Mexico - Brazil Trade 2023 Whole Year: $9.1B Deficit & Volatility

Mexico's 2023 trade with Brazil saw a $9.1B deficit amid volatility. Explore Mexico Brazil trade trends, top trading products, and insights via yTrade data.

Key Market Takeaways: Mexico - Brazil Trade

The bilateral trade relationship between Mexico and Brazil is marked by growth, volatility, and a significant trade deficit in 2023.

  • Economic Pulse: Mexico posted a $9.1B trade deficit with Brazil, importing $13.42B (mostly industrial inputs) while exporting just $4.32B. Volatility was high, with sharp monthly swings in both directions.
  • Exchange Structure: Intra-industry trade dominates, with both nations exchanging similar categories (HS 99, 87, 84, 85), suggesting deep supply chain integration—likely in automotive or machinery sectors. Mexico’s exports are more diversified than Brazil’s.
  • Strategic Interdependence: Brazil holds a stronger value-add position, but the high share of intermediate goods signals tight industrial collaboration, not just commodity dependence.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Mexico-Brazil Trade Trend in Whole Year 2023

Mexico Export Performance: Shipments to Brazil

  • Total Volume: $4.32B in exports to Brazil in 2023.
  • Growth Trend & Context:
    • YoY growth was mixed, with sharp declines in June (-14.47%), July (-14.7%), and December (-17.61%).
    • August saw a notable 34.38% MoM surge, the highest monthly spike.
  • Key Volatility: November recorded the steepest MoM drop (-28.5%), while August was the strongest month.

Mexico Import Performance: Sourcing from Brazil

  • Total Volume: $13.42B in imports from Brazil in 2023.
  • Growth Trend & Context:
    • YoY growth was volatile, peaking in July (+36.38%) but turning negative in June (-3.71%), August (-4.53%), November (-11.58%), and December (-2.91%).
  • Key Volatility: March had the highest MoM increase (+31.17%), while February and November saw steep declines (-17.48% and -15.02%, respectively).

Mexico - Brazil Trade Balance & Market Dynamics

  • Net Position: Mexico ran a trade deficit of $9.1B with Brazil (Imports $13.42B > Exports $4.32B).
  • Relationship Status: Mexico is heavily dependent on Brazilian imports, with imports over three times export volumes.

Mexico Import Trend from Brazil 2023 Whole Year (Source: yTrade)**

MonthValueMoMYoY
Jan1.04B4.8%31.55%
Feb856.81M-17.48%28.66%
Mar1.12B31.17%18.49%
Apr1.31B16.66%29.43%
May1.29B-1.38%33.2%
Jun1.22B-5.79%-3.71%
Jul1.27B4.34%36.38%
Aug1.15B-9.57%-4.53%
Sep1.20B4.78%8.59%
Oct1.08B-10.63%3.18%
Nov914.71M-15.02%-11.58%
Dec961.99M5.17%-2.91%
Total13.42B--

Mexico Export Trend to Brazil 2023 Whole Year (Source: yTrade)**

MonthValueMoMYoY
Jan311.65M-12.85%34.6%
Feb373.17M19.74%21.27%
Mar383.26M2.7%6.8%
Apr300.66M-21.55%-6.39%
May348.07M15.77%-7.5%
Jun323.24M-7.13%-14.47%
Jul317.64M-1.73%-14.7%
Aug426.83M34.38%5.1%
Sep407.95M-4.42%0.08%
Oct484.91M18.87%14.77%
Nov346.71M-28.5%3.01%
Dec294.62M-15.02%-17.61%
Total4.32B--

Get Historical Mexico Brazil Trade Records

Mexico-Brazil Top Trading Products in Whole Year 2023

Mexico Export Profile: What Does Mexico Sell to Brazil

  • Top Commodity: HS Code 99 (37.08% share).
  • Demand Driver: Brazil likely uses these for industrial processing, given the high share of intermediate goods (HS 87, 85, 84).
  • Concentration: Trade is moderately concentrated, with the top two exports (HS 99 and 87) accounting for 70.03% of total exports.

