Mexico - Colombia Trade 2023 Q4: Eroding Trade Intensity

Key Market Takeaways: Mexico - Colombia Trade

The bilateral trade relationship between Mexico and Colombia weakened in Q4 2023, with declining YoY trends in both exports and imports.

• Economic Pulse: Mexico maintained a $163.15M trade surplus ($623.11M exports vs. $459.96M imports), but both flows saw sharp YoY declines, signaling eroding trade intensity.
• Exchange Structure: Mexico - Colombia trade statistics reveal resource-for-tech complementarity—Mexico exports machinery, vehicles, and pharmaceuticals (HS 84, 85, 87) while relying heavily on a single raw material import (HS 99, 66.17% share).
• Strategic Interdependence: The partnership remains structurally balanced but vulnerable to volatility, with Mexico holding higher value-add in manufactured goods.

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

Mexico-Colombia Trade Trend in Q4 2023

Mexico Export Performance: Shipments to Colombia

• Total Volume: $623.11M in Q4 2023.
• Growth Trend & Context:
  • YoY declines persisted across all months, ranging from -16.96% (Nov) to -29.78% (Oct). No recovery signs by December (-27.51% YoY).
  • Key Volatility: December saw the sharpest MoM drop (-10.96%), compounding negative momentum.

Mexico Import Performance: Sourcing from Colombia

• Total Volume: $459.96M in Q4 2023.
• Growth Trend & Context:
  • Mixed YoY performance: October (+9.2% YoY) reversed sharply to -28.56% YoY by December.
  • Key Volatility: December imports plummeted -25% MoM, marking the lowest monthly value ($127.56M).

Mexico - Colombia Trade Balance & Market Dynamics

• Net Position: Mexico held a $163.15M trade surplus (Exports: $623.11M > Imports: $459.96M).
• Relationship Status: Maintained net exporter role, but declining YoY trends in both flows suggest weakening bilateral trade intensity.

Mexico Import Trend from Colombia 2023 Q4 (Source: yTrade)**

Mexico Export Trend to Colombia 2023 Q4 (Source: yTrade)**

Get Historical Mexico Colombia Trade Records

Mexico-Colombia Top Trading Products in Q4 2023

Mexico Export Profile: What Does Mexico Sell to Colombia

• Top Commodity: HS Code 99 (34.91% share, $217.52M).
• Demand Driver: Colombia's imports from Mexico are diversified, with machinery (HS 84, 85), vehicles (HS 87), and pharmaceuticals (HS 30) indicating industrial and consumer market demand.
• Concentration: No single category dominates; the top export (HS 99) holds 34.91%, suggesting balanced trade.

Mexico Import Profile: What Does Mexico Buy from Colombia

• Top Commodity: HS Code 99 (66.17% share, $304.34M).
• Dependency Nature: The overwhelming share of HS 99 suggests a critical, possibly singular, dependency—likely a raw material or commodity. Other imports (HS 33, 39) hint at industrial inputs.

Mexico - Colombia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Mexico exports machinery and tech (HS 84, 85, 87) while importing a dominant raw material (HS 99) from Colombia.
• Value Chain Position: Mexico holds higher value-add, exporting complex goods (vehicles, electronics) versus Colombia’s concentrated, likely lower-value exports.

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 declining YoY exports and volatile import patterns signaling weakening bilateral trade intensity. The persistent drops in Mexico’s shipments to Colombia (-16.96% to -29.78% YoY) and December’s sharp import contraction (-25% MoM) suggest a period of consolidation ahead. However, the structural complementarity—Mexico’s tech exports (HS 84, 85, 87) versus Colombia’s dominant raw material (HS 99)—provides a foundation for recovery if demand stabilizes. Traders should prepare for continued volatility in Q1 2024, with potential stabilization later in the year if industrial demand rebounds.

Strategic Moves

• Diversify Export Markets: Mexican exporters must reduce reliance on Colombia by targeting other Latin American markets for machinery and vehicles (HS 84, 87) to offset declining demand.
• Lock in Raw Material Contracts: Importers of Colombia’s HS 99 goods should secure long-term agreements to mitigate price volatility and supply chain disruptions.
• Optimize Logistics for High-Value Exports: Mexican firms shipping tech and pharmaceuticals (HS 30, 85) must streamline cross-border logistics to maintain competitiveness amid shrinking margins.

Frequently Asked Questions

How did Mexico - Colombia trade perform in 2023 Q4?

Mexico's exports to Colombia totaled $623.11M, while imports were $459.96M, with both showing YoY declines.

What are the top exports from Mexico to Colombia?

Mexico's top exports to Colombia include machinery (HS 84, 85), vehicles (HS 87), and pharmaceuticals (HS 30).

What does Mexico import from Colombia?

Mexico primarily imports a dominant raw material (HS 99, 66.17% share) and industrial inputs (HS 33, 39) from Colombia.

What is the trade balance between Mexico and Colombia?

Mexico held a $163.15M trade surplus, but declining YoY trends suggest weakening bilateral trade intensity.