Mexico - Germany Trade 2024 Whole Year: Deficit & Tech Reliance
Key Market Takeaways: Mexico - Germany Trade
The bilateral trade relationship between Mexico and Germany is marked by a persistent deficit and volatile growth trends in 2024.
- Economic Pulse: Mexico runs a $14.23B trade deficit with Germany, driven by $21.36B in imports (mostly industrial machinery) versus $7.13B in exports (dominated by unspecified goods and vehicles).
- Exchange Structure: Mexico - Germany trade statistics reveal a resource-for-tech dynamic—Mexico supplies low-specificity exports (HS 99) and vehicles, while Germany dominates with high-value machinery (HS 84) and equipment.
- Strategic Interdependence: Germany holds the higher value-add position, reflecting Mexico’s reliance on German industrial inputs for its manufacturing base.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Germany Trade Trend in Whole Year 2024
Mexico Export Performance: Shipments to Germany
- Total Volume: $7.13B in 2024.
- Growth Trend & Context:
- YoY trends were predominantly negative, with 8 out of 12 months showing declines, including steep drops like -43.15% in May and -41.45% in August.
- The only notable YoY gains were in July (+14.73%) and October (+36.73%).
- Key Volatility: June saw a sharp MoM rebound (+50.32%) after a -31.58% drop in April, while August recorded the steepest MoM decline (-47.96%).
Mexico Import Performance: Sourcing from Germany
- Total Volume: $21.36B in 2024.
- Growth Trend & Context:
- Mixed YoY performance: H1 showed growth (peaking at +18.17% in January), but H2 saw consistent declines, with November (-10.64%) and August (-10.61%) as the weakest.
- Key Volatility: June had the largest MoM drop (-18.21%), while April posted the highest MoM gain (+10.66%).
Mexico - Germany Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of $14.23B (Imports $21.36B > Exports $7.13B).
- Relationship Status: Heavy reliance on German imports, with exports failing to offset the imbalance despite sporadic YoY gains.
Mexico Import Trend from Germany 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.79B | 8.07% | 18.17% |
| Feb | 1.71B | -4.3% | 13.73% |
| Mar | 1.80B | 4.94% | -6.32% |
| Apr | 1.99B | 10.66% | 14.97% |
| May | 2.07B | 3.94% | 10.23% |
| Jun | 1.69B | -18.21% | -7.68% |
| Jul | 1.97B | 16.4% | 9.56% |
| Aug | 1.79B | -8.96% | -10.61% |
| Sep | 1.62B | -9.76% | -5.14% |
| Oct | 1.75B | 8.35% | -8.23% |
| Nov | 1.59B | -9.52% | -10.64% |
| Dec | 1.58B | -0.09% | -4.38% |
| Total | 21.36B | - | - |
Mexico Export Trend to Germany 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 567.58M | 53.09% | -30.3% |
| Feb | 634.63M | 11.81% | 1.22% |
| Mar | 559.24M | -11.88% | -15.86% |
| Apr | 382.61M | -31.58% | -36.74% |
| May | 492.65M | 28.76% | -43.15% |
| Jun | 740.54M | 50.32% | -20.81% |
| Jul | 945.24M | 27.64% | 14.73% |
| Aug | 491.91M | -47.96% | -41.45% |
| Sep | 554.79M | 12.78% | -32.13% |
| Oct | 674.99M | 21.67% | 36.73% |
| Nov | 606.72M | -10.11% | -31.66% |
| Dec | 482.74M | -20.43% | 30.21% |
| Total | 7.13B | - | - |
Get Historical Mexico Germany Trade Records
Mexico-Germany Top Trading Products in Whole Year 2024
Mexico Export Profile: What Does Mexico Sell to Germany
- Top Commodity: HS Code 99 (Unspecified goods) dominates at 42.16% of exports.
- Demand Driver: Germany likely imports these for industrial processing or re-export, given the high share of unspecified goods.
- Concentration: Trade is highly concentrated, with HS Code 99 and 87 (Vehicles) accounting for nearly 80% of exports.
Mexico Import Profile: What Does Mexico Buy from Germany
- Top Commodity: HS Code 84 (Nuclear reactors, boilers, machinery) leads at 22.89% of imports.
- Dependency Nature: Critical technology dependency, as machinery and vehicles (HS 84, 87, 85) make up over 50% of imports.
Mexico - Germany Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports unspecified goods and vehicles, while Germany supplies high-value machinery and industrial equipment.
- Value Chain Position: Germany holds the higher value-add position, with Mexico’s exports skewed toward less specialized categories (e.g., HS 99).
Import Analysis by Product: Germany to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 4.89B | 22.89% |
| 87 | 3.68B | 17.24% |
| 99 | 2.80B | 13.11% |
| 85 | 2.75B | 12.88% |
| 30 | 1.16B | 5.41% |
| 39 | 1.15B | 5.39% |
| 90 | 1.07B | 5.00% |
| 73 | 556.83M | 2.61% |
| 38 | 384.14M | 1.80% |
| 72 | 381.89M | 1.79% |
Export Analysis by Product: Mexico to Germany (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 3.01B | 42.16% |
| 87 | 2.67B | 37.46% |
| 85 | 519.69M | 7.29% |
| 84 | 398.42M | 5.59% |
| 90 | 192.22M | 2.69% |
| 26 | 47.40M | 0.66% |
| 09 | 34.21M | 0.48% |
| 22 | 30.32M | 0.43% |
| 15 | 29.94M | 0.42% |
| 17 | 27.70M | 0.39% |
Check Detailed Mexico-Germany Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Mexico-Germany trade relationship is likely to face continued volatility in the near term, with Mexico’s export performance remaining uneven and its heavy reliance on German industrial imports deepening the deficit. While sporadic export gains (e.g., July and October 2024) suggest niche opportunities, the structural imbalance—driven by Germany’s dominance in high-value machinery and Mexico’s over-concentration in unspecified goods (HS 99)—will persist. Traders should anticipate tighter margins for Mexican exporters, while importers may face pricing pressures due to Germany’s entrenched position in critical technologies. Without intervention, the $14.23B deficit could widen further in 2025.
Strategic Moves
- Diversify Export Categories: Mexican exporters must reduce reliance on HS 99 by targeting German demand for intermediate goods (e.g., auto parts under HS 87) or agro-industrial products, leveraging existing supply chain links.
- Lock in Long-Term Supply Contracts: Importers of German machinery (HS 84) should secure fixed-price agreements to hedge against potential cost surges, given Germany’s pricing power in high-tech sectors.
- Push for Trade Rebalancing: Mexican trade policymakers must prioritize export promotion programs (e.g., sector-specific incentives) and attract German FDI in value-added manufacturing to narrow the deficit.
Frequently Asked Questions
How did Mexico - Germany trade perform in 2024 Whole Year?
Mexico's exports to Germany totaled $7.13B, with mostly negative YoY trends, while imports from Germany reached $21.36B, showing mixed growth.
What are the top exports from Mexico to Germany?
The top exports are unspecified goods (HS Code 99, 42.16%) and vehicles (HS Code 87), together accounting for nearly 80% of exports.
What does Mexico import from Germany?
Mexico primarily imports nuclear reactors, boilers, and machinery (HS Code 84, 22.89%), alongside vehicles and electrical machinery (HS Codes 87 and 85).
What is the trade balance between Mexico and Germany?
Mexico recorded a trade deficit of $14.23B with Germany, driven by higher imports of machinery and industrial equipment.
Mexico Germany Trade 2023 Q4
---