Mexico Import Profile: What Does Mexico Buy from Brazil

  • Top Commodity: HS Code 99 (55.11% share).
  • Dependency Nature: Likely a mix of industrial inputs and consumer goods, with HS 99 dominating imports.

Mexico - Brazil Trade Relationship Dynamics

  • The Exchange Model: Intra-Industry Trade, as both sides exchange similar categories (HS 99, 87, 84, 85). This suggests deep supply chain integration, possibly in automotive or machinery sectors.
  • Value Chain Position: Brazil holds a slightly higher value-add position, given its larger share of HS 99 exports (55.11% vs. Mexico's 37.08%). Mexico's exports are more diversified, indicating a balanced but less dominant role.

Import Analysis by Product: Brazil to Mexico (Source: yTrade)

HS CodeValuePercent
997.40B55.11%
871.88B14.00%
84935.83M6.97%
12684.57M5.10%
02417.72M3.11%
44269.91M2.01%
40212.50M1.58%
85202.76M1.51%
41161.86M1.21%
30126.76M0.94%

Export Analysis by Product: Mexico to Brazil (Source: yTrade)

HS CodeValuePercent
991.60B37.08%
871.42B32.95%
85456.19M10.56%
84317.19M7.34%
30103.32M2.39%
7698.79M2.29%
9051.26M1.19%
7450.92M1.18%
4033.40M0.77%
3933.14M0.77%

Check Detailed Mexico-Brazil Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Mexico-Brazil trade relationship is expected to remain volatile in the near term, with Mexico’s $9.1B deficit likely persisting due to structural imbalances. While intra-industry trade (notably in HS 99, 87, and 84) signals deep supply chain integration, Brazil’s dominance in high-value exports (55.11% share of HS 99) suggests Mexico must aggressively diversify its export mix to rebalance the relationship. Seasonal spikes (e.g., August’s 34.38% export surge) indicate pockets of opportunity, but traders should brace for continued YoY fluctuations, particularly in industrial inputs.

Strategic Moves

  • Diversify Export Markets: Mexican exporters must reduce reliance on Brazil by targeting alternative Latin American markets for HS 87 (vehicles/parts) and HS 85 (electrical machinery), leveraging existing trade agreements to offset deficit risks.
  • Optimize Supply Chain Timing: Given the MoM volatility (e.g., -28.5% drops in November), importers should adopt just-in-time inventory strategies for Brazilian-sourced HS 99 goods to avoid overstocking during downturns.
  • Negotiate Long-Term Contracts: Lock in pricing for critical Brazilian imports (e.g., HS 99 commodities) during low-demand periods (February, November) to mitigate cost spikes during Brazil’s export surges (+36.38% in July).

Frequently Asked Questions

How did Mexico - Brazil trade perform in 2023 Whole Year?

Mexico exported $4.32B to Brazil and imported $13.42B, with mixed YoY growth and notable volatility in monthly trade volumes.

What are the top exports from Mexico to Brazil?

The top exports were HS Code 99 (37.08% share) and HS Code 87, together accounting for 70.03% of Mexico's exports to Brazil.

What does Mexico import from Brazil?

Mexico's top import from Brazil was HS Code 99 (55.11% share), indicating a heavy reliance on this commodity category.

What is the trade balance between Mexico and Brazil?

Mexico had a trade deficit of $9.1B with Brazil in 2023, as imports were over three times higher than exports.

Mexico Beer HS220300 Export Data 2025 September Overview

Mexico Beer (HS Code 220300) Export to the U.S. dominates 90% of volume and value, with regional and European markets needing tailored strategies, per yTrade data.

