2024 Dec Mexico Trade Data Summary: Surplus Narrows

Mexico 2024 Dec Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 5.4% YoY, but imports grew faster at 9.2%, narrowing the surplus.
• Key Driver: Mexico import export data reveals vehicles (21.7% of exports) and U.S. reliance (81.68%) dominate trade flows.
• Strategic Risk: Hyper-concentrated exports to the U.S. expose vulnerability to single-market demand shocks.

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

Mexico 2024 Dec Trade Data Trend Overview

• Mexico, a key manufacturing and export hub for North America, posted resilient Mexico global trade data for December 2024, reflecting its role in integrated regional supply chains.
• The latest Mexico import export data shows exports of $51.92B rose 5.4% year-on-year, while imports of $49.17B grew at a faster 9.2% annual pace.
• The economy maintained a monthly trade surplus of $2.75B, though the gap narrowed from year-earlier levels as import growth accelerated.
• The uptick in import value was likely driven by sustained domestic demand for intermediate goods and capital equipment, with no specific trade policy shifts announced during the period.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2024 Dec Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (21.7%), electrical machinery (16.7%), and industrial machinery (16.5%) dominating exports. These three categories alone make up over half of total exports, showing a strong focus on finished goods. Imports also center on machinery and electrical equipment, but with a higher reliance on intermediate goods like plastics and steel. The trade structure suggests a well-integrated supply chain, especially in automotive and electronics. Key takeaways:

• Manufacturing accounts for most exports, reducing raw material dependence.
• High import shares in machinery indicate assembly-based production.
• Unknown HS code "99" holds significant weight in both exports (12.1%) and imports (14.1%), requiring further investigation.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, signaling a competitive edge in these sectors. However, it relies on imports for key inputs like plastics (4.7% of imports) and steel (1.9%), revealing supply chain dependencies. The overlap in HS codes 84 (machinery) and 85 (electrical equipment) for both exports and imports points to processing trade—likely assembling imported components for re-export. This structure highlights Mexico’s role as a manufacturing hub but also its vulnerability to global input shortages. Opportunities exist in boosting local production of intermediate goods.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Dec Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.68% ($42.41B) of total shipments. Other destinations like Canada (2.65%) and Mainland China (1.56%) play minor roles, while the remaining top 10 are fragmented, with no single country exceeding 1.1%. Imports show more diversification, though the U.S. remains the top source (39.27%, $19.31B), followed by Mainland China (21.19%) and South Korea (4.23%). Key takeaways:

• Extreme export reliance on the U.S. market.
• Imports are more balanced, with significant sourcing from Asia (China, South Korea, Vietnam).
• Limited overlap in top trade partners, except for the U.S., China, and Canada.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark asymmetry: exports depend almost entirely on one market (the U.S.), while imports draw from a broader mix of suppliers. The export flow is hyper-concentrated, whereas imports show regional diversity, with strong Asian and North American ties. Only three countries (U.S., China, Canada) appear in both top 10 lists, suggesting limited processing trade. This points to downstream dependency on U.S. demand but upstream flexibility in sourcing inputs. The gap highlights vulnerability in export markets and resilience in import supply chains.

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 Dec?

Mexico's top exports in December 2024 were vehicles (21.65% share, $11.24B), electrical machinery (16.68%, $8.66B), and industrial machinery (16.45%, $8.54B), based on HS code data.

What are the main products Mexico imports in 2024 Dec?

Mexico primarily imported electrical machinery (20.30%, $9.98B), industrial machinery (16.94%, $8.33B), and vehicles (8.71%, $4.28B) in December 2024.

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

The United States was Mexico's largest export market (39.27%, $19.31B), followed by Mainland China (21.19%, $10.42B) and South Korea (4.23%, $2.08B).

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

The United States dominated Mexico's imports (81.68%, $42.41B), with Canada (2.65%, $1.38B) and Mainland China (1.56%, $808.58M) as secondary suppliers.

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

Mexico maintained a $2.75B trade surplus in December 2024, though imports grew faster (9.2%) than exports (5.4%), narrowing the surplus compared to previous years.