2024 Q4 Mexico Trade Data Summary: Export Growth Cools

Mexico 2024 Q4 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows exports rose 6.84% YoY in December, but momentum cooled from Q4 highs.
• Key Driver: Mexico import export data reveals U.S. dominates exports (81.25%), while imports rely on U.S. and China for machinery parts.
• Strategic Risk: Overdependence on U.S. exports and imported components exposes Mexico to demand shocks and supply chain disruptions.

Analysis covers 2024 Q4 based on sanitized customs records from the yTrade database.

Mexico 2024 Q4 Trade Data Trend Overview

• Mexico's export-driven manufacturing economy showed resilience in Q4 2024, though momentum cooled from a strong October base, as reflected in the latest Mexico global trade data.
• Exports totaled $51.92B in December, rising 6.84% year-on-year, while imports hit $49.17B, up 8.08%, indicating sustained domestic demand within the broader Mexico import export data.
• The quarter closed with a solid trade surplus of $2.75B in December, building on a positive balance from prior months despite a sequential slowdown in both export and import values.
• The moderation aligns with emerging policy uncertainty and potential front-running of tariffs, as the government proposed significant customs reforms and higher import duties on non-FTA partners to bolster domestic industry [Vittilog](https://vittilog.com/newsletter-q4-2025-outlook/).

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Mexico Trade Data

Mexico 2024 Q4 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (23%), electrical machinery (17%), and industrial machinery (17%) dominating exports. These three categories alone make up over 57% of total exports, showing a strong focus on finished goods. Imports also center on machinery and electrical equipment (38% combined), suggesting a reliance on industrial inputs. The presence of mineral fuels in both exports (4.1%) and imports (4.2%) indicates some energy trade, but it’s not the main driver. Key takeaways:

• Manufacturing dominates, with vehicles and machinery as top exports.
• High import reliance on electrical and industrial machinery parts.
• Energy trade (fuels) is balanced but minor in overall trade.

Mexico Export-Import Structural Gap

Mexico exports more finished vehicles and machinery than it imports, while importing more components (electrical and mechanical machinery parts). This points to an assembly-driven economy, where Mexico adds value by finishing goods. The overlap in HS codes (like HS 85 and 84) suggests processing trade—importing parts to assemble and re-export. However, the gap in vehicle trade (exports nearly triple imports) shows strong auto industry competitiveness. Opportunities lie in deepening local supply chains to reduce reliance on imported machinery parts.

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

Check Detailed Mexico Trade HS Code Breakdown

Mexico 2024 Q4 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.25% ($131.50B) of total shipments. Other destinations like Canada (3.07%, $4.96B) and Mainland China (1.52%, $2.46B) play minor roles, indicating a near-total reliance on the U.S. market. Imports are more diversified, though the U.S. (39.59%, $62.84B) and China (21.53%, $34.18B) dominate, followed by South Korea (3.84%, $6.10B) and Germany (3.10%, $4.92B). Key takeaways:

• Exports are U.S.-centric, with minimal diversification.
• Imports show broader sourcing, but still lean heavily on the U.S. and China.
• Regional trade is weak—no strong ties to Latin America or Europe beyond top partners.

Mexico Export–Import Geographic Gap

Mexico’s trade structure reveals a stark asymmetry: exports depend almost entirely on the U.S., while imports draw from a wider, though still concentrated, group of suppliers. The overlap of the U.S., China, South Korea, and Germany in both export and import lists suggests some processing trade, but the imbalance is clear. This points to downstream dependency (exports) and moderate upstream diversification (imports). The lack of export markets beyond North America leaves Mexico vulnerable to U.S. demand shifts.

Table: Mexico Top Destiantion & Origin Countries (Source: yTrade)

Get Complete Mexico Trading Patner Countries Profile

Frequently Asked Questions

What are the major products exported by Mexico in 2024 Q4?

The top exports from Mexico in Q4 2024 were vehicles (HS Code 87, 23.07% share), electrical machinery (HS Code 85, 16.96%), and machinery/boilers (HS Code 84, 16.93%), collectively accounting for over half of total export value.

What are the main products Mexico imports in 2024 Q4?

Mexico's primary imports were electrical machinery (HS Code 85, 21.50% share), machinery/boilers (HS Code 84, 16.77%), and unspecified goods (HS Code 99, 13.84%), with vehicles (HS Code 87) ranking fourth at 8.86%.

Which countries are the top destinations for Mexico's exports in 2024 Q4?

The United States received 39.59% of Mexico's exports, followed by Mainland China (21.53%) and South Korea (3.84%). Germany and Japan each accounted for ~3% of exports.

Which countries supply most of Mexico's imports in 2024 Q4?

81.25% of Mexico's imports originated from the United States. Canada (3.07%) and Mainland China (1.52%) were distant second and fourth suppliers, with Germany contributing 1.09%.

How balanced are Mexico's export and import markets in 2024 Q4?

Mexico maintained a trade surplus of $2.75B in December 2024, with exports ($51.92B) growing 6.84% YoY and imports ($49.17B) rising 8.08%, reflecting resilient demand despite policy uncertainties.

Detailed Monthly Report

Mexico Trade Data Snapshot 2024 OCT

Mexico Trade Data Snapshot 2024 NOV

Mexico Trade Data Snapshot 2024 DEC