2024 Apr Mexico Trade Data Summary: Exports Surge, Deficit Widens

Mexico 2024 Apr Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports surged 11.6% YoY to $51.6B in April 2024, but imports grew faster at 15.5%, widening the deficit to $3.6B.
• Key Driver: Mexico import export data reveals vehicles (HS 87) dominate exports (23%), while machinery (HS 84, 85) drives imports for manufacturing assembly.
• Strategic Risk: Over 80% of exports flow to the U.S., exposing Mexico to single-market demand shocks despite diversified import sourcing.

Analysis covers 2024 Apr based on sanitized customs records from the yTrade database.

Mexico 2024 Apr Trade Data Trend Overview

• Mexico's export-driven economy, a key USMCA manufacturing hub, showed robust growth in April 2024, with its latest global trade data reflecting strong external demand and strategic positioning in North American supply chains.
• The Mexico import export data for April reveals exports surged 11.6% YoY to $51.6B, while imports grew even faster at 15.5% YoY to $55.2B, indicating solid domestic demand alongside export momentum.
• This resulted in a trade deficit of approximately $3.6B for the month, as import growth outpaced exports, reflecting increased inbound shipments of capital goods and intermediate products.
• The import expansion aligns with Mexico's industrial strategy to bolster manufacturing capacity, likely driven by nearshoring investments and rising demand for components in automotive and electronics sectors [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2024 Apr Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23% of exports, followed by electrical machinery (HS 85) and industrial machinery (HS 84). These three categories alone account for over half of total exports, showing a strong focus on finished goods. Imports are similarly concentrated in machinery and electronics (HS 84, 85), suggesting a reliance on imported components for production. A notable share of trade (around 12-15%) falls under "Description not available" (HS 99), which may include confidential or mixed goods. Key takeaways:

• Manufacturing dominates, with vehicles as the top export.
• High import reliance on machinery and electronics for production.
• Unclassified trade (HS 99) is significant in both exports and imports.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, indicating a competitive manufacturing sector. However, it imports large volumes of electrical and industrial machinery, likely for assembly or further production. The overlap in HS codes (84, 85, 87) suggests a processing trade model—importing parts to assemble and export finished goods. The country also imports raw materials like plastics (HS 39) and metals (HS 72, 73), which feed into its manufacturing base. This structure points to Mexico’s role as a manufacturing hub with room to move up the value chain.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Apr Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.61% ($42.09B) of total shipments. Other destinations like Canada (3.39%, $1.75B) and Mainland China (1.50%, $776.15M) are minor by comparison. Imports show more diversity, though the U.S. remains the top supplier at 41.22% ($22.73B), followed by Mainland China (19.01%, $10.48B) and Germany (3.61%, $1.99B). Key takeaways:

• Exports rely overwhelmingly on the U.S. market.
• Imports are more balanced but still U.S.-centric.
• Asia (China, South Korea, Japan) is a secondary import source.
• Limited overlap in top trade partners beyond the U.S.

Mexico Export–Import Geographic Gap

Mexico’s trade structure shows stark asymmetry: exports depend on a single market (U.S.), while imports are spread across multiple regions, including Asia and Europe. The U.S. dominates both flows but holds far greater weight in exports. Overlapping partners like China, Germany, and Canada suggest some processing trade, but the gap between export concentration and import diversification is clear. This points to upstream dependency (imports) paired with downstream reliance on one buyer (exports). The data underscores Mexico’s role as a U.S.-linked production hub with broader sourcing needs.

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 2024 Apr?

Mexico's top exports in April 2024 were vehicles (23.32% of exports, $12.03B), electrical machinery (16.82%, $8.68B), and industrial machinery (14.30%, $7.37B), based on HS code data.

What are the main products Mexico imports in 2024 Apr?

Mexico primarily imported electrical machinery (19.61%, $10.82B), industrial machinery (16.68%, $9.20B), and vehicles (9.50%, $5.24B) in April 2024, per HS code classifications.

Which countries are the top destinations for Mexico's exports in 2024 Apr?

The United States was Mexico's largest export market (41.22%, $22.73B), followed by Mainland China (19.01%, $10.48B) and Germany (3.61%, $1.99B), according to trade data.

Which countries supply most of Mexico's imports in 2024 Apr?

The United States dominated Mexico's imports (81.61%, $42.09B), with Canada (3.39%, $1.75B) and Mainland China (1.50%, $776M) as distant secondary suppliers.

How balanced are Mexico's export and import markets in 2024 Apr?

Mexico recorded a $3.6B trade deficit in April 2024, with imports ($55.2B, +15.5% YoY) growing faster than exports ($51.6B, +11.6% YoY), reflecting strong domestic demand for industrial inputs.