Mexico - Canada Trade 2023 Q1: Surplus & Volatility
Key Market Takeaways: Mexico - Canada Trade
The bilateral trade relationship between Mexico and Canada shows growth with notable volatility in Q1 2023.
- Economic Pulse: Mexico holds a $720M trade surplus with Canada ($3.94B exports vs. $3.22B imports), though monthly swings reveal demand instability.
- Exchange Structure: Mexico - Canada trade statistics highlight intra-industry dominance, with both nations exchanging machinery (HS 84, 85), vehicles (HS 87), and unspecified industrial inputs (HS 99).
- Strategic Interdependence: Deep supply chain integration under USMCA drives symbiotic but asymmetrical trade, with Canada supplying high-value machinery and Mexico exporting assembled goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Canada Trade Trend in Q1 2023
Mexico Export Performance: Shipments to Canada
- Total Volume: Mexico exported $3.94B worth of goods to Canada in Q1 2023.
- Growth Trend & Context:
- Exports grew 13.48% YoY in March, offsetting a sharp -22.32% YoY drop in February.
- No specific trade news or policies were cited to explain volatility.
- Key Volatility: March saw a 51.06% MoM surge, the highest monthly spike, while February recorded a -14.12% MoM decline.
Mexico Import Performance: Sourcing from Canada
- Total Volume: Mexico imported $3.22B from Canada in Q1 2023.
- Growth Trend & Context:
- Imports showed mixed YoY trends: 25.55% growth in January but -3.73% contraction in March.
- Key Volatility: March imports rose 9.68% MoM, while January saw a -17.53% MoM drop, the steepest monthly decline.
Mexico - Canada Trade Balance & Market Dynamics
- Net Position: Mexico held a trade surplus of $720M (Exports: $3.94B > Imports: $3.22B).
- Relationship Status: Mexico maintains a net exporter role with Canada, though import volatility suggests fluctuating demand for Canadian goods.
Mexico Import Trend from Canada 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 998.77M | -17.53% | 25.55% |
| Feb | 1.06B | 6.07% | 0.39% |
| Mar | 1.16B | 9.68% | -3.73% |
| Total | 3.22B | - | - |
Mexico Export Trend to Canada 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.25B | 9.2% | 30.48% |
| Feb | 1.07B | -14.12% | -22.32% |
| Mar | 1.62B | 51.06% | 13.48% |
| Total | 3.94B | - | - |
Get Historical Mexico Canada Trade Records
Mexico-Canada Top Trading Products in Q1 2023
Mexico Export Profile: What Does Mexico Sell to Canada
- Top Commodity: HS Code 99 (Unspecified goods) dominates exports to Canada, accounting for 37.41% of total export value.
- Demand Driver: The high share of HS Code 99 suggests Canada may rely on Mexico for customized or specialized industrial inputs not classified under standard categories. Other top exports (HS 87: vehicles, HS 84: machinery) indicate supply chain integration in manufacturing.
- Concentration: The top 3 categories (HS 99, 87, 84) make up 81.18% of exports, showing heavy reliance on a narrow product range.
Mexico Import Profile: What Does Mexico Buy from Canada
- Top Commodity: HS Code 99 (Unspecified goods) is also the top import from Canada, representing 26.11% of total import value.
- Dependency Nature: Imports of machinery (HS 84, 85) and vehicles (HS 87) suggest technology and industrial input dependency. HS 38 (chemicals) and HS 02 (meat) point to raw material and food supply links.
