Mexico - Colombia Trade 2023 Whole Year: Narrowing Surplus

Key Market Takeaways: Mexico - Colombia Trade

The bilateral trade relationship between Mexico and Colombia saw volatility and a narrowing trade surplus in 2023, despite Mexico maintaining its net exporter position.

• Economic Pulse: Mexico held a $510M trade surplus ($2.74B exports vs. $2.23B imports), but both flows faced sharp YoY declines, signaling weakening demand by year-end.
• Exchange Structure: Trade is asymmetrically concentrated in HS Code 99 (41% of Mexico’s exports, 70% of imports), suggesting a resource-for-resource swap or intra-industry dependency. Mexico - Colombia trade statistics reveal high mutual reliance on a single commodity category.
• Strategic Interdependence: Colombia holds leverage as its HS Code 99 exports dominate Mexico’s import basket, indicating a critical, less substitutable input for Mexican industries.

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

Mexico-Colombia Trade Trend in Whole Year 2023

Mexico Export Performance: Shipments to Colombia

• Total Volume: $2.74B in 2023.
• Growth Trend & Context:
  • YoY declines dominated, with the sharpest drops in June (-43.4%) and August (-38.62%).
  • No significant recovery in H2, ending December at -27.51% YoY.
• Key Volatility: July saw the highest monthly exports ($277.48M, +32.06% MoM), while April had the steepest MoM drop (-28.5%).

Mexico Import Performance: Sourcing from Colombia

• Total Volume: $2.23B in 2023.
• Growth Trend & Context:
  • Mixed YoY performance: Strong growth in January (+67.17%) and July (+41.37%), but year-end plummeted (-28.56% YoY in December).
• Key Volatility: March recorded the highest imports ($275.33M, +56.89% MoM), while April had the worst MoM contraction (-45.79%).

Mexico - Colombia Trade Balance & Market Dynamics

• Net Position: Mexico held a trade surplus of $510M (Exports: $2.74B > Imports: $2.23B).
• Relationship Status: Mexico maintained a net exporter role, though both sides saw erratic monthly swings and weak year-end demand.

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

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

Get Historical Mexico Colombia Trade Records

Mexico-Colombia Top Trading Products in Whole Year 2023

Mexico Export Profile: What Does Mexico Sell to Colombia

• Top Commodity: HS Code 99 dominates exports to Colombia, accounting for 41.05% of total export value ($1.13B).
• Demand Driver: The high share of HS Code 99 suggests Colombia relies on Mexico for a critical input or consumer good, though the exact nature (industrial or consumer) requires deeper HS code classification.
• Concentration: Exports are moderately concentrated, with the top 3 categories (HS 99, 87, 85) making up 71.3% of total exports.

Mexico Import Profile: What Does Mexico Buy from Colombia

• Top Commodity: HS Code 99 is also the leading import from Colombia, representing 70.10% of total import value ($1.56B).
• Dependency Nature: The extreme concentration in HS Code 99 indicates a strategic dependency, likely tied to a specific raw material or energy product essential for Mexican industries.

Mexico - Colombia Trade Relationship Dynamics

• The Exchange Model: The bilateral trade is asymmetric, with both countries heavily trading HS Code 99. This suggests either a resource-for-resource swap (e.g., crude oil variants) or intra-industry trade (e.g., refined petroleum products).
• Value Chain Position: Colombia holds leverage in this exchange, as its HS Code 99 exports to Mexico command a 70.1% share versus Mexico's 41.05% share in the same category. This implies Colombia may control a more critical or less substitutable product.

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

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

Check Detailed Mexico-Colombia Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Mexico - Colombia Trade

The Mexico-Colombia trade relationship is likely to face continued volatility in 2024, with subdued demand and erratic monthly swings persisting. The steep YoY declines in H2 2023, particularly in Mexico’s exports (-27.51% in December), suggest a period of consolidation rather than rapid recovery. However, the heavy reliance on HS Code 99 trade—indicating a critical resource exchange—means both nations will prioritize stabilizing this asymmetric relationship. Traders should prepare for price sensitivity and potential supply chain disruptions, especially if Colombia’s leverage in HS Code 99 exports tightens.

Strategic Moves for Mexican Stakeholders

• Diversify Export Markets: Reduce overreliance on Colombia by targeting other Latin American buyers for HS Code 87 and 85 goods, mitigating the risk of further demand erosion.
• Lock in Long-Term Contracts for Critical Imports: Given Colombia’s dominance in HS Code 99 (70.1% of Mexico’s imports), negotiate fixed-price agreements to hedge against supply shocks or price volatility.
• Optimize Logistics for High-Value Shipments: Focus on reducing lead times for top-tier exports (e.g., HS 99, 87) to capitalize on sporadic demand spikes, as seen in July 2023 (+32.06% MoM).

Frequently Asked Questions

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

Mexico exported $2.74B to Colombia and imported $2.23B, but both sides saw YoY declines, with sharp drops in key months like June (-43.4%) for exports and December (-28.56%) for imports.

What are the top exports from Mexico to Colombia?

HS Code 99 dominated Mexico’s exports to Colombia (41.05% share), followed by HS Codes 87 and 85, together accounting for 71.3% of total export value.

What does Mexico import from Colombia?

HS Code 99 was the top import (70.10% share), indicating a heavy reliance on a specific product, likely a raw material or energy resource.

What is the trade balance between Mexico and Colombia?

Mexico held a trade surplus of $510M in 2023, maintaining its net exporter role despite volatile monthly swings.