2024 Nov Mexico Trade Data Summary: Deficit Surge

Mexico 2024 Nov Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 3.5% but imports surge 5.2%, flipping surplus to deficit.
• Key Driver: Mexico import export data reveals U.S. dominates 80% of exports, while imports rely on China (21.5%) for components.
• Strategic Risk: Assembly-heavy trade model exposes Mexico to supply chain disruptions from tariff shifts.

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

Mexico 2024 Nov Trade Data Trend Overview

• Manufacturing Hub Under Pressure: Mexico's export-driven economy, a key link in North American supply chains, showed resilience in the latest Mexico global trade data despite mounting global protectionist headwinds.
• Modest Export Growth Outpaced by Imports: November's Mexico import export data registered $52.02B in outbound shipments, a 3.53% yearly gain, while imports climbed 5.19% to $52.19B, reflecting robust domestic demand and inventory building ahead of anticipated tariff hikes.
• Narrowing Surplus Flips to Deficit: The marginal trade surplus evaporated, resulting in a nominal deficit of approximately $170 million for the month, highlighting tightened margins for the trade-reliant economy.
• Policy Shifts Drive Flows: The import surge was likely fueled by companies front-loading purchases from non-FTA partners ahead of Mexico's 2025 tariff policy, which proposed duties of 10-50% on goods from countries like China to shield domestic industry and maximize USMCA benefits [Mexico Tariff Policy 2025 Explained].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Nov Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), machinery (HS 84), and electrical equipment (HS 85) making up over 56% of exports. These sectors show strong industrial capabilities, while smaller shares like furniture (HS 94) and beverages (HS 22) indicate niche markets. Imports mirror this trend, with electrical machinery (HS 85) and industrial equipment (HS 84) leading, suggesting reliance on components for production. Key takeaways:

• Manufacturing dominates exports, with vehicles as the top product.
• High import dependence on electrical and mechanical parts.
• Limited resource exports (fuels, vegetables) show a secondary role.

Mexico Export-Import Structural Gap

Mexico exports finished goods like vehicles but imports many components (HS 85, 84), revealing assembly-based trade. Overlap in machinery and electrical goods hints at processing trade, where imported parts are assembled and re-exported. The country imports more plastics (HS 39) and metals (HS 72, 73) than it exports, pointing to raw material gaps. This structure suggests Mexico is a manufacturing hub but relies on foreign inputs for production. Upgrading to higher-value components could reduce import dependence.

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

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Mexico 2024 Nov Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 80.74% ($42.00B) of total shipments. The remaining top destinations—Canada (3.26%), Mainland China (1.57%), and Germany (1.17%)—are far smaller, showing limited diversification. Imports are more balanced, though still dominated by the U.S. (39.22%, $20.47B) and Mainland China (21.50%, $11.22B). Other key suppliers include South Korea (3.64%), Japan (3.21%), and Germany (3.04%), reflecting broader sourcing.

• Exports: Extreme reliance on the U.S. market.
• Imports: More diversified but still U.S.- and China-centric.
• Regional trade: Strong North American ties in both flows.
• Asymmetry: Exports are hyper-concentrated; imports are moderately spread.

Mexico Export–Import Geographic Gap

Mexico’s exports are almost singularly focused on the U.S., while imports draw from a wider pool, including Asia (China, South Korea, Japan) and regional partners. This suggests downstream dependence on U.S. demand but upstream diversification in supply chains. The overlap of the U.S., China, and Germany in both lists hints at some processing trade. The structure shows vulnerability in exports but resilience in sourcing.

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 Nov?

Mexico's top exports in November 2024 were vehicles (HS Code 87, $11.95B, 22.98%), machinery (HS Code 84, $8.89B, 17.10%), and electrical equipment (HS Code 85, $8.72B, 16.75%), based on the HS code data.

What are the main products Mexico imports in 2024 Nov?

Mexico's primary imports in November 2024 included electrical machinery (HS Code 85, $11.03B, 21.14%), nuclear reactors/machinery (HS Code 84, $8.91B, 17.08%), and unspecified goods (HS Code 99, $7.51B, 14.40%), per the HS code breakdown.

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

The United States was Mexico's largest export market ($20.47B, 39.22%), followed by Mainland China ($11.22B, 21.50%) and South Korea ($1.90B, 3.64%), according to the country trade data.

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

The United States dominated Mexico's imports ($42.00B, 80.74%), with Canada ($1.70B, 3.26%) and Mainland China ($816.09M, 1.57%) as distant secondary suppliers, per the origin country analysis.

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

Mexico recorded a nominal trade deficit of $170 million in November 2024, with exports growing 3.53% ($52.02B) and imports rising 5.19% ($52.19B), reflecting tightened margins amid policy-driven inventory buildup.