Mexico - Canada Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade dominates, with both countries exchanging similar categories (HS 99, 87, 84). This reflects deep supply chain integration, likely driven by cross-border production networks (e.g., automotive under USMCA).
- Value Chain Position: Mexico’s exports (HS 99, 87) and imports (HS 84, 85) suggest Canada holds a slight edge in high-value machinery, while Mexico supplies assembled goods (vehicles) and unspecified industrial inputs. Trade is symbiotic but asymmetrical in complexity.
Import Analysis by Product: Canada to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 840.60M | 26.11% |
| 87 | 526.00M | 16.34% |
| 84 | 324.10M | 10.06% |
| 38 | 220.87M | 6.86% |
| 85 | 191.04M | 5.93% |
| 39 | 177.29M | 5.51% |
| 02 | 150.63M | 4.68% |
| 72 | 81.61M | 2.53% |
| 73 | 71.92M | 2.23% |
| 15 | 71.88M | 2.23% |
Export Analysis by Product: Mexico to Canada (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 1.47B | 37.41% |
| 87 | 1.04B | 26.42% |
| 84 | 682.82M | 17.35% |
| 85 | 341.36M | 8.67% |
| 94 | 117.62M | 2.99% |
| 08 | 60.84M | 1.55% |
| 07 | 30.47M | 0.77% |
| 40 | 23.33M | 0.59% |
| 73 | 21.03M | 0.53% |
| 19 | 19.45M | 0.49% |
Check Detailed Mexico-Canada Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade with Canada is poised for steady growth in Q2 2023, driven by resilient supply chain integration under USMCA and recovering demand for industrial inputs. The 51.06% MoM export surge in March signals strong momentum, though volatility in February underscores the need for risk mitigation. With intra-industry trade dominating (HS 99, 87, 84), expect Canada to deepen reliance on Mexican vehicle assemblies and specialized inputs, while Mexico’s imports of Canadian machinery (HS 84, 85) will remain critical for manufacturing. However, the narrow export concentration (81.18% in top 3 categories) leaves Mexico exposed to demand shocks—diversification is urgent.
Strategic Moves
- Lock in Long-Term Contracts for HS 99 Goods: With unspecified industrial inputs (HS 99) dominating trade, Mexican exporters should secure multi-quarter agreements with Canadian buyers to stabilize revenue amid monthly volatility.
- Diversify Export Mix Beyond Vehicles (HS 87): Mexico’s overreliance on automotive exports risks disruption from supply chain bottlenecks. Prioritize expanding into secondary categories like chemicals (HS 38) or electronics (HS 85) to hedge against sectoral downturns.
- Optimize Cross-Border Logistics for JIT Deliveries: The symbiotic exchange of machinery (HS 84, 85) and vehicle parts (HS 87) demands leaner inventory systems. Invest in USMCA-aligned customs tech to reduce lead times and capitalize on Canada’s high-value machinery demand.
Frequently Asked Questions
How did Mexico - Canada trade perform in 2023 Q1?
Mexico exported $3.94B to Canada and imported $3.22B, with exports growing 13.48% YoY in March but showing volatility earlier in the quarter.
What are the top exports from Mexico to Canada?
Unspecified goods (HS Code 99), vehicles (HS 87), and machinery (HS 84) dominate, making up 81.18% of Mexico’s exports to Canada.
What does Mexico import from Canada?
Unspecified goods (HS Code 99), machinery (HS 84, 85), vehicles (HS 87), chemicals (HS 38), and meat (HS 02) are the top imports.
What is the trade balance between Mexico and Canada?
Mexico held a $720M trade surplus with Canada in Q1 2023, maintaining its role as a net exporter.
Mexico Canada Trade 2023
---

