Mexico - Canada Trade 2024 Q1: $570M Surplus
Key Market Takeaways: Mexico - Canada Trade
The bilateral trade relationship between Mexico and Canada shows growth with high volatility in Q1 2024.
- Mexico holds a $570M trade surplus, with $3.81B in exports to Canada offset by $3.24B in imports—highlighting uneven but net-positive trade flows.
- Mexico - Canada trade statistics reveal deep supply chain integration, with both sides exchanging vehicles (HS 87), machinery (HS 84), and unspecified goods (HS 99), indicating intertwined industrial demand.
- Strategic interdependence is strong, as Canada supplies high-value manufacturing inputs while Mexico’s exports remain concentrated but less specialized.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Canada Trade Trend in Q1 2024
Mexico Export Performance: Shipments to Canada
- Total Volume: $3.81B in Q1 2024.
- Growth Trend & Context: Mixed YoY performance—February surged (+32.13%), but March plummeted (-23.58%). No news to contextualize shifts.
- Key Volatility: February saw the highest MoM growth (+22.41%), while March had the sharpest drop (-12.63%).
Mexico Import Performance: Sourcing from Canada
- Total Volume: $3.24B in Q1 2024.
- Growth Trend & Context: February imports spiked YoY (+16.2%), but January and March declined (-10.87% and -3.46%, respectively). No news to explain fluctuations.
- Key Volatility: February recorded the highest MoM jump (+38.28%), while January had the steepest fall (-5.95%).
Mexico - Canada Trade Balance & Market Dynamics
- Net Position: Mexico holds a trade surplus of $570M (Exports: $3.81B > Imports: $3.24B).
- Relationship Status: Mexico maintains a net exporter role, though volatility in both directions suggests uneven demand or supply chain adjustments.
Mexico Import Trend from Canada 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 890.23M | -5.95% | -10.87% |
| Feb | 1.23B | 38.28% | 16.2% |
| Mar | 1.12B | -8.87% | -3.46% |
| Total | 3.24B | - | - |
Mexico Export Trend to Canada 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.16B | -22.69% | -7.3% |
| Feb | 1.42B | 22.41% | 32.13% |
| Mar | 1.24B | -12.63% | -23.58% |
| Total | 3.81B | - | - |
Get Historical Mexico Canada Trade Records
Mexico-Canada Top Trading Products in Q1 2024
Mexico Export Profile: What Does Mexico Sell to Canada
- Top Commodity: Rank #1 Export is HS Code 99 (Unspecified Goods) with a 34.44% share.
- Demand Driver: Canada likely imports these goods for industrial processing or as intermediates in supply chains.
- Concentration: The top 3 exports (HS 99, 87, 84) account for 76.21% of total exports, indicating high trade concentration.
Mexico Import Profile: What Does Mexico Buy from Canada
- Top Commodity: Rank #1 Import is HS Code 87 (Vehicles) with a 17.21% share.
- Dependency Nature: Imports of vehicles and machinery (HS 84, 85) suggest a reliance on Canada for critical manufacturing inputs.
Mexico - Canada Trade Relationship Dynamics
- The Exchange Model: Deep Supply Chain Integration dominates, with both sides trading similar categories like vehicles (HS 87), machinery (HS 84), and electrical equipment (HS 85).
- Value Chain Position: Canada holds a slightly higher value-add position, given its exports of vehicles and machinery, while Mexico's top exports (HS 99) are less specialized.
Import Analysis by Product: Canada to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 558.27M | 17.21% |
| 99 | 515.88M | 15.91% |
| 84 | 490.07M | 15.11% |
| 38 | 265.92M | 8.20% |
| 85 | 213.33M | 6.58% |
| 39 | 204.52M | 6.31% |
| 02 | 152.46M | 4.70% |
| 72 | 113.04M | 3.49% |
| 76 | 77.63M | 2.39% |
| 73 | 71.70M | 2.21% |
Export Analysis by Product: Mexico to Canada (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 1.31B | 34.44% |
| 87 | 1.09B | 28.54% |
| 84 | 503.73M | 13.23% |
| 85 | 344.06M | 9.04% |
| 94 | 125.36M | 3.29% |
| 08 | 77.58M | 2.04% |
| 30 | 56.37M | 1.48% |
| 90 | 44.03M | 1.16% |
| 07 | 35.80M | 0.94% |
| 73 | 25.07M | 0.66% |
Check Detailed Mexico-Canada Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico-Canada Trade
The Mexico-Canada trade relationship is poised for continued volatility in Q2 2024, driven by uneven demand and supply chain adjustments. While Mexico maintains a trade surplus, the sharp fluctuations in both exports and imports suggest underlying instability, possibly tied to industrial cycles or inventory corrections. The deep supply chain integration, particularly in vehicles (HS 87) and machinery (HS 84), will likely sustain trade volumes, but exporters should brace for sporadic demand shifts. Without mitigating actions, the current volatility could erode margins for businesses on both sides.
Strategic Moves for Traders & Policymakers
- Diversify Export Markets: Mexican exporters should reduce reliance on Canada for high-concentration goods (HS 99, 87, 84) by targeting new markets to buffer against demand swings.
- Optimize Supply Chain Agility: Firms engaged in cross-border trade must adopt just-in-time inventory systems and flexible logistics to navigate MoM volatility, especially in vehicle and machinery sectors.
- Lock In Long-Term Contracts: Canadian suppliers of critical manufacturing inputs (HS 87, 84) should secure multi-quarter agreements with Mexican buyers to stabilize revenue amid erratic import patterns.
Frequently Asked Questions
How did Mexico - Canada trade perform in 2024 Q1?
Mexico exported $3.81B and imported $3.24B from Canada in Q1 2024, with mixed YoY growth—February surges offset by March declines.
What are the top exports from Mexico to Canada?
Top exports include HS Code 99 (Unspecified Goods, 34.44%), vehicles (HS 87), and machinery (HS 84), accounting for 76.21% of total exports.
What does Mexico import from Canada?
Top imports are vehicles (HS 87, 17.21%), machinery (HS 84), and electrical equipment (HS 85), reflecting reliance on Canadian manufacturing inputs.
What is the trade balance between Mexico and Canada?
Mexico holds a trade surplus of $570M (exports > imports), maintaining its net exporter role despite volatile monthly trends.
Mexico Canada Trade 2024
---

