination ($20.60B, 41.51%), followed by Mainland China ($10.09B, 20.32%) and Germany ($1.77B, 3.58%).

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

The U.S. dominated imports ($40.33B, 80.25%), with Canada ($1.70B, 3.38%) and Germany ($887.78M, 1.77%) as secondary suppliers.

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

Mexico recorded a $630M trade surplus, with exports rising 2.0% to $50.25B and imports growing 0.4% to $49.62B, reflecting stable trade conditions.