Mexico Brazil Trade 2023 Q1

---

title: "Mexico - Brazil Trade 2023 Q1: Widening Deficit"
description: "Mexico's trade deficit with Brazil hit $1.95B in Q1 2023, driven by industrial imports. Explore Mexico Brazil trade trends and top trading products via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-brazil-trade-2023-q1.webp
create_date: 2023-04-01
update_date: 2023-04-01
author: yTrade
slug: mexico-brazil-trade-2023-q1
category: Import and Export Data
category_slug: import-and-export-data
sub_category: Country Trade Reports
sub_category_slug: country-trade-reports
tags:
- id: 7
  label: "Import Export Data"
  slug: import-export-data
- id: 12
  label: "Mexico"
  slug: mexico
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ogTitle: "Mexico - Brazil Trade 2023 Q1: Widening Deficit"
ogDescription: "Mexico's trade deficit with Brazil hit $1.95B in Q1 2023, driven by industrial imports. Explore Mexico Brazil trade trends and top trading products via yTrade data."
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twitterCard: summary
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twitterTitle: "Mexico - Brazil Trade 2023 Q1: Widening Deficit"
twitterDescription: "Mexico's trade deficit with Brazil hit $1.95B in Q1 2023, driven by industrial imports. Explore Mexico Brazil trade trends and top trading products via yTrade data."
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---

## Key Market Takeaways: Mexico - Brazil Trade  

The bilateral trade relationship between **Mexico** and **Brazil** is marked by a widening deficit and volatile growth in Q1 2023.  

- **Economic Pulse:** Mexico posted a **$1.95B trade deficit** with Brazil, driven by imports ($3.02B) nearly triple exports ($1.07B). Import growth outpaced exports, despite deceleration in both.  
- **Exchange Structure:** Mexico - Brazil trade statistics reveal a **resource-for-tech complementarity**—Mexico ships industrial inputs (HS 87, 85, 84) while relying heavily on a single Brazilian export (HS 99 at 65.51% share).  
- **Strategic Interdependence:** High import concentration suggests critical dependency, while Mexico’s diversified exports indicate weaker leverage.  

This bilateral trade snapshot is based on verified customs data from the [yTrade database](https://ytrade.com/data-sources).

## Mexico-Brazil Trade Trend in Q1 2023

### Mexico Export Performance: Shipments to Brazil  
- **Total Volume:** $1.07B in Q1 2023.  
- **Growth Trend & Context:**  
  - YoY growth remained positive but decelerated sharply from 34.6% in January to 6.8% in March.  
  - February saw a 19.74% MoM rebound after a 12.85% drop in January, but momentum faded in March (+2.7% MoM).  
- **Key Volatility:** February marked the highest MoM surge (+19.74%), while January had the steepest contraction (-12.85%).  

### Mexico Import Performance: Sourcing from Brazil  
- **Total Volume:** $3.02B in Q1 2023.  
- **Growth Trend & Context:**  
  - YoY growth was robust but volatile, peaking at 31.55% in January before halving to 18.49% by March.  
  - MoM swings were extreme: a 31.17% surge in March followed a 17.48% plunge in February.  
- **Key Volatility:** March recorded the highest monthly value ($1.12B) and MoM jump (+31.17%), while February was the weakest ($856.81M).  

### Mexico - Brazil Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **$1.95B trade deficit** with Brazil (Imports $3.02B > Exports $1.07B).  
- **Relationship Status:** Heavy reliance on Brazilian imports, with inbound shipments nearly triple exports. The deficit widened from 2022 trends given stronger import growth (+28.66% YoY peak) versus export deceleration.

### Mexico Import Trend from Brazil 2023 Q1 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 1.04B | 4.8% | 31.55% |
| Feb | 856.81M | -17.48% | 28.66% |
| Mar | 1.12B | 31.17% | 18.49% |
| **Total** | **3.02B** | - | - |

### Mexico Export Trend to Brazil 2023 Q1 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 311.65M | -12.85% | 34.6% |
| Feb | 373.17M | 19.74% | 21.27% |
| Mar | 383.26M | 2.7% | 6.8% |
| **Total** | **1.07B** | - | - |

[Get Historical Mexico Brazil Trade Records](https://ytrade.com/country-coverage)

## Mexico-Brazil Top Trading Products in Q1 2023

### Mexico Export Profile: What Does Mexico Sell to Brazil  
- **Top Commodity:** HS Code 99 (36.97% share).  
- **Demand Driver:** Brazil likely uses these for industrial processing, given the high share of intermediate goods (HS 87, 85, 84).  
- **Concentration:** Trade is moderately concentrated, with the top commodity (HS 99) accounting for 36.97% of exports.  

