2023 Q4 Mexico Trade Data Summary: Surplus Shift

Mexico 2023 Q4 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports (-1.99% MoM) and imports (-9.30% MoM) slowed in December, flipping to a $4.24B surplus.
• Key Driver: Mexico import export data reveals U.S. dominates 80% of exports, with vehicles (HS 87) and electronics (HS 85) leading trade.
• Strategic Risk: Extreme export reliance on the U.S. contrasts with diversified imports, exposing downstream vulnerability.

Analysis covers 2023 Q4 based on sanitized customs records from the yTrade database.

Mexico 2023 Q4 Trade Data Trend Overview

• Mexico's export-driven economy, a key North American manufacturing hub, faced headwinds in late 2023 as its crucial Mexico global trade data showed a sequential slowdown in external shipments.
• The latest Mexico import export data reveals exports fell to $49.25B in December, a -1.99% MoM drop, while imports contracted more sharply to $45.01B, down -9.30% MoM from November.
• This dynamic flipped the trade balance to a surplus of approximately $4.24 billion in December, a significant reversal from the deficits recorded earlier in the quarter.
• The pronounced weakness in imports, outpacing the export decline, points to suppressed domestic demand amid high inflation and elevated interest rates, which were curbing consumption and investment [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Q4 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23.7% of exports, followed by electrical machinery (HS 85) at 16.4%. Imports are similarly concentrated in electrical machinery (20.2%) and machinery/mechanical appliances (15.0%), indicating a strong industrial supply chain. The country also exports significant machinery (HS 84) and imports vehicles (HS 87), suggesting cross-border production integration. Key takeaways:

• Manufacturing dominates, with vehicles and electronics leading.
• High import reliance on machinery and electrical components.
• Moderate dependence on mineral fuels (5.3% exports, 5.1% imports).

Mexico Export-Import Structural Gap

Mexico exports more finished vehicles and machinery than it imports, while importing more electrical components and industrial inputs like plastics (HS 39) and steel (HS 72). This points to an assembly-driven economy, where Mexico adds value to imported parts. The overlap in HS 84 (machinery) and HS 85 (electrical goods) trade highlights deep supply chain ties, likely with the U.S. The structural gap suggests room to move into higher-value production stages.

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

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Mexico 2023 Q4 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 80% of total exports ($121.16B). Other major destinations—Canada (3.3%), Mainland China (1.5%), and Germany (1.2%)—are far smaller, showing limited diversification. Imports are more balanced, with the U.S. (41.8%, $61.43B) and China (20.3%, $29.76B) as top suppliers, followed by Germany, Japan, and South Korea (each 3–4%). Key takeaways:

• Extreme export reliance on the U.S., with minimal diversification.
• Imports are more spread out, though still U.S.-centric.
• Overlap in trade partners (U.S., China, Germany, Canada) suggests some two-way trade.

Mexico Export–Import Geographic Gap

Mexico’s exports are hyper-focused on the U.S., while imports draw from a wider pool, including Asia (China, Japan, South Korea) and regional neighbors (Canada, Brazil). This creates a clear asymmetry: exports depend on one market, but imports avoid single-supplier risk. The overlap with the U.S. in both lists points to integrated supply chains, but Mexico’s export geography lacks the diversity seen in its import sources. The structure shows downstream dependence (exports) and upstream diversification (imports).

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 Q4?

Mexico's top exports in Q4 2023 were vehicles (HS Code 87, $35.88B, 23.68%), electrical machinery (HS Code 85, $24.86B, 16.41%), and machinery/mechanical appliances (HS Code 84, $21.02B, 13.88%).

What are the main products Mexico imports in 2023 Q4?

Mexico's primary imports included electrical machinery (HS Code 85, $29.60B, 20.15%), unspecified goods (HS Code 99, $24.71B, 16.83%), and machinery/mechanical appliances (HS Code 84, $22.00B, 14.98%).

Which countries are the top destinations for Mexico's exports in 2023 Q4?

The U.S. was Mexico's largest export market ($61.43B, 41.83%), followed by Mainland China ($29.76B, 20.27%) and Germany ($5.34B, 3.64%).

Which countries supply most of Mexico's imports in 2023 Q4?

The U.S. dominated Mexico's imports ($121.16B, 79.99%), with Canada ($4.98B, 3.29%) and Mainland China ($2.28B, 1.50%) as distant secondary sources.

How balanced are Mexico's export and import markets in 2023 Q4?

Mexico recorded a $4.24B trade surplus in December 2023, with exports ($49.25B) declining -1.99% MoM and imports ($45.01B) contracting more sharply (-9.30% MoM), reflecting weaker domestic demand.

Detailed Monthly Report

Mexico Trade Data Snapshot 2023 OCT

Mexico Trade Data Snapshot 2023 NOV

Mexico Trade Data Snapshot 2023 DEC