2023 Whole Year Mexico Global Trade Data Summary: USMCA-Driven Stability

Mexico 2023 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 2.6% in December 2023, narrowing the annual deficit to $3.3B amid USMCA-driven stability.
• Key Driver: Mexico import export data reveals manufacturing dominance—vehicles (23% of exports) and electrical machinery (19.3% of imports) fuel trade flows.
• Strategic Risk: Over 80% export reliance on the U.S. exposes Mexico to single-market shocks, despite diversified import sourcing.

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

Mexico 2023 Trade Data Overview

• Mexico's manufacturing and export-driven economy, a key beneficiary of nearshoring trends, closed 2023 with a robust trade performance, as detailed in the latest Mexico global trade data.
• Full-year Mexico import export data shows exports reached $592.2 billion against imports of $595.5 billion, with exports posting a 2.6% year-on-year gain in December while imports contracted 1.0%.
• This resulted in a marginal annual trade deficit of approximately $3.3 billion, a figure that underscores a relatively balanced external account despite global headwinds.
• The resilience was primarily driven by strong US demand under USMCA, which absorbs over 80% of Mexican exports, providing a stable outlet for manufactured goods and insulating trade flows from broader volatility [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23%), electrical machinery (16.7%), and industrial machinery (14.4%) dominating exports. Imports also focus on electrical machinery (19.3%), machinery parts (14.6%), and vehicles (9.2%), showing a strong industrial supply chain. The country relies on imported fuels (6.8%) and plastics (4.9%) while exporting some agricultural goods (1.6%) and beverages (1.8%). Key takeaways:

• Manufacturing makes up over 50% of exports.
• High dependence on electrical and machinery imports.
• Fuel imports indicate energy needs.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports many of the parts needed to make them, suggesting assembly-based production. The overlap in HS codes (e.g., vehicles, electrical machinery) points to processing trade. The country imports more raw materials (plastics, iron, steel) than it exports, showing a gap in upstream production. This structure highlights opportunities to move into higher-value manufacturing or localize supply chains.

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

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Mexico 2023 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are highly concentrated, with the United States accounting for 79.63% ($472.22B) of total shipments. The next-largest destinations—Canada (2.99%, $17.72B) and Mainland China (1.54%, $9.15B)—are far smaller, indicating heavy reliance on a single market. Imports show more diversity, though the U.S. remains the top source (42.76%, $255.94B), followed by Mainland China (19.08%, $114.19B) and Germany (3.55%, $21.23B). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are more balanced, with significant sourcing from Asia (China, Japan, South Korea) and regional partners.
• Overlapping trade partners (U.S., China, Canada, Germany) suggest some two-way exchange.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark imbalance: exports depend heavily on the U.S., while imports draw from a broader mix. The export market lacks regional or global spread, whereas imports include Asian manufacturing hubs (China, Japan, South Korea) and Latin American suppliers (Brazil). This suggests upstream diversification in sourcing but downstream dependence on a single buyer. The overlap in key partners (U.S., China) hints at integrated supply chains, but the overall pattern leans toward export vulnerability.

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 Whole Year?

Mexico's top exports in 2023 were vehicles (HS Code 87, $136.40B, 23.00%), electrical machinery (HS Code 85, $98.76B, 16.66%), and machinery/equipment (HS Code 84, $85.46B, 14.41%), based on the HS code data.

What are the main products Mexico imports in 2023 Whole Year?

Mexico primarily imported electrical machinery (HS Code 85, $115.71B, 19.33%), unspecified goods (HS Code 99, $98.74B, 16.50%), and machinery/equipment (HS Code 84, $87.50B, 14.62%), according to the HS code breakdown.

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

The United States was Mexico's largest export market ($255.94B, 42.76%), followed by Mainland China ($114.19B, 19.08%) and Germany ($21.23B, 3.55%), per the country-level trade data.

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

The United States dominated Mexico's imports ($472.22B, 79.63%), with smaller contributions from Canada ($17.72B, 2.99%) and Mainland China ($9.15B, 1.54%), as shown in the country data.

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

Mexico recorded a marginal trade deficit of $3.3 billion in 2023, with exports at $592.2B and imports at $595.5B, reflecting a resilient and balanced external account despite global challenges, according to the trend analysis.