title: "Mexico - Canada Trade 2024 Whole Year: $5.73B Surplus"
description: "Mexico's $5.73B trade surplus with Canada highlights 2024 trends, with HS 87 vehicles and HS 99 goods dominating Mexico Canada trade trends. Data via yTrade."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-canada-trade-2024.webp
create_date: 2025-12-18
update_date: 2025-12-18
author: yTrade
slug: mexico-canada-trade-2024
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 2024 Whole Year: $5.73B Surplus"
ogDescription: "Mexico's $5.73B trade surplus with Canada highlights 2024 trends, with HS 87 vehicles and HS 99 goods dominating Mexico Canada trade trends. Data via yTrade."
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twitterTitle: "Mexico - Canada Trade 2024 Whole Year: $5.73B Surplus"
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---

## Key Market Takeaways: Mexico - Canada Trade  

The bilateral trade relationship between **Mexico** and **Canada** shows growth with high volatility in 2024.  

- **Mexico holds a $5.73B surplus**, exporting $18.61B to Canada while importing $12.88B, reflecting a 44.5% export dominance.  
- **Mexico - Canada trade statistics reveal intra-industry exchange**, with both nations heavily trading HS 99 (unclassified/processed goods) and vehicles (HS 87), signaling deep supply chain integration, likely in automotive/manufacturing.  
- **Strategic interdependence is strong**, with Canada supplying higher-value machinery/pharmaceuticals while Mexico exports bulk/processed goods, reinforcing complementary economic roles.  

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 2024

### Mexico Export Performance: Shipments to Canada  
- **Total Volume:** $18.61B in 2024.  
- **Growth Trend & Context:**  
  - Mixed YoY performance, with sharp spikes (Feb: +32.13%, Apr: +45.85%) and steep declines (Mar: -23.58%, Dec: -8.05%).  
  - No specific trade news to contextualize trends.  
- **Key Volatility:** April saw the highest MoM surge (+41.29%), while December recorded the steepest MoM drop (-18.92%).  

### Mexico Import Performance: Sourcing from Canada  
- **Total Volume:** $12.88B in 2024.  
- **Growth Trend & Context:**  
  - YoY fluctuations ranged from severe contractions (Sep: -25.81%) to robust growth (Apr: +17.85%).  
- **Key Volatility:** October posted the highest MoM jump (+50.92%), while September had the steepest decline (-24.81%).  

### Mexico - Canada Trade Balance & Market Dynamics  
- **Net Position:** Mexico holds a **trade surplus of $5.73B** ($18.61B exports vs. $12.88B imports).  
- **Relationship Status:** Mexico maintains a strong net exporter role, with exports outpacing imports by 44.5%.

### Mexico Import Trend from Canada 2024 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 890.23M | -5.95% | -10.87% |
| Feb | 1.23B | 38.28% | 16.2% |
| Mar | 1.12B | -8.87% | -3.46% |
| Apr | 1.20B | 7.22% | 17.85% |
| May | 1.17B | -2.8% | -6.01% |
| Jun | 1.03B | -11.99% | -4.35% |
| Jul | 1.01B | -2.26% | -4.18% |
| Aug | 1.10B | 9.08% | -7.3% |
| Sep | 824.73M | -24.81% | -25.81% |
| Oct | 1.24B | 50.92% | 6.09% |
| Nov | 1.03B | -17.27% | -4.24% |
| Dec | 1.03B | 0.03% | 8.82% |
| **Total** | **12.88B** | - | - |