title: "Mexico - Germany Trade 2023 Q4: Widening Deficit"
description: "Mexico's trade deficit with Germany hit $3.59B in Q4 2023, driven by machinery imports and vehicle exports. Explore Mexico-Germany trade trends and top trading products via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-germany-trade-2023-q4.webp
create_date: 2024-01-01
update_date: 2024-01-01
author: yTrade
slug: mexico-germany-trade-2023-q4
category: Import and Export Data
category_slug: import-and-export-data
sub_category: Country Trade Reports
sub_category_slug: country-trade-reports
tags:
- id: 7
  label: "Import Export Data"
  slug: import-export-data
- id: 12
  label: "Mexico"
  slug: mexico
sitemap:
  loc: /mexico-germany-trade-2023-q4
  lastmod: 2024-01-01
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ogTitle: "Mexico - Germany Trade 2023 Q4: Widening Deficit"
ogDescription: "Mexico's trade deficit with Germany hit $3.59B in Q4 2023, driven by machinery imports and vehicle exports. Explore Mexico-Germany trade trends and top trading products via yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-germany-trade-2023-q4.webp
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twitterTitle: "Mexico - Germany Trade 2023 Q4: Widening Deficit"
twitterDescription: "Mexico's trade deficit with Germany hit $3.59B in Q4 2023, driven by machinery imports and vehicle exports. Explore Mexico-Germany trade trends and top trading products via yTrade data."
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---

