Mexico - Colombia Trade 2023 Q1: Surplus Amid Declines

Key Market Takeaways: Mexico - Colombia Trade

The bilateral trade relationship between Mexico and Colombia shows a softening export trend but maintains a surplus in Q1 2023.

• Economic Pulse: Mexico holds a $79.4M trade surplus with Colombia, with total trade reaching $1.46B. Export declines (-5.86% YoY in Feb, -12.28% in Mar) signal demand shifts, while imports remain volatile (+67.17% YoY spike in Jan).
• Exchange Structure: Trade is dominated by HS Code 99 (unspecified/mixed goods) on both sides—47.96% of Mexico’s exports and 73.12% of imports. Mexico ships higher-value vehicles (HS 87) and machinery (HS 85), while Colombia’s exports lack diversification.
• Strategic Interdependence: Mexico’s stronger position in value-added trade suggests asymmetric interdependence, with Colombia relying more on generalized exchange.

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

Mexico-Colombia Trade Trend in Q1 2023

Mexico Export Performance: Shipments to Colombia

• Total Volume: $772.07M in Q1 2023.
• Growth Trend & Context:
  • YoY declines in February (-5.86%) and March (-12.28%) offset a modest January gain (+2.93%), signaling weakening demand or competitive shifts.
  • No specific trade news to explain the downturn.
• Key Volatility: February saw the sharpest MoM rebound (+22.65%), but momentum faded by March (+0.65%).

Mexico Import Performance: Sourcing from Colombia

• Total Volume: $692.66M in Q1 2023.
• Growth Trend & Context:
  • Volatile YoY growth: January surged (+67.17%), February flattened (+4.55%), and March settled at +34.7%.
  • No news to contextualize fluctuations.
• Key Volatility: January’s MoM spike (+35.44%) and February’s drop (-27.43%) suggest uneven supply chains or inventory adjustments.

Mexico - Colombia Trade Balance & Market Dynamics

• Net Position: Mexico holds a $79.41M trade surplus with Colombia (Exports: $772.07M > Imports: $692.66M).
• Relationship Status: Mexico maintains a net exporter role, though softening export growth warrants monitoring.

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

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

Get Historical Mexico Colombia Trade Records

Mexico-Colombia Top Trading Products in Q1 2023

Mexico Export Profile: What Does Mexico Sell to Colombia

• Top Commodity: HS Code 99 dominates exports to Colombia, accounting for 47.96% of total export value ($370.28M).
• Demand Driver: The high share of HS Code 99 suggests Colombia relies on Mexico for a broad category of goods, likely including mixed or unspecified products. Other top exports like vehicles (HS 87, 17.61%) and machinery/electronics (HS 85, 11.52%) indicate Colombia imports both consumer and industrial goods from Mexico.
• Concentration: Exports are moderately concentrated, with HS Code 99 alone nearing 50% share.

Mexico Import Profile: What Does Mexico Buy from Colombia

• Top Commodity: HS Code 99 also leads imports from Colombia, representing 73.12% ($506.46M) of total imports, indicating a similarly broad or unspecified category.
• Dependency Nature: The lack of detailed HS code breakdowns (e.g., raw materials vs. finished goods) makes it hard to pinpoint exact dependencies. However, minor shares of agricultural (HS 15, 5.03%) and chemical products (HS 38, 1.90%) suggest supplementary imports for industrial or consumer use.

Mexico - Colombia Trade Relationship Dynamics

• The Exchange Model: The trade is asymmetrically dominated by HS Code 99 on both sides, implying either data aggregation issues or a bilateral exchange of mixed/unspecified goods. Without clearer HS code granularity, the model leans toward "Generalized Trade" rather than deep specialization.
• Value Chain Position: Mexico’s exports include higher-value items like vehicles and machinery, while Colombia’s exports are less diversified, suggesting Mexico holds a stronger position in value-added trade.

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

The Mexico-Colombia trade relationship faces near-term headwinds, with Mexico’s export decline in Q1 2023 signaling softening demand or competitive pressures. However, the persistent trade surplus and Colombia’s reliance on Mexican vehicles and machinery suggest underlying resilience. Expect volatility in the next quarter as both nations adjust to shifting supply chains, but long-term growth remains viable if Mexico capitalizes on its value-added exports. Clarity on HS Code 99’s composition is critical to refining this forecast.

Strategic Moves

• Diversify Export Offerings: Mexican exporters should reduce reliance on HS Code 99 by promoting higher-value sectors like automotive (HS 87) and electronics (HS 85) to solidify Colombia’s dependency on advanced goods.
• Lock in Supply Contracts: Given Colombia’s volatile import patterns, Mexican buyers of Colombian agricultural (HS 15) and chemical (HS 38) products should secure long-term agreements to stabilize pricing and inventory.
• Pressure for Data Transparency: Both governments must clarify HS Code 99’s contents to identify untapped opportunities or risks, enabling targeted trade strategies.

Frequently Asked Questions

How did Mexico - Colombia trade perform in 2023 Q1?

Mexico exported $772.07M to Colombia and imported $692.66M, with mixed YoY growth: exports declined (-5.86% in February, -12.28% in March), while imports surged in January (+67.17%) but fluctuated thereafter.

What are the top exports from Mexico to Colombia?

HS Code 99 (unspecified/mixed goods) dominated at 47.96% ($370.28M), followed by vehicles (HS 87, 17.61%) and machinery/electronics (HS 85, 11.52%).

What does Mexico import from Colombia?

HS Code 99 (unspecified/mixed goods) accounted for 73.12% ($506.46M) of imports, with minor shares of agricultural (HS 15, 5.03%) and chemical products (HS 38, 1.90%).

What is the trade balance between Mexico and Colombia?

Mexico held a $79.41M trade surplus with Colombia in Q1 2023, though softening export growth suggests potential narrowing.