2024 Oct Mexico Trade Data Summary: Narrow Surplus

Mexico 2024 Oct Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 11.4% YoY, imports up 9.8%, maintaining a narrow $530M surplus.
• Key Driver: Mexico import export data reveals 81.3% exports to U.S., with vehicles and machinery dominating trade flows.
• Strategic Risk: Overreliance on U.S. demand and imported components exposes Mexico to supply chain shocks.

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

Mexico 2024 Oct Trade Data Trend Overview

• Manufacturing Powerhouse: Mexico's export-driven economy, a linchpin in North American supply chains, posted robust October 2024 Mexico global trade data, reflecting its strategic position amid global realignments.
• Strong Trade Flows: October's Mexico import export data showed exports surging 11.4% YoY to $57.90B, while imports grew 9.84% to $57.37B, indicating sustained demand for both foreign inputs and manufactured goods.
• Narrow Surplus: The trade balance remained in a slight surplus of $530 million, continuing a trend of near equilibrium as export growth marginally outpaced import expansion.
• Policy-Driven Resilience: The growth was underpinned by strategic industrial policy and nearshoring momentum, as Mexico fortified its manufacturing base while managing import costs [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Oct Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (24.4%), electrical machinery (17.4%), and industrial machinery (17.2%) dominating exports. These three categories alone make up nearly 60% of total exports, showing a strong reliance on high-value finished goods. Imports also focus on machinery and electrical equipment (22.9% and 16.3%), suggesting a supply chain dependent on components for assembly. The overlap in HS codes (e.g., HS 85, 84, 87) indicates Mexico's role in processing trade, likely tied to regional manufacturing hubs like the US. Key takeaways:

• Manufacturing exports are the backbone of Mexico's trade.
• High dependence on machinery and electrical goods for both exports and imports.
• Potential vulnerability to global supply chain disruptions.

Mexico Export-Import Structural Gap

Mexico exports more finished vehicles and machinery than it imports, while relying heavily on imported components (electrical and industrial machinery). This points to an assembly-driven economy, where raw materials or semi-processed goods are transformed into higher-value exports. The import of plastics, iron, and steel (HS 39, 72, 73) supports this, as these are likely inputs for manufacturing. The near balance in mineral fuels (HS 27) suggests Mexico meets some domestic energy needs but still depends on imports. The structural gap highlights Mexico's position as a manufacturing hub, but with room to move up the value chain in key sectors like automotive and electronics.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Oct Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are highly concentrated, with 81.3% going to the United States. The next-largest destinations—Canada (3.3%), Mainland China (1.4%), and Germany (1.2%)—are far behind. Imports show more diversity, though the U.S. still dominates (40.2%), followed by Mainland China (21.9%) and South Korea (3.7%). Key takeaways:

• Exports rely heavily on the U.S. market, with minimal diversification.
• Imports are more balanced, with significant sourcing from Asia (China, South Korea, Japan) and North America.
• Regional trade is strong, with the U.S. leading both exports and imports.

Mexico Export–Import Geographic Gap

Mexico’s trade structure shows a clear asymmetry: exports depend almost entirely on the U.S., while imports draw from a wider mix of suppliers, including Asia and North America. There is some overlap (U.S., China, South Korea, Germany), suggesting processing trade or re-export activity. The data implies upstream diversification (imports) but downstream dependence (exports). This gap highlights Mexico’s role as a manufacturing hub tied closely to U.S. demand.

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 Oct?

Mexico's top exports in October 2024 were vehicles (HS Code 87, 24.44%), electrical machinery (HS Code 85, 17.40%), and industrial machinery (HS Code 84, 17.22%), collectively accounting for 59% of total exports.

What are the main products Mexico imports in 2024 Oct?

Mexico primarily imported electrical machinery (HS Code 85, 22.86%), industrial machinery (HS Code 84, 16.33%), and unspecified goods (HS Code 99, 13.12%), which together represented 52.31% of total imports.

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

The United States received 40.19% of Mexico's exports, followed by Mainland China (21.86%) and South Korea (3.71%). These three markets accounted for 65.76% of total export value.

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

81.33% of Mexico's imports came from the United States, with Canada (3.27%) and unspecified origins (1.49%) as distant secondary sources.

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

Mexico maintained a slight trade surplus of $530 million, with exports growing 11.4% YoY to $57.90B and imports rising 9.84% to $57.37B, reflecting near-equilibrium trade flows.