title: "Mexico - Canada Trade 2023 Whole Year: $4.62B Surplus"
description: "Mexico's trade surplus with Canada hit $4.62B in 2023, driven by auto parts and machinery. Explore Mexico Canada trade trends and top trading products with yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-canada-trade-2023.webp
create_date: 2025-12-18
update_date: 2025-12-18
author: yTrade
slug: mexico-canada-trade-2023
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 - Canada Trade 2023 Whole Year: $4.62B Surplus"
ogDescription: "Mexico's trade surplus with Canada hit $4.62B in 2023, driven by auto parts and machinery. Explore Mexico Canada trade trends and top trading products with yTrade data."
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twitterTitle: "Mexico - Canada Trade 2023 Whole Year: $4.62B Surplus"
twitterDescription: "Mexico's trade surplus with Canada hit $4.62B in 2023, driven by auto parts and machinery. Explore Mexico Canada trade trends and top trading products with yTrade data."
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---

## Key Market Takeaways: Mexico - Canada Trade  

The bilateral trade relationship between **Mexico** and **Canada** solidified Mexico's role as a net exporter with robust demand for its goods in 2023.  

- **Economic Pulse:** Mexico posted a **$4.62B trade surplus** ($17.72B exports vs. $13.10B imports), with exports outpacing imports by 35% amid volatile but strong growth.  
- **Exchange Structure:** **Mexico - Canada trade statistics** reveal **intra-industry dominance**, with both nations heavily trading vehicles/auto parts (HS 99) and machinery (HS 84, 85), reflecting deep auto sector integration.  
- **Strategic Interdependence:** The relationship thrives on **supply chain symbiosis**—Mexico leads in auto parts exports while Canada supplies critical machinery, creating mutual dependency.  

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

## Mexico-Canada Trade Trend in Whole Year 2023

### Mexico Export Performance: Shipments to Canada  
- **Total Volume:** $17.72B in 2023.  
- **Growth Trend & Context:**  
  - Exports showed strong YoY growth in most months, peaking in October (+42.69%) and December (+30.95%).  
  - Volatility was notable, with March (+51.06% MoM) and May (+43.84% MoM) seeing sharp surges, while February (-14.12% MoM) and April (-25.97% MoM) faced steep declines.  
- **Key Volatility:** March recorded the highest MoM jump (+51.06%), while April had the steepest drop (-25.97%).  

### Mexico Import Performance: Sourcing from Canada  
- **Total Volume:** $13.10B in 2023.  
- **Growth Trend & Context:**  
  - Imports were mixed YoY, with May (+19.74%) and January (+25.55%) posting gains, but December (-21.84%) and November (-7.28%) declining.  
  - MoM swings were pronounced: May (+21.87%) and August (+12.76%) rose, while June (-13.52%) and December (-11.97%) fell sharply.  
- **Key Volatility:** May saw the highest MoM increase (+21.87%), while April (-12.16%) and December (-11.97%) were the weakest.  

### Mexico - Canada Trade Balance & Market Dynamics  
- **Net Position:** Mexico held a **trade surplus of $4.62B** (Exports: $17.72B > Imports: $13.10B).  
- **Relationship Status:** Mexico solidified its role as a **net exporter** to Canada, with exports outpacing imports by 35% annually. The surplus reflects robust demand for Mexican goods despite import volatility.

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 998.77M | -17.53% | 25.55% |
| Feb | 1.06B | 6.07% | 0.39% |
| Mar | 1.16B | 9.68% | -3.73% |
| Apr | 1.02B | -12.16% | -8.55% |
| May | 1.24B | 21.87% | 19.74% |
| Jun | 1.08B | -13.52% | -10.17% |
| Jul | 1.05B | -2.44% | 2.37% |
| Aug | 1.18B | 12.76% | 5.22% |
| Sep | 1.11B | -6.06% | 4.62% |
| Oct | 1.17B | 5.53% | -0.66% |
| Nov | 1.08B | -8.35% | -7.28% |
| Dec | 946.53M | -11.97% | -21.84% |
| **Total** | **13.10B** | - | - |

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 1.25B | 9.2% | 30.48% |
| Feb | 1.07B | -14.12% | -22.32% |
| Mar | 1.62B | 51.06% | 13.48% |
| Apr | 1.20B | -25.97% | -9.94% |
| May | 1.72B | 43.84% | 30.06% |
| Jun | 1.36B | -20.79% | -1.67% |
| Jul | 1.47B | 7.6% | 27.69% |
| Aug | 1.64B | 11.72% | 12.72% |
| Sep | 1.41B | -13.85% | 12.6% |
| Oct | 1.78B | 26.13% | 42.69% |
| Nov | 1.70B | -4.68% | 26.08% |
| Dec | 1.50B | -11.99% | 30.95% |
| **Total** | **17.72B** | - | - |

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

## Mexico-Canada Top Trading Products in Whole Year 2023

### Mexico Export Profile: What Does Mexico Sell to Canada  
- **Top Commodity:** HS Code 99 (38.69% share), likely representing vehicles or auto parts.  
- **Demand Driver:** Canada imports these for industrial processing and consumer markets, reflecting deep auto sector integration.  
- **Concentration:** The top 3 exports (HS 99, 87, 84) account for 81.4% of total exports, indicating high trade concentration.  