## Key Market Takeaways: Mexico - Germany Trade  

The bilateral trade relationship between **Mexico** and **Germany** is marked by volatile exports and a widening trade deficit in Q4 2023.  

- **Economic Pulse:** Mexico posted a **$3.59B trade deficit** with Germany ($5.34B imports vs. $1.75B exports), driven by decelerating import growth and erratic export swings.  
- **Exchange Structure:** Mexico - Germany trade statistics reveal a **resource-for-tech dynamic**—Mexico ships vehicles (47% of exports) while Germany supplies machinery (22% of imports) and high-tech goods.  
- **Strategic Interdependence:** Germany holds the higher value-add position, with Mexico dependent on its industrial equipment, though vehicle exports show niche competitiveness.  

This bilateral trade snapshot is based on verified customs data from the [yTrade database](https://ytrade.com/data-sources).

## Mexico-Germany Trade Trend in Q4 2023

### Mexico Export Performance: Shipments to Germany  
- **Total Volume:** $1.75B in Q4 2023.  
- **Growth Trend & Context:**  
  - YoY swings were volatile: October (-21.71%), November (+9.13%), December (-57.81%). No clear directional trend.  
- **Key Volatility:** November saw a sharp 79.84% MoM surge, followed by a steep -58.24% drop in December.  

### Mexico Import Performance: Sourcing from Germany  
- **Total Volume:** $5.34B in Q4 2023.  
- **Growth Trend & Context:**  
  - YoY growth was positive but decelerating: October (+30.17%), November (+6.65%), December (+7.62%).  
- **Key Volatility:** October posted the highest value ($1.91B) and strongest MoM growth (+11.99%), while November and December saw consecutive declines (-7.07%, -6.63%).  

### Mexico - Germany Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **trade deficit of $3.59B** (Imports $5.34B > Exports $1.75B).  
- **Relationship Status:** Heavy reliance on German imports, with exports failing to offset despite November’s export spike.

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Oct | 1.91B | 11.99% | 30.17% |
| Nov | 1.77B | -7.07% | 6.65% |
| Dec | 1.66B | -6.63% | 7.62% |
| **Total** | **5.34B** | - | - |

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Oct | 493.66M | -39.61% | -21.71% |
| Nov | 887.78M | 79.84% | 9.13% |
| Dec | 370.75M | -58.24% | -57.81% |
| **Total** | **1.75B** | - | - |

[Get Historical Mexico Germany Trade Records](https://ytrade.com/country-coverage)

## Mexico-Germany Top Trading Products in Q4 2023

### Mexico Export Profile: What Does Mexico Sell to Germany  
- **Top Commodity:** Vehicles (HS 87) dominate exports, accounting for 47.39% of total shipments to Germany.  
- **Demand Driver:** Germany imports Mexican vehicles to serve its consumer market, likely due to competitive pricing or specialized manufacturing.  
- **Concentration:** Trade is highly concentrated, with vehicles and unspecified goods (HS 99) making up 84.04% of exports.  

