Mexico - Colombia Trade 2023 Q2: Surplus & Decline

Key Market Takeaways: Mexico - Colombia Trade

The bilateral trade relationship between Mexico and Colombia shows mixed performance with a net exporter advantage in Q2 2023.

• Economic Pulse: Mexico maintains a $116.54M trade surplus (exports: $631.06M, imports: $514.52M), though exports faced sharp YoY declines (-43.4% in June).
• Exchange Structure: Mexico - Colombia trade statistics reveal intra-industry supply chain integration, with both sides exchanging similar categories (HS 99 dominates). Mexico exports higher-value machinery/vehicles (HS 87, 85), while Colombia’s shipments skew toward raw/intermediate goods.
• Strategic Interdependence: The relationship reflects moderate complementarity, with Mexico holding a slight edge in value-added exports but reliant on Colombian inputs.

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

Mexico-Colombia Trade Trend in Q2 2023

Mexico Export Performance: Shipments to Colombia

• Total Volume: $631.06M in Q2 2023.
• Growth Trend & Context:
  • YoY declines persisted across all months, with June (-43.4%) marking the sharpest drop.
  • No mitigating news to explain the contraction.
• Key Volatility: May saw a 13.78% MoM rebound, but momentum reversed in June (-6.21%).

Mexico Import Performance: Sourcing from Colombia

• Total Volume: $514.52M in Q2 2023.
• Growth Trend & Context:
  • Mixed YoY performance: May (+27.6%) offset April (-7.09%) and June (+2.8%).
• Key Volatility: April’s imports plummeted 45.79% MoM, followed by a 34.31% recovery in May.

Mexico - Colombia Trade Balance & Market Dynamics

• Net Position: Mexico holds a $116.54M trade surplus (Exports: $631.06M > Imports: $514.52M).
• Relationship Status: Maintains net exporter status, though import volatility suggests fluctuating demand for Colombian goods.

Mexico Import Trend from Colombia 2023 Q2 (Source: yTrade)**

Mexico Export Trend to Colombia 2023 Q2 (Source: yTrade)**

Get Historical Mexico Colombia Trade Records

Mexico-Colombia Top Trading Products in Q2 2023

Mexico Export Profile: What Does Mexico Sell to Colombia

• Top Commodity: HS Code 99 (44.72% share, $282.22M).
• Demand Driver: Colombia likely uses these for industrial processing, given the high share of intermediate goods (e.g., HS 87, 85, 84).
• Concentration: Moderate—top export (HS 99) holds 44.72%, but other categories like vehicles (HS 87) and machinery (HS 85, 84) add diversification.

Mexico Import Profile: What Does Mexico Buy from Colombia

• Top Commodity: HS Code 99 (67.62% share, $347.94M).
• Dependency Nature: Likely raw material or intermediate goods dependency, given the dominance of HS 99 and industrial categories (e.g., HS 39, 33, 38).

Mexico - Colombia Trade Relationship Dynamics

• The Exchange Model: Intra-Industry Trade. Both sides exchange similar categories (e.g., HS 99, 33, 39, 21), suggesting supply chain integration.
• Value Chain Position: Mexico holds a slight edge—exports include higher-value machinery/vehicles (HS 87, 85), while Colombia’s top exports are less differentiated.

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 exports to Colombia likely to remain under pressure in Q3 2023 due to persistent YoY declines and lack of mitigating factors. However, Colombia’s mixed import performance—marked by sharp rebounds—suggests underlying demand volatility that could stabilize with targeted interventions. The intra-industry trade model, dominated by intermediate goods (HS 99), indicates resilience in supply chain integration, but Mexico must address export diversification to sustain its $116.54M surplus. Over the next year, expect consolidation in high-share categories (e.g., machinery, vehicles) while raw material flows (HS 39, 33) from Colombia may rebound if industrial demand picks up.

Strategic Moves

• Diversify Export Mix: Mexican exporters should reduce reliance on HS 99 (44.72% share) by pushing higher-value machinery (HS 84, 85) and vehicles (HS 87) to Colombia, leveraging existing supply chain linkages.
• Lock in Raw Material Contracts: Colombian suppliers of HS 99 (67.62% of Mexico’s imports) should secure long-term agreements with Mexican manufacturers to stabilize volatile monthly swings (e.g., April’s -45.79% MoM drop).
• Optimize Cross-Border Logistics: Both sides must streamline JIT inventory systems for HS 99 and industrial goods, minimizing disruptions from April-May’s 45.79% plunge and 34.31% rebound.

Frequently Asked Questions

How did Mexico - Colombia trade perform in 2023 Q2?

Mexico exported $631.06M to Colombia but saw YoY declines, while imports from Colombia totaled $514.52M with mixed YoY performance.

What are the top exports from Mexico to Colombia?

The top export was HS Code 99 (44.72% share), followed by vehicles (HS 87) and machinery (HS 85, 84).

What does Mexico import from Colombia?

The top import was HS Code 99 (67.62% share), alongside industrial categories like HS 39, 33, and 38.

What is the trade balance between Mexico and Colombia?

Mexico held a $116.54M trade surplus with Colombia in Q2 2023, maintaining its net exporter status.