2024 Aug Mexico Global Trade Data Summary: Widening Deficit

Mexico 2024 Aug Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports flat (-0.48%) while imports surge 5.73%, widening the trade deficit to $4.7B.
• Key Driver: Mexico import export data reveals U.S. dominates exports (82.21%) while imports rely on U.S. (39.57%) and China (21.35%).
• Strategic Risk: Hyper-concentrated exports and processing trade model expose vulnerability to U.S. demand shocks.

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

Mexico 2024 Aug Trade Data Trend Overview

• Mexico, a pivotal manufacturing and export hub within North American supply chains, posted its latest global trade data for August 2024, reflecting the complex interplay of robust external demand and strategic import policy shifts.
• The August 2024 Mexico import export data shows exports were valued at $52.11B, a marginal 0.48% contraction year-on-year, while imports surged 5.73% to $56.81B, indicating resilient internal demand.
• This resulted in a monthly trade deficit of approximately $4.7B, a notable swing from recent performance, pressured by the widening gap between import growth and flat export values.
• The import surge aligns with Mexico's 2025 foreign trade rules, which tightened de minimis exemptions and updated tariff annexes, likely prompting anticipatory shipments ahead of stricter enforcement [GT Law].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Aug Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23%), electrical machinery (18%), and industrial machinery (16%) dominating exports. Imports show a similar focus on machinery and electronics, but with higher reliance on intermediate goods like plastics and steel. The top three export categories account for over 57% of total exports, indicating high concentration. Key takeaways:

• Strong manufacturing base, especially in autos and electronics.
• Heavy dependence on machinery and electrical imports for production.
• Moderate export diversification beyond top sectors.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports many components (electrical parts, plastics, steel) needed to make them. This suggests a processing trade model—assembling imported parts for re-export. The overlap in HS codes (e.g., HS 85, 84) confirms deep integration in North American supply chains. Opportunities exist to move into higher-value manufacturing stages, reducing reliance on imported inputs.

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

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Mexico 2024 Aug Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 82.21% ($42.84B) of total exports. The remaining top destinations—Canada (2.99%), Mainland China (1.43%), and Germany (0.94%)—are far smaller, showing limited diversification. Imports are more balanced, though still reliant on the U.S. (39.57%, $22.48B) and Mainland China (21.35%, $12.13B), with smaller contributions from South Korea (4.04%), Germany (3.16%), and Japan (3.15%). Key takeaways:

• Export dominance: The U.S. is Mexico’s overwhelming export market.
• Import diversity: Sourcing is broader but still U.S.- and China-centric.
• Regional gaps: Exports lack strong ties to Asia or Europe beyond China/Germany.
• Overlap: The U.S., China, Germany, Japan, and Canada appear in both lists, suggesting some two-way trade.

Mexico Export–Import Geographic Gap

Exports are hyper-focused on the U.S., while imports show moderate diversification, with China as a critical secondary supplier. The export structure suggests downstream dependence on a single market, whereas imports reflect a mix of regional (U.S.) and global (China, Germany, Japan) sourcing. Overlapping trade partners hint at integrated supply chains, particularly with North America and key industrial economies. The imbalance highlights Mexico’s role as a U.S.-centric exporter with broader, but still concentrated, import needs.

Table: Mexico Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Mexico in 2024 Aug?

Mexico's top exports in August 2024 were vehicles (HS Code 87, $12.00B, 23.03%), electrical machinery (HS Code 85, $9.49B, 18.21%), and machinery/boilers (HS Code 84, $8.33B, 15.99%), per the trade data.

What are the main products Mexico imports in 2024 Aug?

Mexico's primary imports included electrical machinery (HS Code 85, $12.01B, 21.14%), machinery/boilers (HS Code 84, $9.30B, 16.38%), and unspecified goods (HS Code 99, $7.99B, 14.07%) in August 2024.

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

The U.S. was Mexico's largest export market (39.57%, $22.48B), followed by Mainland China (21.35%, $12.13B) and South Korea (4.04%, $2.29B) in August 2024.

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

The U.S. dominated Mexico's imports (82.21%, $42.84B), with Canada (2.99%, $1.56B) and unspecified origins (2.25%, $1.17B) as secondary sources in August 2024.

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

Mexico recorded a $4.7B trade deficit in August 2024, with imports surging 5.73% ($56.81B) while exports dipped 0.48% ($52.11B), reflecting stronger domestic demand.