2024 Whole Year Mexico Global Trade Data Summary: U.S. Dominance Risk

Mexico 2024 Trade Data Key Takeaways

• Market Trend: Mexico trade data shows balanced 4.5% growth in exports ($618B) and imports ($626B), with a slim $8.6B deficit.
• Key Driver: Mexico import export data reveals U.S. dominates 81% of exports, while imports rely on U.S. (40%) and China (21%).
• Strategic Risk: Hyper-concentration in autos/electronics exports and U.S. dependence heightens supply chain vulnerability.

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

Mexico 2024 Trade Data Overview

• As a key North American manufacturing and export hub, Mexico's 2024 global trade data reflects its strategic position in continental supply chains and its response to shifting geopolitical currents.
• Full-year Mexico import export data shows exports reaching $618.0B against imports of $626.6B, with both flows growing at a nearly identical pace of just over 4.5% year-on-year, indicating balanced, demand-driven expansion.
• This resulted in a marginal annual trade deficit of approximately $8.6B, underscoring a tightly balanced commercial relationship with its primary trading partners despite elevated import volumes.
• Trade policy shifts were a critical backdrop, as Mexico prepared to implement tariffs of 10–50% on goods from non-FTA countries like China in 2025 [PhotonPay], aligning more closely with U.S. trade strategy and potentially reshoring supply chain activity.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2024 Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), electrical machinery (HS 85), and industrial machinery (HS 84) making up over 55% of total exports. These sectors show strong specialization, but reliance on a few high-value categories raises concentration risks. Imports mirror this structure, with electrical machinery (HS 85) and industrial machinery (HS 84) also leading, suggesting integrated supply chains. Smaller shares of mineral fuels (HS 27) and agricultural products (HS 07) highlight secondary resource-based exports. Key takeaways:

• Manufacturing dominates, led by autos and electronics.
• High import-export overlap in machinery indicates processing trade.
• Limited diversification beyond top sectors poses vulnerability.

Mexico Export-Import Structural Gap

Mexico exports finished vehicles and machinery but also imports similar goods, pointing to assembly-based production. Raw materials like plastics (HS 39) and steel (HS 72) are imported for manufacturing, while fuel imports (HS 27) suggest energy gaps. The country’s trade leans on value-added exports but depends on foreign inputs. This setup offers room for industrial upgrading, especially in localizing parts production. The structural gap shows a manufacturing hub with lingering supply chain dependencies.

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

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Mexico 2024 Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated, with the United States accounting for 81.31% ($503.26B) of total shipments. The next largest destinations—Canada (3.01%, $18.61B) and Mainland China (1.47%, $9.08B)—are far behind, showing limited diversification. Imports are more balanced but still rely on the U.S. (40.29%, $252.16B) and China (20.74%, $129.79B) as primary suppliers, followed by South Korea, Germany, and Japan. Key asymmetries stand out: exports are U.S.-centric, while imports draw from a broader, though still top-heavy, group of partners.

Key Takeaways:

• Over 80% of Mexico’s exports go to the U.S., signaling extreme market dependence.
• Imports are more diversified but still dominated by the U.S. and China.
• No other export destination exceeds a 3.1% share, highlighting weak global reach.
• Top import sources include Asian manufacturing hubs (China, South Korea, Vietnam).
• Overlapping trade partners (U.S., China, Canada, Germany) suggest some two-way exchange.

Mexico Export–Import Geographic Gap

Mexico’s exports are hyper-focused on the U.S., while imports come from a wider mix of suppliers, including Asia and Europe. This suggests downstream reliance on a single market but upstream sourcing from multiple regions. The overlap with the U.S. and China in both lists points to integrated supply chains. The structure reveals a critical gap: export geography is narrow and risky, while import sources are more resilient. Trade flows lean regional (North America) for exports but global for imports.

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 Whole Year?

Mexico's top exports in 2024 were vehicles (HS Code 87, $143.40B, 23.17%), electrical machinery (HS Code 85, $104.90B, 16.95%), and industrial machinery (HS Code 84, $98.39B, 15.90%).

What are the main products Mexico imports in 2024 Whole Year?

Mexico primarily imported electrical machinery (HS Code 85, $128.89B, 20.59%), industrial machinery (HS Code 84, $101.75B, 16.26%), and vehicles (HS Code 87, $57.62B, 9.21%).

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

The U.S. was Mexico's largest export market ($252.16B, 40.29%), followed by Mainland China ($129.79B, 20.74%) and South Korea ($22.97B, 3.67%).

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

The U.S. dominated Mexico's imports ($503.26B, 81.31%), with Canada ($18.61B, 3.01%) and Mainland China ($9.08B, 1.47%) as distant secondary sources.

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

Mexico's 2024 trade was nearly balanced, with exports at $618.0B and imports at $626.6B (both growing ~4.5% YoY), resulting in a modest $8.6B deficit.