Mexico - Brazil Trade 2023 Q2: Widening Deficit
Key Market Takeaways: Mexico - Brazil Trade
The bilateral trade relationship between Mexico and Brazil is marked by a widening trade deficit and volatile demand shifts in Q2 2023.
- Economic Pulse: Mexico posted a $2.85B trade deficit with Brazil, driven by $3.82B in imports (mixed YoY growth) against $971.97M in exports (persistent YoY declines).
- Exchange Structure: Mexico - Brazil trade statistics reveal intra-industry supply chain integration, with both nations exchanging similar categories (HS 99, 87, 84)—likely automotive or machinery components.
- Strategic Interdependence: Brazil dominates as a supplier, but Mexico holds a slight edge in higher-value exports (e.g., HS 85, 90), signaling asymmetric but interconnected industrial ties.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Brazil Trade Trend in Q2 2023
Mexico Export Performance: Shipments to Brazil
- Total Volume: $971.97M in Q2 2023.
- Growth Trend & Context: YoY decline persisted across all months (-6.39% in Apr, -7.5% in May, -14.47% in Jun), signaling weakening demand or competitive shifts. No news to contextualize.
- Key Volatility: May saw a 15.77% MoM rebound, but June’s -7.13% drop erased gains.
Mexico Import Performance: Sourcing from Brazil
- Total Volume: $3.82B in Q2 2023.
- Growth Trend & Context: Mixed YoY performance—29.43% surge in April, 33.2% in May, but a -3.71% contraction in June. Volatility suggests supply chain adjustments.
- Key Volatility: April’s 16.66% MoM jump contrasted with June’s -5.79% decline.
Mexico - Brazil Trade Balance & Market Dynamics
- Net Position: Mexico ran a $2.85B trade deficit with Brazil (Imports $3.82B > Exports $971.97M).
- Relationship Status: Heavy import reliance, with Brazil maintaining a dominant supplier role. The deficit widened YoY due to export declines.
Mexico Import Trend from Brazil 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 1.31B | 16.66% | 29.43% |
| May | 1.29B | -1.38% | 33.2% |
| Jun | 1.22B | -5.79% | -3.71% |
| Total | 3.82B | - | - |
Mexico Export Trend to Brazil 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 300.66M | -21.55% | -6.39% |
| May | 348.07M | 15.77% | -7.5% |
| Jun | 323.24M | -7.13% | -14.47% |
| Total | 971.97M | - | - |
Get Historical Mexico Brazil Trade Records
Mexico-Brazil Top Trading Products in Q2 2023
Mexico Export Profile: What Does Mexico Sell to Brazil
- Top Commodity: HS Code 99 (38.80% share).
- Demand Driver: Brazil likely uses these for industrial processing, given the high share of intermediate goods (HS 87, 85, 84).
- Concentration: The top two exports (HS 99 and 87) dominate with 70.19% combined share, indicating high trade concentration.
Mexico Import Profile: What Does Mexico Buy from Brazil
- Top Commodity: HS Code 99 (48.19% share).
- Dependency Nature: Likely a mix of industrial inputs and consumer goods, given the presence of HS 87 (vehicles/parts) and HS 12 (agricultural products).
Mexico - Brazil Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade. Both sides trade similar categories like HS 99, 87, and 84, suggesting supply chain integration, possibly in automotive or machinery sectors.
- Value Chain Position: Mexico holds a slight edge in higher-value exports (HS 85, 90) compared to Brazil’s raw-material-heavy imports (HS 12, 02).
Import Analysis by Product: Brazil to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 1.84B | 48.19% |
| 87 | 636.13M | 16.64% |
| 12 | 418.51M | 10.95% |
| 84 | 242.19M | 6.34% |
| 02 | 123.91M | 3.24% |
| 44 | 108.34M | 2.83% |
| 40 | 55.95M | 1.46% |
| 41 | 44.26M | 1.16% |
| 85 | 42.02M | 1.10% |
| 30 | 37.35M | 0.98% |
Export Analysis by Product: Mexico to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 377.16M | 38.80% |
| 87 | 305.13M | 31.39% |
| 85 | 107.68M | 11.08% |
| 84 | 79.75M | 8.20% |
| 76 | 19.59M | 2.02% |
| 90 | 13.50M | 1.39% |
| 83 | 8.00M | 0.82% |
| 40 | 7.64M | 0.79% |
| 30 | 7.39M | 0.76% |
| 39 | 7.27M | 0.75% |
Check Detailed Mexico-Brazil Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade deficit with Brazil is likely to persist in Q3 2023, driven by weakening export demand and sustained import reliance. The volatile YoY performance in imports—surges in April-May followed by a June contraction—suggests supply chain recalibration, while Mexico’s declining exports signal eroding competitiveness or shifting Brazilian demand. However, the intra-industry trade structure (HS 99, 87, 84) indicates potential for recovery if Mexico capitalizes on higher-value exports (HS 85, 90) to offset Brazil’s raw-material dominance. Traders should brace for near-term turbulence but monitor Brazil’s industrial activity for rebound signals.
Strategic Moves
- Diversify Export Markets: Mexican exporters must reduce dependence on Brazil by targeting other Latin American or North American buyers for HS 99 and 87 goods, mitigating concentration risk.
- Lock in Input Costs: Importers of Brazilian intermediate goods (HS 99, 12) should secure fixed-price contracts to hedge against supply chain volatility and currency fluctuations.
- Optimize Supply Chains: Firms in automotive/machinery sectors (HS 84, 87) must adopt JIT inventory systems to align with Brazil’s erratic import patterns and minimize warehousing costs.
Frequently Asked Questions
How did Mexico - Brazil trade perform in 2023 Q2?
Mexico's exports to Brazil declined YoY (-6.39% to -14.47%), totaling $971.97M, while imports from Brazil surged in April-May but dropped in June, reaching $3.82B.
What are the top exports from Mexico to Brazil?
HS Code 99 (38.80% share) and HS Code 87 dominate Mexico's exports to Brazil, together accounting for 70.19% of total shipments, indicating high trade concentration.
What does Mexico import from Brazil?
HS Code 99 (48.19% share) is the top import, followed by HS 87 (vehicles/parts) and HS 12 (agricultural products), reflecting a mix of industrial and consumer goods.
What is the trade balance between Mexico and Brazil?
Mexico ran a $2.85B trade deficit with Brazil in Q2 2023, with the gap widening due to declining exports and strong import demand.
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
sitemap:
  loc: /mexico-brazil-trade-2023-q1
  lastmod: 2023-04-01
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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."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-brazil-trade-2023-q1.webp
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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.
Mexico - Brazil Trade 2023 Q3: Trade Deficit & Industrial Ties
Mexico's Q3 2023 trade deficit with Brazil hit $2.47B, driven by industrial supply chain integration. Explore Mexico-Brazil trade trends and top trading products via yTrade data.
