2023 Q1 Mexico Global Trade Data Summary: Surplus & Risks

Mexico 2023 Q1 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports surged 6.75% YoY in March 2023, outpacing imports for a $1.19B Q1 surplus.
• Key Driver: Mexico import export data reveals U.S. dominates exports (79.75%) while imports rely on U.S., China, and Japan for industrial inputs.
• Strategic Risk: Hyper-concentrated exports and fuel import dependence expose supply chain fragility despite manufacturing resilience.

Analysis covers 2023 Q1 based on sanitized customs records from the yTrade database.

Mexico 2023 Q1 Trade Data Trend Overview

• Mexico, a key manufacturing and export hub for North America, posted robust global trade data in Q1 2023, driven by strong demand for its manufactured goods and proximity to major markets.
• The Mexico import export data shows exports surged to $53.58B in March, up 6.75% YoY, while imports rose to $52.39B, a 6.53% YoY increase, reflecting steady supply chain integration and resilient industrial demand.
• This resulted in a quarterly trade surplus of $1.19B, as export growth outpaced imports in the final month of the quarter.
• Trade momentum was supported by solid manufacturing output and sustained nearshoring investment flows, reinforcing Mexico’s role in continental supply chains amid global realignment.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2023 Q1 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (22.4%), electrical machinery (16.4%), and industrial machinery (14.9%) dominating exports. These three categories alone account for over half of total export value, showing a strong focus on finished goods. Imports also center on machinery and electrical equipment, but with higher reliance on raw materials like mineral fuels (8.8%) and plastics (5%). The export structure is concentrated, with the top 3 items making up 53.7% of shipments, while imports are slightly more diversified. Key takeaways:

• Manufacturing exports (vehicles, machinery) are Mexico’s economic backbone.
• High import dependence on fuels and industrial inputs poses supply chain risks.
• Unspecified trade (HS 99) is significant in both exports (14.8%) and imports (16.6%), requiring deeper data analysis.

Mexico Export-Import Structural Gap

Mexico exports high-value manufactured goods (cars, electronics) but imports many components for those same industries, especially electrical machinery (18.6% of imports) and industrial equipment (14.2%). This suggests assembly-based trade, where raw materials and parts are imported for final production. The country also relies heavily on imported fuels (8.8%) despite exporting some (5.2%), indicating an energy deficit. The overlap in HS codes (e.g., vehicles, plastics) points to integration in global supply chains but also vulnerability to input shortages. Mexico’s trade gap lies in its need for industrial inputs and energy to sustain its export-driven manufacturing sector.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Q1 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports show extreme concentration, with 79.75% ($112.52B) going to the United States. The remaining top destinations—Canada (2.79%), Mainland China (1.61%), and Germany (1.49%)—are marginal by comparison. Imports are more diversified, though still heavily reliant on the U.S. (44.81%, $65.37B), followed by Mainland China (17.58%) and Japan (3.53%). Key asymmetries stand out: exports are U.S.-centric, while imports draw from a broader, though still U.S.-weighted, supplier base.

• Exports: Overwhelmingly dependent on the U.S. market (nearly 80%).
• Imports: More balanced, with the U.S., China, and Japan as top suppliers.
• Regional ties: North America dominates both flows, but imports include stronger Asian links.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark imbalance: exports are hyper-focused on the U.S., while imports are more globally distributed. The U.S. appears in both top lists, suggesting integrated supply chains, but Mexico’s export geography lacks diversification. Overlapping partners like China, Japan, and Germany hint at some two-way trade, but the data underscores upstream dependency (imports) and downstream reliance (exports). This points to vulnerability in export markets but slightly more resilience in sourcing.

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 Q1?

The top exports from Mexico in Q1 2023 were vehicles (HS Code 87, 22.35% share), electrical machinery (HS Code 85, 16.40%), and industrial machinery (HS Code 84, 14.91%), based on the highest export values.

What are the main products Mexico imports in 2023 Q1?

Mexico’s leading imports were electrical machinery (HS Code 85, 18.56% share), unspecified goods (HS Code 99, 16.57%), and industrial machinery (HS Code 84, 14.20%), reflecting key supply chain inputs.

Which countries are the top destinations for Mexico's exports in 2023 Q1?

The United States received 44.81% of Mexico’s exports, followed by Mainland China (17.58%) and Japan (3.53%), according to Q1 2023 trade flows.

Which countries supply most of Mexico's imports in 2023 Q1?

The United States dominated Mexico’s imports (79.75% share), with Canada (2.79%) and Mainland China (1.61%) as secondary suppliers in Q1 2023.

How balanced are Mexico's export and import markets in 2023 Q1?

Mexico achieved a $1.19B trade surplus in Q1 2023, with exports ($53.58B in March) growing slightly faster (6.75% YoY) than imports ($52.39B, +6.53% YoY).

Detailed Monthly Report

Mexico Trade Data Snapshot 2023 JAN

Mexico Trade Data Snapshot 2023 FEB

Mexico Trade Data Snapshot 2023 MAR