2024 Feb Mexico Trade Data Summary: Export Surge

Mexico 2024 Feb Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports surged 13.6% YoY in Feb 2024, narrowing trade deficit to $350M.
• Key Driver: Mexico import export data reveals manufacturing dominance (55% of exports) with U.S. absorbing 81% of shipments.
• Strategic Risk: Hyper-concentration in U.S. exports contrasts with diversified Asian imports, exposing downstream demand risks.

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

Mexico 2024 Feb Trade Data Trend Overview

• Mexico's export-driven manufacturing economy, a key USMCA partner, showed robust activity in February 2024 according to the latest Mexico global trade data, reflecting its strategic role in North American supply chains.
• The February Mexico import export data recorded exports of $51.00B, a strong 13.6% YoY increase, while imports reached $51.35B, growing 9.8% YoY, indicating sustained demand for both foreign inputs and overseas sales.
• This resulted in a marginal trade deficit of approximately $350 million for the month, a sharp narrowing from previous periods, underscoring balanced goods flows despite high import levels.
• The solid export growth, particularly in manufacturing and automotive goods, aligns with ongoing nearshoring momentum and strong US demand, which continues to drive Mexico's industrial output and trade expansion.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Feb Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (24.6%), electrical machinery (16.16%), and industrial machinery (14.99%) dominating exports. Imports also focus on machinery and electronics (19.53% and 16.88%), suggesting a strong industrial supply chain. However, the high share of "Description not available" (10.72% exports, 14.88% imports) limits full transparency. Key takeaways:

• Manufacturing makes up over 55% of exports.
• Imports are similarly machinery-heavy, indicating production dependencies.
• Low resource exports (4.99% fuels) show limited reliance on raw materials.

Mexico Export-Import Structural Gap

Mexico exports and imports similar goods (e.g., vehicles, machinery, electronics), pointing to a processing trade model where components are imported, assembled, and re-exported. The country imports more machinery and plastics (4.99%) than it exports (1.72%), revealing gaps in high-value input production. This structure suggests opportunities to upgrade into higher-value manufacturing or reduce import reliance by localizing supply chains.

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

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Mexico 2024 Feb Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 81% of total exports ($41.31B). The remaining top destinations—Canada (2.77%), Mainland China (1.28%), and Germany (1.24%)—are far smaller, indicating low export diversification. Imports show more balance, with the U.S. still dominant (43.72%, $22.45B) but followed by Mainland China (19.04%, $9.78B) and a broader mix of Asian and North American suppliers. Key asymmetries include Mexico’s extreme export reliance on the U.S. versus moderately diversified imports.

• Exports: Overwhelmingly U.S.-focused (81%), minimal diversification.
• Imports: U.S.-led but with significant Asian sourcing (China, South Korea, Japan).
• Regional Role: North America-centric trade, with secondary Asian import links.

Mexico Export–Import Geographic Gap

Mexico’s exports are hyper-concentrated in one market (U.S.), while imports draw from a wider group, including major Asian economies. This suggests downstream dependence on U.S. demand but upstream supply-chain diversification, particularly for Asian manufacturing inputs. The overlap of the U.S., China, Germany, and South Korea in both export and import lists hints at some processing trade. The structure points to a classic assembly economy: deep integration with the U.S. for final sales, but reliance on global inputs.

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 Feb?

Mexico's top exports in February 2024 were vehicles (HS Code 87, 24.60% share), electrical machinery (HS Code 85, 16.16%), and industrial machinery (HS Code 84, 14.99%), collectively accounting for over 55% of total export value.

What are the main products Mexico imports in 2024 Feb?

Mexico primarily imported electrical machinery (HS Code 85, 19.53%), industrial machinery (HS Code 84, 16.88%), and unspecified goods (HS Code 99, 14.88%), which together represented over 50% of February 2024's import value.

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

The United States was Mexico's dominant export market (43.72% share), followed by Mainland China (19.04%) and Germany (3.34%). These three destinations accounted for nearly two-thirds of total exports.

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

81% of Mexico's imports originated from the United States, with Canada (2.77%) and Mainland China (1.28%) as distant secondary suppliers. The U.S. dominance reflects deep North American supply chain integration.

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

Mexico recorded a marginal $350 million trade deficit in February 2024, with exports ($51.00B) and imports ($51.35B) growing at 13.6% and 9.8% YoY respectively, indicating balanced trade flows despite high import demand.