### Mexico Import Profile: What Does Mexico Buy from Brazil  
- **Top Commodity:** HS Code 99 (65.51% share).  
- **Dependency Nature:** High concentration in a single category (HS 99 at 65.51%) suggests a critical dependency, possibly for energy security or raw materials.  

### Mexico - Brazil Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports intermediate goods (HS 87, 85, 84) to Brazil while importing a dominant raw material or energy product (HS 99).  
- **Value Chain Position:** Brazil holds the higher value-add position, as Mexico's exports are more diversified across industrial inputs, while Brazil's exports are heavily concentrated in a single category.

### Import Analysis by Product: Brazil to Mexico (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 1.98B | 65.51% |
| 87 | 271.08M | 8.98% |
| 84 | 225.91M | 7.48% |
| 44 | 57.45M | 1.90% |
| 72 | 51.97M | 1.72% |
| 40 | 49.95M | 1.65% |
| 85 | 42.64M | 1.41% |
| 41 | 42.58M | 1.41% |
| 04 | 37.02M | 1.23% |
| 30 | 31.01M | 1.03% |

### Export Analysis by Product: Mexico to Brazil (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 394.85M | 36.97% |
| 87 | 308.43M | 28.88% |
| 85 | 115.66M | 10.83% |
| 84 | 82.03M | 7.68% |
| 30 | 36.56M | 3.42% |
| 76 | 33.82M | 3.17% |
| 74 | 22.27M | 2.09% |
| 90 | 14.82M | 1.39% |
| 40 | 11.32M | 1.06% |
| 39 | 11.00M | 1.03% |

[Check Detailed Mexico-Brazil Trade HS Code Breakdown](https://ytrade.com/hs-code-coverage)

## Future Outlook & Strategic Recommendations  

### Forecast for Mexico-Brazil Trade  
The Mexico-Brazil trade relationship is likely to face **moderate growth with persistent volatility** in Q2 2023. While Brazil’s demand for Mexican industrial inputs (HS 87, 85, 84) remains steady, the sharp deceleration in Mexico’s export growth signals softening momentum. Meanwhile, Mexico’s heavy reliance on Brazilian raw materials (HS 99) will sustain the trade deficit, especially if import prices remain elevated. Traders should prepare for **asymmetric swings**, with Brazilian shipments continuing to dominate Mexico’s inbound trade.  

### Strategic Moves for Mexican Stakeholders  
- **Diversify Import Sources:** Reduce dependency on Brazil’s HS 99 dominance by exploring alternative suppliers in Latin America or North America to mitigate price volatility.  
- **Lock in Export Contracts:** Mexican exporters of industrial goods should secure long-term agreements with Brazilian buyers to stabilize revenue streams amid slowing growth.  
- **Monitor Currency Risks:** With trade flows heavily skewed toward imports, Mexican firms must hedge against BRL-MXN fluctuations to protect margins on high-volume purchases.

## Frequently Asked Questions

### How did Mexico - Brazil trade perform in 2023 Q1?  
Mexico's exports to Brazil totaled $1.07B, with YoY growth decelerating sharply. Imports from Brazil reached $3.02B, showing robust but volatile growth.  

### What are the top exports from Mexico to Brazil?  
Mexico's top exports to Brazil include intermediate goods under HS Codes 87, 85, and 84, with HS Code 99 accounting for 36.97% of total exports.  

### What does Mexico import from Brazil?  
Mexico's imports from Brazil are heavily concentrated in HS Code 99, which makes up 65.51% of total imports, likely raw materials or energy products.  

### What is the trade balance between Mexico and Brazil?  
Mexico recorded a $1.95B trade deficit with Brazil in Q1 2023, as imports nearly tripled exports, widening the gap from 2022 trends.

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