2024 Jan Mexico Global Trade Data Summary: Trade Contraction

Mexico 2024 Jan Trade Data Key Takeaways

• Market Trend: Mexico trade data shows marginal contraction (-0.8% YoY) in Jan 2024 amid tariff reform uncertainty.
• Key Driver: Mexico import export data reveals U.S. dominates exports (78.6%) while imports diversify with China (21.3%).
• Strategic Risk: Manufacturing reliance on imported machinery exposes supply chain fragility despite strong export base.

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

Mexico 2024 Jan Trade Data Trend Overview

• Manufacturing Hub Sees Minor Contraction: Mexico, a key export-driven manufacturing hub and USMCA participant, opened 2024 with its Mexico global trade data showing a slight pullback in overall activity, reflecting cautious global demand and domestic adjustments.
• Trade Flows Edge Lower: The Mexico import export data for January reveals exports of $42.28B and imports of $46.35B, both registering a marginal year-on-year contraction of approximately -0.8%, indicating a synchronized, subdued start to the year for trade volumes.
• Narrowing Trade Deficit: The marginal decline in imports slightly outpaced that of exports, resulting in a trade deficit of -$4.07B for the month, a figure that remains contained relative to the total value of goods flowing across its borders.
• Policy Uncertainty Weighs: The flat performance aligns with early 2024 positioning ahead of significant anticipated tariff reforms, as businesses likely paused non-essential shipments amid uncertainty over new duties on non-FTA imports set for later implementation [Clark Hill](Clark Hill).

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Jan Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (22.1%), electrical machinery (16.5%), and industrial machinery (12.6%) leading exports. Imports show a similar pattern, dominated by electrical machinery (18.8%), industrial equipment (14.9%), and vehicles (8.1%). The country relies on imported machinery and components to support its export-oriented manufacturing sector. Key takeaways:

• Strong manufacturing base, especially in automotive and electronics.
• High dependence on imported machinery and parts for production.
• Moderate reliance on mineral fuels (6.3% exports, 5.6% imports).
• Limited agricultural exports (2.1% vegetables, 2% beverages).

Mexico Export-Import Structural Gap

Mexico exports finished goods like vehicles and electronics but imports many of the components needed to produce them. The overlap in HS codes (e.g., vehicles, machinery) suggests a processing trade model, where imported parts are assembled and re-exported. The country imports more electrical and industrial machinery than it exports, indicating reliance on foreign technology. This structure highlights opportunities to deepen local supply chains and reduce dependency on imported inputs. The trade gap is narrow in some sectors (e.g., plastics, fuels) but wider in high-value machinery.

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

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Mexico 2024 Jan Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 78.63% ($33.25B) of total shipments. Other destinations like Canada (2.73%, $1.16B) and Mainland China (1.46%, $619.14M) are minor by comparison. Imports show more diversity, with the U.S. still the top source (39.12%, $18.13B) but followed closely by Mainland China (21.28%, $9.86B) and Germany (3.86%, $1.79B). Regional trade is evident, with North America dominating exports and Asia playing a larger role in imports. Key takeaways:

• Extreme export reliance on the U.S. (nearly 80% of total).
• Imports are more balanced, with significant sourcing from China and Europe.
• Limited export diversification beyond North America.
• Asia is a critical import hub, especially for manufacturing inputs.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark asymmetry: exports depend overwhelmingly on one market (the U.S.), while imports are spread across multiple regions. The U.S. appears in both top lists, suggesting integrated supply chains, but Mexico’s export geography is far narrower than its import sourcing. This points to downstream dependence on U.S. demand but upstream diversification for inputs. The lack of major overlapping export/import partners (except the U.S.) indicates limited processing trade. The data shows a classic case of regional export concentration paired with global 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 Jan?

The top exports from Mexico in January 2024 were vehicles (HS Code 87, $9.34B, 22.09%), electrical machinery (HS Code 85, $6.96B, 16.47%), and nuclear/mechanical machinery (HS Code 84, $5.34B, 12.64%).

What are the main products Mexico imports in 2024 Jan?

Mexico’s primary imports in January 2024 included electrical machinery (HS Code 85, $8.73B, 18.82%), nuclear/mechanical machinery (HS Code 84, $6.90B, 14.89%), and vehicles (HS Code 87, $3.77B, 8.12%).

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

The United States was the largest export destination (39.12%, $18.13B), followed by Mainland China (21.28%, $9.86B) and Germany (3.86%, $1.79B).

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

The United States dominated Mexico’s imports (78.63%, $33.25B), with Canada (2.73%, $1.16B) and Mainland China (1.46%, $619.14M) as secondary sources.

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

Mexico recorded a trade deficit of -$4.07B in January 2024, with exports ($42.28B) and imports ($46.35B) both contracting marginally (-0.8% YoY) amid cautious global demand.