2024 Q1 Mexico Trade Data Summary: Exports Surge

Mexico 2024 Q1 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports up 2.1% YoY to $144.03B, driven by strong US demand and nearshoring momentum.
• Key Driver: Mexico import export data reveals vehicles (23% of exports) and electronics (17%) dominate, with heavy reliance on US (80.77% share).
• Strategic Risk: Extreme export concentration in US market heightens downstream risk, despite diversified import sourcing.

Analysis covers 2024 Q1 based on sanitized customs records from the yTrade database.

Mexico 2024 Q1 Trade Data Trend Overview

• Mexico, a key manufacturing and export hub for North America, posted robust Q1 2024 Mexico global trade data, underpinned by strong manufacturing output and US demand.
• The nation's Mexico import export data shows exports surged to $144.03B for the quarter, climbing 2.1% year-on-year, while imports grew more modestly to $146.35B, a 0.3% annual increase.
• This resulted in a slight trade deficit of approximately -$2.32B for the period, reflecting balanced but closely matched trade flows.
• The steady performance was largely driven by sustained nearshoring momentum and solid US economic activity, which absorbs over 80% of Mexican exports [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Q1 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles, electrical machinery, and industrial machinery making up over 50% of exports. These sectors show strong specialization, particularly in automotive and electronics. Imports also focus on machinery and electrical goods, suggesting a reliance on components for assembly. Resource-based trade, like mineral fuels and edible vegetables, plays a smaller role. Key takeaways:

• Manufacturing dominates exports, led by vehicles (23%) and electronics (17%).
• Imports are concentrated in machinery and electrical goods, indicating assembly-based production.
• Low share of raw material exports highlights a value-added export model.

Mexico Export-Import Structural Gap

Mexico exports more finished goods (vehicles, electronics) than it imports, while importing higher volumes of machinery and parts. This points to an assembly-driven economy, where imported components are processed into final products. Overlap in HS codes (e.g., electrical machinery) suggests integration in global supply chains. The trade gap reveals opportunities to move into higher-value manufacturing, reducing reliance on imported inputs. Limited raw material exports confirm a focus on industrial output over resource extraction.

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

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Mexico 2024 Q1 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 80.77% ($116.34B) of total shipments. The remaining top destinations—Canada (2.64%), Mainland China (1.39%), and Germany (1.22%)—are far smaller, showing limited diversification. Imports are more balanced, though still reliant on the U.S. (41.56%, $60.83B) and Mainland China (20.51%, $30.02B). Other key suppliers include Germany (3.62%), South Korea (3.27%), and Japan (3.04%), reflecting broader sourcing. Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports are more varied, but still dominated by the U.S. and China.
• Regional trade is weak, with no strong ties to Latin America or the EU.

Mexico Export–Import Geographic Gap

Mexico’s trade structure shows a clear asymmetry: exports depend overwhelmingly on the U.S., while imports are more diversified but still lean heavily on two suppliers. The overlap of the U.S., China, and Germany in both export and import lists suggests some processing-trade activity. However, the extreme export concentration implies downstream market risk, while the import side shows slightly better upstream resilience. This gap highlights Mexico’s role as a U.S.-focused export hub with moderately diversified 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 Q1?

Mexico's top exports in Q1 2024 were vehicles (HS Code 87, $33.23B, 23.07% share), electrical machinery (HS Code 85, $23.88B, 16.58%), and machinery/equipment (HS Code 84, $20.75B, 14.40%).

What are the main products Mexico imports in 2024 Q1?

Mexico primarily imported electrical machinery (HS Code 85, $29.03B, 19.84%), machinery/equipment (HS Code 84, $22.83B, 15.60%), and vehicles (HS Code 87, $13.21B, 9.02%).

Which countries are the top destinations for Mexico's exports in 2024 Q1?

The U.S. was Mexico's largest export market ($60.83B, 41.56%), followed by Mainland China ($30.02B, 20.51%) and Germany ($5.30B, 3.62%).

Which countries supply most of Mexico's imports in 2024 Q1?

Over 80% of Mexico's imports came from the U.S. ($116.34B), with Canada ($3.81B, 2.64%) and Mainland China ($2.01B, 1.39%) as secondary sources.

How balanced are Mexico's export and import markets in 2024 Q1?

Mexico recorded a slight trade deficit of -$2.32B in Q1 2024, with exports at $144.03B (+2.1% YoY) and imports at $146.35B (+0.3% YoY), reflecting closely matched trade flows.

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