2023 Sep Mexico Global Trade Data Summary: Export Drop, Narrowing Deficit

Mexico 2023 Sep Trade Data Key Takeaways

• Market Trend: Mexico trade data shows a 5.1% export drop and 3.9% import decline, narrowing deficit to $1.48B.
• Key Driver: Mexico import export data reveals U.S. absorbs 78.6% of exports, while China supplies 20% of imports.
• Strategic Risk: Manufacturing dominance masks reliance on imported machinery, exposing supply chain gaps.

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

Mexico 2023 Sep Trade Data Trend Overview

• Mexico, a major manufacturing and export hub in North America, posted September 2023 Mexico global trade data showing a slight moderation in cross-border flows, with total trade reaching just over $100 billion.
• The latest Mexico import export data reveals exports of $49.66 billion, down 5.1% year-on-year, while imports totaled $51.14 billion, a 3.9% contraction from the prior year.
• This resulted in a monthly trade deficit of approximately $1.48 billion, reflecting a tighter balance compared to previous periods.
• The broad-based softening in both outbound and inbound trade was likely influenced by moderating global demand and ongoing supply chain recalibration following pandemic-era disruptions.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Sep Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (24.6% of exports) and electrical machinery (17%) leading exports. Imports also focus on electrical machinery (19.2%) and machinery/mechanical appliances (14.2%), showing a reliance on industrial inputs. A notable share of trade falls under "description not available" (13.9% exports, 16.3% imports), suggesting potential data gaps or unclassified transactions. Key takeaways:

• Manufacturing dominance: Exports and imports center on machinery, vehicles, and electronics.
• Energy dependence: Mineral fuels account for 6.8% of exports and 7.2% of imports.
• Data opacity: A significant portion of trade lacks detailed classification.

Mexico Export-Import Structural Gap

Mexico exports more vehicles than it imports (24.6% vs. 10.1%), indicating strength in automotive production. However, it relies heavily on imported machinery and electrical components, suggesting assembly-driven manufacturing. Overlapping HS codes (e.g., HS 85, 84) reveal a two-way trade in industrial goods, likely tied to cross-border supply chains. The near-balance in mineral fuels trade points to energy self-sufficiency. Mexico’s trade structure aligns with a manufacturing hub model, but upgrades in high-value machinery production could reduce import reliance.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2023 Sep Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 78.6% of total exports ($39.03B). Other destinations like Canada (2.85%), Germany (1.65%), and Mainland China (1.61%) play minor roles. Imports show more diversification, though the U.S. remains the top source (43.36%, $22.17B), followed by Mainland China (20.06%, $10.26B) and Germany (3.33%). Key asymmetries include:

• Extreme export reliance on the U.S., with no other market exceeding 3%.
• Imports are more balanced, with China and others reducing single-supplier risk.
• Overlap in key partners (U.S., China, Germany) suggests integrated supply chains.

Mexico Export–Import Geographic Gap

Mexico’s exports are hyper-focused on the U.S., while imports draw from a broader mix, including Asia (China, South Korea, Vietnam) and regional partners (Canada, Brazil). This structure indicates downstream dependence on U.S. demand but upstream diversification for inputs. The overlap in top trade partners points to processing trade, where Mexico imports components (e.g., from China) and exports finished goods (e.g., to the U.S.). The gap highlights vulnerability in export markets but resilience in 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 Sep?

Mexico's top exports in September 2023 were vehicles (HS Code 87) at $12.20B (24.57% of total exports), followed by electrical machinery (HS Code 85) at $8.43B (16.99%), and nuclear/reactor machinery (HS Code 84) at $6.49B (13.06%).

What are the main products Mexico imports in 2023 Sep?

Mexico's primary imports included electrical machinery (HS Code 85) at $9.80B (19.16%), unspecified goods (HS Code 99) at $8.34B (16.31%), and nuclear/reactor machinery (HS Code 84) at $7.27B (14.21%).

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

The U.S. was the largest export destination ($22.17B, 43.36%), followed by Mainland China ($10.26B, 20.06%) and Germany ($1.71B, 3.33%).

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

The U.S. dominated imports ($39.03B, 78.60%), with minor contributions from Canada ($1.41B, 2.85%) and Germany ($817.47M, 1.65%).

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

Mexico recorded a $1.48B trade deficit, with exports at $49.66B (-5.1% YoY) and imports at $51.14B (-3.9% YoY), reflecting moderated global demand and supply chain adjustments.