2024 Mar Mexico Global Trade Data Summary: Cooling Demand

Mexico 2024 Mar Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports down 5.3% and imports down 7.1%, signaling cooling demand and supply chain adjustments.
• Key Driver: Mexico import export data reveals U.S. dominates exports (82.3%), while imports diversify with China (21.3%) and Germany (3.7%).
• Strategic Risk: Hyper-concentration in U.S. exports exposes Mexico to demand shocks, despite upstream import diversification.

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

Mexico 2024 Mar Trade Data Trend Overview

• Mexico, a key manufacturing hub and export-driven powerhouse, saw its March 2024 Mexico global trade data reflect a notable contraction in cross-border activity, signaling headwinds for the region's industrial and consumer sectors.
• The latest Mexico import export data shows exports fell 5.3% year-on-year to $50.75B, while imports dropped more sharply, down 7.1% to $48.65B, indicating cooling domestic demand and potential supply chain recalibration.
• This resulted in a trade surplus of $2.1B for the month, as the decline in import value outpaced that of exports, preserving a positive balance despite broader softening in trade volumes.
• The dual slowdown is likely influenced by tighter trade policies and anticipation of incoming tariffs on non-FTA partners, as Mexico positions itself strategically within US-aligned trade blocs and adjusts to new customs enforcement [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Mar Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (22.3%), electrical machinery (17.1%), and industrial machinery (15.3%) 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 (21.1% and 14.9%), suggesting a reliance on industrial inputs. The overlap in HS codes 84, 85, and 87 between exports and imports points to integrated supply chains, likely tied to cross-border production. Key takeaways:

• Manufacturing accounts for most trade, with vehicles as the top export.
• High import dependence for machinery and electrical components.
• Supply chains are deeply linked with imports feeding export production.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, indicating a competitive edge in these sectors. However, it relies heavily on imported electrical and industrial machinery to support production, revealing a gap in domestic input capacity. The near-matching shares of HS code 99 (unclassified goods) in both exports and imports suggest processing trade plays a role. The lack of raw material exports (except minimal mineral fuels and agriculture) highlights Mexico’s position as a manufacturing hub rather than a resource supplier. This structure creates opportunities for industrial upgrading, especially in high-value machinery production.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Mar Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are highly concentrated, with the United States accounting for 82.33% ($41.78B) of total exports. The next-largest destinations—Canada (2.44%), Mainland China (1.45%), and Germany (1.10%)—are far smaller, indicating heavy reliance on a single market. Imports show more diversification, though the U.S. remains the top source (41.62%, $20.25B), followed by Mainland China (21.34%, $10.38B) and Germany (3.70%, $1.80B). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are more balanced, with significant sourcing from Asia (China, South Korea, Japan, Vietnam).
• Regional trade ties dominate, particularly with North America.

Mexico Export–Import Geographic Gap

Mexico’s trade structure shows a clear imbalance: exports depend heavily on the U.S., while imports draw from a broader mix of suppliers. Exports are hyper-focused on one market, whereas imports spread risk across North America, Asia, and Europe. The U.S. is the only major overlap, suggesting some processing trade. This setup reveals upstream diversification (imports) but downstream concentration (exports), leaving Mexico vulnerable to U.S. demand shifts.

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 Mar?

Mexico's top exports in March 2024 were vehicles (HS Code 87, $11.34B, 22.34%), electrical machinery (HS Code 85, $8.67B, 17.09%), and machinery/boilers (HS Code 84, $7.76B, 15.29%), per the trade data.

What are the main products Mexico imports in 2024 Mar?

Mexico's leading imports included electrical machinery (HS Code 85, $10.28B, 21.13%), machinery/boilers (HS Code 84, $7.26B, 14.92%), and vehicles (HS Code 87, $4.28B, 8.79%), based on the HS code analysis.

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

The U.S. was Mexico's largest export market ($20.25B, 41.62%), followed by Mainland China ($10.38B, 21.34%) and Germany ($1.80B, 3.70%), according to the country-level trade data.

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

The U.S. dominated Mexico's imports ($41.78B, 82.33%), with Canada ($1.24B, 2.44%) and Mainland China ($734.64M, 1.45%) as distant secondary suppliers, per the origin country data.

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

Mexico recorded a $2.1B trade surplus in March 2024, with exports ($50.75B) falling 5.3% and imports ($48.65B) declining 7.1% year-on-year, reflecting cooling demand and trade policy adjustments.