2024 May Mexico Trade Data Summary: Exports Surge

Mexico 2024 May Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 5.9% YoY, outpacing import growth (1.5%), yielding a $2.23B surplus.
• Key Driver: Mexico import export data reveals autos (HS 87) dominate exports (23%), with 81.8% shipped to the U.S.
• Strategic Risk: Overreliance on U.S. demand and imported components exposes supply chain fragility.

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

Mexico 2024 May Trade Data Trend Overview

• As a key North American manufacturing hub, Mexico's global trade data for May 2024 reflects its deep integration into regional supply chains.
• Mexico's import export data showed exports of $55.98B, growing 5.9% year-on-year, while imports of $53.75B rose a more modest 1.5% over the same period.
• The stronger export performance resulted in a monthly trade surplus of $2.23 billion.
• The growth was likely driven by sustained US industrial demand and ongoing nearshoring momentum, with no specific trade policy shifts announced to alter the prevailing trend.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 May Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23% of exports, followed by electrical machinery (HS 85) and industrial machinery (HS 84). These three categories alone account for over 55% of total exports, showing a strong focus on finished goods. Imports are similarly concentrated in machinery and electronics (HS 84, 85), suggesting a reliance on industrial inputs. A notable share of trade (11-16%) falls under unspecified HS 99 codes, indicating potential data gaps or mixed shipments. Key takeaways:

• Manufacturing dominates exports, led by autos and electronics.
• Imports are tied to industrial production, with machinery and components being critical.
• Unclassified trade (HS 99) is significant, requiring deeper data clarity.

Mexico Export-Import Structural Gap

Mexico exports high-value finished goods like vehicles and machinery while importing similar industrial inputs, pointing to an integrated supply chain. The overlap in HS 84 and 85 trade suggests assembly or processing activities, common in near-shoring hubs. However, Mexico also imports raw materials like plastics (HS 39) and metals (HS 72-76), hinting at domestic production gaps. The trade balance leans toward exports, but reliance on imported components exposes vulnerability to supply chain disruptions. This structure supports industrial growth but requires diversification to reduce dependency risks.

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

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Mexico 2024 May Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.8% ($45.8B) of total shipments. The next-largest destinations—Canada (3.19%, $1.79B) and Mainland China (1.35%, $757M)—are far behind, indicating a high reliance on a single market. Imports show more diversification, though the U.S. remains the top source (41.3%, $22.2B), followed by Mainland China (19.33%, $10.39B) and Germany (3.85%, $2.07B). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are more balanced, with significant sourcing from Asia and Europe.
• No major overlap between top export and import partners beyond the U.S., China, and Germany.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark asymmetry: exports depend overwhelmingly on the U.S., while imports draw from a broader mix of suppliers. The export market is narrowly focused, whereas imports show regional diversity, particularly from Asia. The U.S. is the only major partner appearing prominently in both lists, suggesting some processing trade. This setup implies downstream vulnerability (reliance on U.S. demand) but upstream flexibility (multiple import sources). The data does not indicate strong two-way trade ties beyond North America.

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 May?

Mexico's top exports in May 2024 were vehicles (HS Code 87, $13.02B, 23.26%), electrical machinery (HS Code 85, $9.41B, 16.81%), and industrial machinery (HS Code 84, $8.46B, 15.11%), based on the HS code data.

What are the main products Mexico imports in 2024 May?

Mexico's primary imports included electrical machinery (HS Code 85, $10.50B, 19.54%), unspecified goods (HS Code 99, $8.49B, 15.79%), and industrial machinery (HS Code 84, $8.41B, 15.65%), according to the HS code breakdown.

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

The United States was Mexico's largest export market ($22.20B, 41.3%), followed by Mainland China ($10.39B, 19.33%) and Germany ($2.07B, 3.85%), per the country trade data.

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

The United States dominated Mexico's imports ($45.80B, 81.8%), with Canada ($1.79B, 3.19%) and unspecified origins ($1.18B, 2.11%) as distant runners-up, as shown in the country trade table.

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

Mexico recorded a $2.23B trade surplus in May 2024, with exports ($55.98B) growing 5.9% YoY and imports ($53.75B) rising 1.5%, reflecting strong US demand and nearshoring trends.