### Mexico Import Profile: What Does Mexico Buy from Canada  
- **Top Commodity:** HS Code 99 (24.44% share), also vehicles or auto parts, suggesting reciprocal trade in the same category.  
- **Dependency Nature:** Imports are dominated by industrial goods (HS 87, 84, 85), pointing to technology and machinery reliance for manufacturing.  

### Mexico - Canada Trade Relationship Dynamics  
- **The Exchange Model:** **Intra-Industry Trade** dominates, with both countries exchanging similar HS codes (99, 87, 84) — a hallmark of supply chain integration, likely in the automotive sector.  
- **Value Chain Position:** Mexico holds a competitive position in auto parts (higher export share), but Canada supplies critical machinery (HS 84, 85), indicating mutual dependency with balanced value-add.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 3.20B | 24.44% |
| 87 | 2.29B | 17.47% |
| 84 | 1.39B | 10.61% |
| 38 | 1.00B | 7.64% |
| 85 | 817.24M | 6.24% |
| 39 | 707.04M | 5.40% |
| 02 | 623.32M | 4.76% |
| 72 | 349.05M | 2.66% |
| 73 | 285.03M | 2.18% |
| 40 | 243.18M | 1.86% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 6.86B | 38.69% |
| 87 | 5.18B | 29.22% |
| 84 | 2.39B | 13.49% |
| 85 | 1.55B | 8.77% |
| 94 | 506.39M | 2.86% |
| 08 | 278.13M | 1.57% |
| 73 | 99.32M | 0.56% |
| 19 | 97.20M | 0.55% |
| 90 | 93.58M | 0.53% |
| 07 | 88.12M | 0.50% |

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

## Future Outlook & Strategic Recommendations  

### Forecast  
The Mexico-Canada trade relationship is poised for sustained growth in 2024, driven by deep integration in the automotive sector and resilient demand for industrial goods. With Mexico maintaining a $4.62B surplus and intra-industry trade dominating, supply chain efficiency will remain critical. However, volatility in monthly shipments—particularly in HS Code 99 (vehicles/auto parts)—calls for proactive risk management. Expect further expansion in bilateral trade, but exporters must prepare for potential disruptions from shifting demand or logistics bottlenecks.  

### Strategic Moves  
- **Diversify Export Markets:** While auto parts (HS 99) dominate Mexico’s exports to Canada, traders should explore opportunities in secondary HS codes (e.g., machinery, electronics) to reduce overreliance on a single commodity.  
- **Optimize Cross-Border Logistics:** Given the sharp MoM swings in trade volumes, firms must adopt agile inventory strategies, such as JIT systems, to align with Canada’s industrial demand cycles.  
- **Lock In Long-Term Contracts:** For critical imports like machinery (HS 84, 85), Mexican manufacturers should secure fixed-price agreements to hedge against supply chain volatility and input cost fluctuations.

## Frequently Asked Questions

### How did Mexico - Canada trade perform in 2023 Whole Year?  
Mexico exported $17.72B to Canada and imported $13.10B, with strong YoY export growth and mixed import performance.  

### What are the top exports from Mexico to Canada?  
The top exports are HS Code 99 (vehicles/auto parts), HS 87, and HS 84, accounting for 81.4% of total exports.  

### What does Mexico import from Canada?  
Mexico primarily imports HS Code 99 (vehicles/auto parts), along with industrial goods like machinery (HS 84, 85) from Canada.  

### What is the trade balance between Mexico and Canada?  
Mexico held a trade surplus of $4.62B with Canada in 2023, reflecting robust demand for Mexican goods.
Mexico - Canada Trade 2023 Q2: Surplus & Volatility
Mexico's $0.95B trade surplus with Canada in Q2 2023 highlights volatile trends. Explore Mexico Canada trade trends and top trading products like vehicles and machinery via yTrade data.
