2024 Jul Mexico Trade Data Summary: Exports Surge

Mexico 2024 Jul Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 15.2% YoY, imports rise 13.3%, narrowing deficit to $110M.
• Key Driver: Mexico import export data reveals U.S. dominates 81.75% of exports, with autos and machinery leading.
• Strategic Risk: Overreliance on U.S. market and foreign inputs exposes supply chain vulnerabilities.

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

Mexico 2024 Jul Trade Data Trend Overview

• Mexico, a major manufacturing and export hub, posted strong July 2024 Mexico global trade data, reinforcing its role as a critical link in North American supply chains.
• Mexico import export data for the period shows exports at $54.78B, rising 15.2% year-over-year, while imports grew 13.3% to $54.89B, indicating robust demand for both foreign inputs and finished goods.
• The nation recorded a near-balanced trade position with a marginal deficit of approximately $110 million, a sharp narrowing from previous months.
• The double-digit growth in both export and import values was primarily fueled by strong US demand for Mexican manufactured goods and the corresponding need for industrial inputs and components to support production.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Jul Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23.9%), machinery (18.4%), and electrical equipment (16.2%) dominating exports. These three categories alone make up nearly 60% of total exports, showing a strong industrial base. Imports also focus on machinery and electrical goods, but with a higher reliance on intermediate inputs like plastics (5.1%) and metals (iron/steel at 2.3%). Key takeaways:

• Manufacturing is the backbone of Mexico’s trade, especially in autos and electronics.
• Exports are concentrated in a few high-value sectors, posing some dependence risks.
• Imports suggest a need for raw materials and components to support production.

Mexico Export-Import Structural Gap

Mexico exports finished goods like vehicles and machinery while importing many of the parts and materials needed to make them. For example, electrical equipment (HS 85) is both a top export and import, indicating assembly or processing trade. The country also imports more basic materials (plastics, metals) than it exports, highlighting a gap in upstream production. This structure suggests Mexico is strong in final-stage manufacturing but relies on foreign inputs. Opportunities exist to move into higher-value production or localize supply chains.

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

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Mexico 2024 Jul Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.75% ($44.78B) of total exports. The next-largest destinations—Canada (3.03%), Germany (1.73%), and Mainland China (1.22%)—are far smaller, showing limited diversification. Imports are more balanced but still rely on the U.S. (38.49%, $21.13B) and Mainland China (20.96%, $11.51B), with smaller contributions from South Korea, Germany, and Japan. Key takeaways:

• Export dependence: Over 80% of exports go to the U.S., creating high market concentration risk.
• Import diversity: Top two suppliers (U.S. and China) make up nearly 60% of imports, but sourcing is broader than exports.
• Regional ties: North America (U.S. and Canada) dominates both exports and imports.

Mexico Export–Import Geographic Gap

Exports are overwhelmingly U.S.-centric, while imports show slightly more geographic spread, though still reliant on two major suppliers. The U.S. appears in both top lists, suggesting integrated supply chains, but Mexico’s export market is far narrower than its import base. This structure indicates downstream dependency on a single market (U.S.) and upstream reliance on a mix of suppliers, primarily the U.S. and China. The lack of overlap beyond the U.S. highlights limited processing-trade links with other major economies.

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 Jul?

Mexico's top exports in July 2024 were vehicles (HS Code 87, $13.11B, 23.92%), machinery (HS Code 84, $10.10B, 18.44%), and electrical equipment (HS Code 85, $8.90B, 16.24%).

What are the main products Mexico imports in 2024 Jul?

Mexico's primary imports included electrical machinery (HS Code 85, $11.51B, 20.96%), industrial machinery (HS Code 84, $8.97B, 16.33%), and unspecified goods (HS Code 99, $7.92B, 14.42%).

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

The U.S. was Mexico's largest export market ($21.13B, 38.49%), followed by Mainland China ($11.51B, 20.96%) and South Korea ($2.28B, 4.15%).

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

The U.S. dominated Mexico's imports ($44.78B, 81.75%), with Canada ($1.66B, 3.03%) and Germany ($945.24M, 1.73%) as secondary suppliers.

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

Mexico recorded a near-balanced trade deficit of $110M, with exports ($54.78B) and imports ($54.89B) both growing over 13% year-over-year.