Mexico - Colombia Trade 2023 Q3: Softening Demand

Key Market Takeaways: Mexico - Colombia Trade

The bilateral trade relationship between Mexico and Colombia shows softening demand for Mexican exports amid volatile trade flows in Q3 2023.

• Economic Pulse: Mexico held a $157.6M trade surplus (exports: $718M, imports: $560.4M), but exports fell YoY (-6.4% to -38.6%) while imports saw mixed growth (+41.4% to -17.8%).
• Exchange Structure: Mexico - Colombia trade statistics reveal resource-for-tech complementarity—Mexico supplies machinery (HS 87, 85) and tech (HS 84), while Colombia’s exports are dominated by unspecified goods (HS 99, 71.9% share).
• Strategic Interdependence: Mexico maintains a higher value-add position, but Colombia’s role as a supplier of raw materials suggests deepening supply chain ties.

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

Mexico-Colombia Trade Trend in Q3 2023

Mexico Export Performance: Shipments to Colombia

• Total Volume: $718.00M in Q3 2023.
• Growth Trend & Context: YoY declines persisted across all months (-6.37% in July, -38.62% in August, -30.04% in September), signaling sustained demand contraction. No news context to explain the downturn.
• Key Volatility: August saw a sharp -26.49% MoM drop, while September rebounded with +15.97% MoM growth.

Mexico Import Performance: Sourcing from Colombia

• Total Volume: $560.40M in Q3 2023.
• Growth Trend & Context: Mixed YoY trends—July surged +41.37% YoY, but August and September fell -17.84% and +8.42% respectively, indicating volatile demand. No news drivers cited.
• Key Volatility: September posted the highest MoM jump (+15.48%), while August growth slowed to +1.72%.

Mexico - Colombia Trade Balance & Market Dynamics

• Net Position: Mexico held a trade surplus of $157.60M (Exports: $718.00M > Imports: $560.40M).
• Relationship Status: Maintained net exporter role, though export declines YoY suggest softening demand for Mexican goods in Colombia.

Mexico Import Trend from Colombia 2023 Q3 (Source: yTrade)**

Mexico Export Trend to Colombia 2023 Q3 (Source: yTrade)**

Get Historical Mexico Colombia Trade Records

Mexico-Colombia Top Trading Products in Q3 2023

Mexico Export Profile: What Does Mexico Sell to Colombia

• Top Commodity: HS Code 99 (Unspecified goods) dominates with 35.74% share.
• Demand Driver: Colombia likely imports these for industrial processing or consumer market needs, given the mix of unspecified goods and machinery (HS 87, 85).
• Concentration: No single category exceeds 50%, but HS 99, 87, and 85 collectively account for 68.39% of exports, indicating moderate concentration.

Mexico Import Profile: What Does Mexico Buy from Colombia

• Top Commodity: HS Code 99 (Unspecified goods) leads with 71.89% share.
• Dependency Nature: High reliance on unspecified goods suggests potential raw material or intermediate product dependency, though the exact nature is unclear without HS code details.

Mexico - Colombia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity is evident. Mexico exports machinery (HS 87, 85) and tech (HS 84) to Colombia, while importing unspecified goods (HS 99) likely as raw materials.
• Value Chain Position: Mexico holds the higher value-add position, exporting complex machinery and tech (HS 87, 85, 84) versus Colombia’s unspecified goods.

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 declining YoY across Q3 2023, signaling softening demand. However, September’s MoM rebound (+15.97%) suggests potential stabilization. Colombia’s volatile import trends—July’s surge followed by August’s drop—indicate uncertain demand dynamics. Given the complementary nature of trade (Mexico’s machinery/tech for Colombia’s unspecified goods), long-term growth remains viable, but traders should brace for short-term volatility. The Mexico-Colombia trade forecast hinges on whether Colombia’s industrial demand recovers or if Mexico diversifies its export basket beyond HS 99-dominated shipments.

Strategic Moves

• Lock in Supplier Contracts: With HS 99 (unspecified goods) dominating Mexico’s imports from Colombia (71.89% share), Mexican buyers should secure long-term agreements to mitigate price swings in raw materials or intermediate goods.
• Target Niche Machinery Demand: Mexican exporters of HS 87 (vehicles/parts) and HS 85 (electrical machinery) must aggressively market to Colombian industrial buyers, leveraging their higher value-add position to offset declining broad-based demand.
• Monitor Colombian Policy Shifts: Traders should track Colombia’s trade and industrial policies for signals of import substitution or tariff adjustments that could disrupt Mexico’s surplus position. Preemptive lobbying through trade chambers is advised.

Frequently Asked Questions

How did Mexico - Colombia trade perform in 2023 Q3?

Mexico's exports to Colombia totaled $718.00M in Q3 2023, with YoY declines across all months. Imports from Colombia reached $560.40M, showing mixed YoY trends but overall volatile demand.

What are the top exports from Mexico to Colombia?

Mexico's top exports to Colombia include unspecified goods (HS 99, 35.74% share), machinery (HS 87, 85), and tech products (HS 84), collectively accounting for 68.39% of exports.

What does Mexico import from Colombia?

Mexico primarily imports unspecified goods (HS 99, 71.89% share) from Colombia, suggesting a reliance on raw materials or intermediate products.

What is the trade balance between Mexico and Colombia?

Mexico recorded a trade surplus of $157.60M with Colombia in Q3 2023, maintaining its net exporter role despite softening export demand.