2023 Q2 Mexico Trade Data Summary: Export Surge

Mexico 2023 Q2 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports surged 14.4% MoM in May, narrowing Q2 deficit to $1.54B.
• Key Driver: Mexico import export data reveals U.S. dominates 79.73% of exports, with vehicles (HS 87) leading manufacturing trade.
• Strategic Risk: Extreme U.S. export reliance and import-heavy supply chains expose vulnerability to single-market shocks.

Analysis covers 2023 Q2 based on sanitized customs records from the yTrade database.

Mexico 2023 Q2 Trade Data Trend Overview

• Mexico's export-driven manufacturing economy, a key USMCA partner, demonstrated resilience in Q2 2023 according to the latest Mexico global trade data.
• Mexico import export data showed exports hitting $150.88B for the quarter, with May's $52.86B marking a 14.4% MoM surge; imports also grew to $152.42B, though they contracted -2.8% YoY in June.
• The net result was a marginal quarterly trade deficit of approximately $1.54B, a significant narrowing from the nearly $5.1B deficit recorded in April alone.
• Strong US demand for manufactured goods, particularly automotive products, supported export volumes, while a moderation in import growth reflected evolving inventory cycles and domestic economic conditions.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Q2 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), electrical machinery (HS 85), and industrial machinery (HS 84) making up over 50% of exports. These sectors show strong specialization, but reliance on a few high-value categories poses concentration risks. Imports mirror this pattern, with electrical machinery, industrial equipment, and vehicles also leading, suggesting integrated supply chains. Resource trade plays a smaller role, with mineral fuels (HS 27) as the only major raw material in both export and import lists. Key takeaways:

• Manufacturing dominates, led by autos and electronics.
• High overlap in machinery/vehicle trade indicates deep supply chain links.
• Limited diversification in exports beyond core industrial goods.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, showing strength in finished goods production. However, it remains dependent on imported components (HS 85, 84) for these sectors, revealing assembly-driven trade. The near balance in mineral fuels trade suggests stable energy inputs. The lack of raw material exports (except HS 27) highlights Mexico’s role as a manufacturing hub, not a resource supplier. This structure points to opportunities in localizing component production to reduce import reliance.

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

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Mexico 2023 Q2 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 79.73% ($120.29B) of total exports. The remaining top destinations—Canada (2.84%), Mainland China (1.62%), and Germany (1.60%)—are far less significant, showing limited diversification. Imports are more balanced, with the U.S. still the top source (42.12%, $64.20B) but followed by Mainland China (18.93%), Germany (3.57%), and Japan (3.55%). Key takeaways:

• Extreme export reliance on the U.S., with minimal diversification.
• Imports are more diversified, though still U.S.-centric.
• Overlap in trade partners (U.S., China, Germany, Japan, South Korea) suggests integrated supply chains.

Mexico Export–Import Geographic Gap

Exports are hyper-focused on the U.S., while imports draw from a broader set of suppliers, including China and regional partners like Canada and Brazil. This structure indicates downstream dependence on a single market (U.S.) and upstream diversification across multiple sources. The overlap in key trade partners hints at processing trade, where Mexico imports components (e.g., from China) and re-exports finished goods (mainly to the U.S.). The gap highlights vulnerability in export concentration but resilience in import 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 Q2?

Mexico's top exports in Q2 2023 were vehicles (21.94% share, $33.11B), electrical machinery (16.52%, $24.93B), and industrial machinery (15.23%, $22.98B), based on HS code data.

What are the main products Mexico imports in 2023 Q2?

Mexico primarily imported electrical machinery (19.53%, $29.76B), unspecified goods (16.23%, $24.73B), and industrial machinery (14.87%, $22.66B) during Q2 2023.

Which countries are the top destinations for Mexico's exports in 2023 Q2?

The United States received 42.12% ($64.20B) of Mexico's exports, followed by Mainland China (18.93%, $28.86B) and Germany (3.57%, $5.44B) in Q2 2023.

Which countries supply most of Mexico's imports in 2023 Q2?

The United States dominated Mexico's imports with a 79.73% share ($120.29B), while Canada (2.84%, $4.29B) and Mainland China (1.62%, $2.44B) were distant secondary sources.

How balanced are Mexico's export and import markets in 2023 Q2?

Mexico recorded a marginal $1.54B trade deficit in Q2 2023, with exports at $150.88B and imports at $152.42B, showing significant improvement from April's $5.1B deficit.

Detailed Monthly Report

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Mexico Trade Data Snapshot 2023 MAY

Mexico Trade Data Snapshot 2023 JUN