2024 Q2 Mexico Trade Data Summary: Volatile Exports & Deficit

Mexico 2024 Q2 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows volatile Q2 with exports up 3.68% YoY but a $2.42B deficit as imports surged.
• Key Driver: Mexico import export data reveals vehicles (HS 87) dominate exports (23.4%), while machinery imports fuel assembly trade.
• Strategic Risk: Extreme US export dependence (81%) exposes Mexico to tariff shocks and supply chain disruptions.

Analysis covers 2024 Q2 based on sanitized customs records from the yTrade database.

Mexico 2024 Q2 Trade Data Trend Overview

• Mexico's export-driven manufacturing economy, a key nearshoring hub, showed mixed signals in its Q2 2024 Mexico global trade data, with a volatile monthly performance capping the quarter.
• The Mexico import export data for Q2 reveals exports totaled $156.44 billion, rising 3.68% year-over-year by June, while imports hit $158.86 billion, up 4.22% YoY, as both flows contracted sharply from May to June.
• This resulted in a quarterly trade deficit of approximately -$2.42 billion, a marked deterioration from the surplus in the prior quarter, pressured by rising import costs.
• The downturn from May's export peak was likely driven by mounting US trade policy uncertainty and new tariffs, which began disrupting automotive and industrial supply chains mid-quarter [Mexico's Economy Under US Tariffs and Trade Uncertainty].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Q2 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87) making up 23.4% 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 electrical equipment (HS 84, 85), suggesting a supply chain reliant on industrial inputs. Key takeaways:

• Exports are dominated by high-value manufactured goods.
• Imports show heavy dependence on machinery and components.
• A small share of trade (4.6% exports, 4.2% imports) is in fuels, indicating limited energy reliance in trade flows.

Mexico Export-Import Structural Gap

Mexico exports more vehicles and machinery than it imports, suggesting a competitive manufacturing sector. However, imports of electrical and industrial machinery (HS 84, 85) are nearly as high as exports, pointing to a need for foreign components. The overlap in HS codes (84, 85, 87) indicates a processing trade model—assembling imported parts for re-export. This structure creates opportunities for deeper local supply chain development, especially in machinery and electronics.

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

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Mexico 2024 Q2 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81% of total exports ($126.76B). Other destinations like Canada (3.31%, $5.18B) and Mainland China (1.54%, $2.41B) play minor roles. In contrast, imports show more diversification, though the U.S. remains the top supplier (41.12%, $65.32B), followed by Mainland China (19.5%, $30.98B) and Germany (3.62%, $5.75B). Key takeaways:

• Exports are U.S.-centric, with extreme dependence on a single market.
• Imports are more balanced, with significant sourcing from Asia and Europe.
• Regional trade is limited, with North America dominating both flows.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark asymmetry: exports rely almost entirely on the U.S., while imports draw from a broader mix of suppliers. There is no major overlap in trade partners beyond the U.S., suggesting limited processing-trade activity. The export market is highly concentrated, whereas imports show moderate diversification, particularly from Asia. This points to downstream dependence on the U.S. market but upstream flexibility in sourcing. The data highlights a need to expand export destinations to reduce vulnerability.

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 Q2?

Mexico's top exports in Q2 2024 were vehicles (23.36% of total exports), electrical machinery (16.88%), and industrial machinery (14.97%), collectively accounting for over half of export value.

What are the main products Mexico imports in 2024 Q2?

Electrical machinery (19.83% of imports), industrial machinery (16.53%), and vehicles (9.84%) dominated Mexico's imports, with unspecified products ("Description not available") representing 15.11%.

Which countries are the top destinations for Mexico's exports in 2024 Q2?

The United States received 41.12% of Mexico's exports, followed by Mainland China (19.50%) and Germany (3.62%). South Korea and Japan each accounted for ~3% of exports.

Which countries supply most of Mexico's imports in 2024 Q2?

The United States supplied 81.03% of Mexico's imports, far exceeding Canada (3.31%) and Mainland China (1.54%). Germany, Japan, and South Korea each contributed ~1% of imports.

How balanced are Mexico's export and import markets in 2024 Q2?

Mexico recorded a $2.42 billion trade deficit in Q2 2024, with exports ($156.44B) slightly trailing imports ($158.86B). This reversed Q1's surplus amid rising import costs and US tariff disruptions.

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