2024 Jun Mexico Trade Data Summary: Deficit Shift

Mexico 2024 Jun Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports down 5.7% YoY, imports dip 3.5%, flipping to a $1.08B deficit.
• Key Driver: Mexico import export data reveals U.S. absorbs 79.5% of exports, while imports diversify with 20.2% from China.
• Strategic Risk: Overlap in machinery/vehicle trade codes signals assembly dependency, with HS 99 gaps masking true exposure.

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

Mexico 2024 Jun Trade Data Trend Overview

• Mexico's export-driven manufacturing economy posted a trade deficit of $1.08 billion in June 2024, as its global trade data reflected a broad cooling in cross-border flows.
• The latest Mexico import export data shows exports contracted 5.7% year-on-year to $48.88 billion, while imports fell 3.5% to $49.96 billion, indicating weakening industrial demand and supply chain activity.
• This resulted in a narrow trade deficit, a shift from the surpluses often recorded by the manufacturing hub, pressured by softer external demand and domestic inventory adjustments.
• The broad-based contraction aligns with a period of anticipated trade policy shifts, as Mexico prepared tariff increases on non-FTA countries to take effect in 2025 [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Jun Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23.5%), electrical machinery (17%), and industrial machinery (15.5%) 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 (20.4% and 17.3%), suggesting a reliance on industrial inputs. Notably, "unknown" trade (HS 99) accounts for 11.5% of exports and 14.2% of imports, indicating potential data gaps or unclassified transactions. Key takeaways:

• Manufacturing exports (vehicles, machinery) are Mexico’s economic backbone.
• High import reliance on machinery and electrical parts hints at assembly-based production.
• Unknown trade (HS 99) is significant, warranting deeper data scrutiny.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but imports similar categories (HS 84, 85, 87), pointing to a processing trade model—likely assembling imported components for re-export. The country also imports raw materials like plastics (5%) and metals (iron, steel, aluminium), which feed its manufacturing sector. The overlap in HS codes (e.g., vehicles, machinery) suggests integration into global supply chains, but the trade gap in these categories shows dependency on foreign inputs. This structure highlights Mexico’s role as a manufacturing hub with room to deepen local sourcing.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Jun Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 79.54% ($38.87B) of total shipments. Other destinations like Canada (3.36%) and Mainland China (1.80%) play minor roles, with the rest of the top 10 each below 2%. Imports show more diversity, though the U.S. remains the largest source (40.81%, $20.39B), followed by Mainland China (20.23%, $10.11B). South Korea, Germany, and Japan each contribute 3–4%, while Southeast Asian suppliers like Malaysia and Vietnam also feature. Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are more balanced, with strong Asian and North American sourcing.
• Overlap exists (U.S., China, Germany, Japan, South Korea) but trade flows are asymmetrical.

Mexico Export–Import Geographic Gap

Exports rely overwhelmingly on one market (the U.S.), while imports draw from a broader mix, including Asia and regional partners. The U.S. dominates both flows but plays a larger role in exports. Overlapping trade partners suggest some processing trade, but the structure reveals heavy downstream dependence on the U.S. and upstream diversification. This gap highlights Mexico’s role as a U.S.-focused exporter with multi-regional supply chains.

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 Jun?

Mexico's top exports in June 2024 were vehicles (HS Code 87) at $11.50B (23.52% share), electrical machinery (HS Code 85) at $8.33B (17.04%), and machinery/equipment (HS Code 84) at $7.59B (15.52%).

What are the main products Mexico imports in 2024 Jun?

Mexico primarily imported electrical machinery (HS Code 85) at $10.18B (20.38%), machinery/equipment (HS Code 84) at $8.65B (17.32%), and unspecified goods (HS Code 99) at $7.10B (14.22%).

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

The U.S. was Mexico's largest export market ($20.39B, 40.81%), followed by Mainland China ($10.11B, 20.23%) and South Korea ($1.85B, 3.70%).

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

The U.S. dominated Mexico's imports ($38.87B, 79.54%), with Canada ($1.64B, 3.36%) and unspecified origins ($1.23B, 2.53%) as distant runners-up.

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

Mexico recorded a $1.08B trade deficit in June 2024, with exports falling 5.7% to $48.88B and imports declining 3.5% to $49.96B, reflecting weaker industrial demand.