### Mexico Export Trend to Canada 2024 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 1.16B | -22.69% | -7.3% |
| Feb | 1.42B | 22.41% | 32.13% |
| Mar | 1.24B | -12.63% | -23.58% |
| Apr | 1.75B | 41.29% | 45.85% |
| May | 1.79B | 2.32% | 3.75% |
| Jun | 1.64B | -8.14% | 20.32% |
| Jul | 1.66B | 1.0% | 12.94% |
| Aug | 1.56B | -6.0% | -4.97% |
| Sep | 1.45B | -7.11% | 2.46% |
| Oct | 1.89B | 30.8% | 6.24% |
| Nov | 1.70B | -10.46% | -0.2% |
| Dec | 1.38B | -18.92% | -8.05% |
| **Total** | **18.61B** | - | - |

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

## Mexico-Canada Top Trading Products in Whole Year 2024

### Mexico Export Profile: What Does Mexico Sell to Canada  
- **Top Commodity:** HS Code 99 (37.80% share). This is likely "Special Classification Provisions" or unclassified goods, indicating a mix of re-exports or processed items.  
- **Demand Driver:** Canada imports these goods for industrial processing or consumer market needs, given the high share of HS 99 and 87 (vehicles).  
- **Concentration:** The top two categories (HS 99 and 87) dominate with 68.12% combined share, showing heavy reliance on a narrow export basket.  

### Mexico Import Profile: What Does Mexico Buy from Canada  
- **Top Commodity:** HS Code 99 (17.15% share), again suggesting unclassified or re-exported goods, followed by vehicles (HS 87) and machinery (HS 84).  
- **Dependency Nature:** Imports are split between industrial inputs (machinery, chemicals) and consumer goods, indicating a mix of technology and market-driven demand.  

### Mexico - Canada Trade Relationship Dynamics  
- **The Exchange Model:** **Intra-Industry Trade.** Both sides exchange similar categories (HS 99, 87, 84, 85), pointing to deep supply chain integration, likely in automotive or manufacturing sectors.  
- **Value Chain Position:** Canada holds a slight edge in higher-value exports (e.g., machinery, pharmaceuticals), while Mexico’s exports are more concentrated in bulk or processed goods.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 2.21B | 17.15% |
| 87 | 2.09B | 16.24% |
| 84 | 1.89B | 14.69% |
| 85 | 867.11M | 6.73% |
| 38 | 816.47M | 6.34% |
| 39 | 796.54M | 6.19% |
| 02 | 670.68M | 5.21% |
| 76 | 396.95M | 3.08% |
| 72 | 384.26M | 2.98% |
| 73 | 267.61M | 2.08% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 7.04B | 37.80% |
| 87 | 5.64B | 30.32% |
| 84 | 2.15B | 11.57% |
| 85 | 1.55B | 8.32% |
| 94 | 553.41M | 2.97% |
| 08 | 338.16M | 1.82% |
| 30 | 180.50M | 0.97% |
| 19 | 125.47M | 0.67% |
| 90 | 119.23M | 0.64% |
| 07 | 100.43M | 0.54% |

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

## Future Outlook & Strategic Recommendations  

### Forecast  
Mexico’s trade surplus with Canada is expected to hold steady in 2025, supported by resilient demand for industrial and automotive goods (HS 87, 99). However, volatility in monthly trade flows—particularly the sharp swings in April and December—suggests exporters should brace for supply chain disruptions or shifting Canadian demand. The high concentration in a few key categories (68% of exports in HS 99 and 87) leaves Mexico exposed to sector-specific shocks, but deeper supply chain integration under USMCA will likely cushion downside risks.  

### Strategic Moves  
- **Diversify Export Categories:** Mexican exporters must reduce reliance on HS 99 and 87 by targeting Canada’s growing demand for machinery (HS 84) and agricultural products, where Mexico has untapped potential.  
- **Lock In Long-Term Contracts:** Given the intra-industry trade model, manufacturers should secure multi-year agreements with Canadian partners to stabilize pricing and minimize MoM volatility.  
- **Optimize Cross-Border Logistics:** With supply chain integration critical, firms must invest in JIT inventory systems and streamline customs processes under USMCA to capitalize on April-like demand surges.

## Frequently Asked Questions

### How did Mexico - Canada trade perform in 2024 Whole Year?  
Mexico exported $18.61B to Canada and imported $12.88B, with mixed YoY growth trends including sharp spikes and declines in both directions.  

### What are the top exports from Mexico to Canada?  
HS Code 99 (unclassified or processed goods) and HS Code 87 (vehicles) dominate, accounting for 68.12% of Mexico’s exports to Canada.  

### What does Mexico import from Canada?  
Top imports include HS Code 99 (unclassified goods), HS Code 87 (vehicles), and HS Code 84 (machinery), reflecting industrial and consumer demand.  

### What is the trade balance between Mexico and Canada?  
Mexico holds a trade surplus of $5.73B with Canada, as exports outpace imports by 44.5%.
Mexico - Canada Trade 2024 Q2: $1.78B Surplus
Mexico's $1.78B trade surplus with Canada highlights deep supply chain ties, with automotive and machinery dominating Mexico Canada trade trends. Data via yTrade.
