2023 Oct Mexico Global Trade Data Summary: Exports Surge

Mexico 2023 Oct Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 5.6% YoY, narrowing trade deficit to $260M in Oct 2023.
• Key Driver: Mexico import export data reveals U.S. dominates 79% of exports, with vehicles and machinery leading flows.
• Strategic Risk: Over-reliance on U.S. demand and industrial sectors exposes Mexico to supply chain shocks.

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

Mexico 2023 Oct Trade Data Trend Overview

• Mexico, a major manufacturing and export hub in North America, posted robust October 2023 Mexico global trade data, reflecting its critical role in continental supply chains and production networks.
• The latest Mexico import export data shows exports of $51.97B, rising 5.6% year-on-year, while imports grew more modestly to $52.23B, up 1.8% from October 2022.
• This resulted in a marginal trade deficit of approximately $260 million, a sharp narrowing from prior-month shortfalls as export growth outpaced import expansion.
• The stronger export performance was likely supported by sustained US demand for Mexican automotive, machinery, and electrical goods, amid ongoing nearshoring momentum and supply chain repositioning [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2023 Oct Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (24%), electrical machinery (17%), and industrial machinery (14%) dominating exports. Imports show a similar focus on electrical machinery (20%) and industrial equipment (15%), indicating a strong industrial supply chain. However, Mexico also imports significant amounts of these same categories, suggesting complex cross-border production networks. Key risks include reliance on a few high-value sectors and potential supply chain bottlenecks.

• Top exports: Vehicles, electrical goods, machinery
• Top imports: Electrical goods, machinery, vehicles
• Key pattern: Two-way trade in similar industrial goods
• Risk: Over-reliance on manufacturing sectors

Mexico Export-Import Structural Gap

Mexico exports and imports many of the same industrial goods, like vehicles and machinery, pointing to a deep integration in global manufacturing networks. The country exports more finished vehicles but imports components (electrical and machinery parts), highlighting an assembly-driven economy. Mineral fuels are a smaller but balanced part of trade. The overlap in HS codes suggests Mexico plays a middle role—adding value to imported parts before re-exporting. This structure creates opportunities to move into higher-value production stages.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Oct Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 79.28% ($41.20B) of total shipments. Other destinations like Canada (3.43%, $1.78B) and Mainland China (1.52%, $787.46M) play minor roles, while the rest of the top 10 are fragmented, each below 1% share. Imports show more diversification, though the U.S. remains the top source (42.74%, $22.32B), followed by Mainland China (19.82%, $10.35B) and Japan (3.74%, $1.95B). Key asymmetries include:

• Export reliance: Over 80% of exports go to the U.S., creating high dependency.
• Import spread: Top 3 suppliers cover 66% of imports, but the remaining sources are more varied.
• Regional ties: North America dominates both flows, but imports include stronger Asian links (China, Japan, South Korea).

Mexico Export–Import Geographic Gap

Exports are hyper-focused on the U.S., while imports draw from a broader mix, including Asia and regional partners. The overlap of the U.S., China, Japan, and Canada in both lists suggests some processing trade. The structure reveals upstream diversification (imports) paired with downstream dependence (exports). This gap highlights Mexico’s role as a U.S.-linked export hub with multi-regional 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 Oct?

Mexico's top exports in October 2023 were vehicles (24.07% of exports, $12.51B) and electrical machinery (17.24%, $8.96B), followed by nuclear reactors/machinery (13.52%, $7.03B).

What are the main products Mexico imports in 2023 Oct?

Mexico's largest imports were electrical machinery (20.01%, $10.45B), unspecified goods (15.41%, $8.05B), and nuclear reactors/machinery (14.99%, $7.83B).

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

The U.S. received 42.74% ($22.32B) of Mexico's exports, followed by Mainland China (19.82%, $10.35B) and Japan (3.74%, $1.95B).

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

The U.S. supplied 79.28% ($41.20B) of Mexico's imports, with Canada (3.43%, $1.78B) and unspecified origins (3.78%, $1.96B) as secondary sources.

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

Mexico had a marginal trade deficit of $260M, with exports ($51.97B) growing 5.6% YoY and imports ($52.23B) rising 1.8%, reflecting narrowing imbalances.