### Mexico Import Profile: What Does Mexico Buy from Germany  
- **Top Commodity:** Machinery (HS 84) leads imports, representing 21.62% of total purchases from Germany.  
- **Dependency Nature:** Mexico relies on German machinery and high-tech goods (HS 84, 85, 90) for industrial and technological capacity.  

### Mexico - Germany Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports vehicles and consumer goods, while Germany supplies machinery and industrial equipment.  
- **Value Chain Position:** Germany holds the higher value-add position, exporting advanced machinery (HS 84, 85) and pharmaceuticals (HS 30), while Mexico focuses on vehicle assembly and lower-tech goods.

### Import Analysis by Product: Germany to Mexico (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 84 | 1.15B | 21.62% |
| 99 | 932.82M | 17.46% |
| 87 | 904.36M | 16.93% |
| 85 | 691.24M | 12.94% |
| 30 | 266.72M | 4.99% |
| 90 | 266.56M | 4.99% |
| 39 | 261.16M | 4.89% |
| 73 | 164.84M | 3.09% |
| 38 | 90.47M | 1.69% |
| 72 | 75.72M | 1.42% |

### Export Analysis by Product: Mexico to Germany (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 87 | 830.29M | 47.39% |
| 99 | 642.13M | 36.65% |
| 85 | 124.25M | 7.09% |
| 84 | 96.55M | 5.51% |
| 90 | 36.02M | 2.06% |
| 74 | 4.18M | 0.24% |
| 39 | 3.75M | 0.21% |
| 04 | 2.33M | 0.13% |
| 20 | 1.90M | 0.11% |
| 08 | 1.52M | 0.09% |

[Check Detailed Mexico-Germany Trade HS Code Breakdown](https://ytrade.com/hs-code-coverage)

## Future Outlook & Strategic Recommendations  

### Forecast for Mexico-Germany Trade  
The Mexico-Germany trade relationship is likely to remain volatile in the near term, with Mexico’s export performance showing erratic swings and its import demand for German machinery staying strong but decelerating. The persistent trade deficit of $3.59B signals an imbalance that may pressure Mexican policymakers to seek export diversification or import substitution strategies. However, Germany’s advanced industrial exports (HS 84, 85) will continue to dominate, reinforcing the resource-for-tech complementarity. Traders should brace for uneven demand, particularly in Mexico’s vehicle exports (HS 87), which face unpredictable YoY fluctuations.  

### Strategic Moves for Traders & Policymakers  
- **Diversify Export Markets:** Mexican exporters must reduce reliance on Germany by targeting other EU markets for vehicles (HS 87) and consumer goods, mitigating volatility risks.  
- **Lock in Long-Term Machinery Contracts:** Importers should negotiate fixed-price agreements for German industrial equipment (HS 84, 85) to hedge against potential supply chain disruptions or price hikes.  
- **Boost High-Tech Competitiveness:** Mexico’s government and manufacturers should invest in R&D to move up the value chain, reducing dependency on German machinery and capturing higher-margin trade opportunities.

## Frequently Asked Questions

### How did Mexico - Germany trade perform in 2023 Q4?  
Mexico exported $1.75B to Germany and imported $5.34B, resulting in a trade deficit of $3.59B. Export growth was volatile, while import growth decelerated but remained positive.  

### What are the top exports from Mexico to Germany?  
Vehicles (HS 87) dominate, accounting for 47.39% of exports, followed by unspecified goods (HS 99), together making up 84.04% of total shipments.  

### What does Mexico import from Germany?  
Machinery (HS 84) leads imports at 21.62%, with high-tech goods (HS 85, 90) also playing a significant role in Mexico’s industrial and technological needs.  

### What is the trade balance between Mexico and Germany?  
Mexico ran a trade deficit of $3.59B with Germany in Q4 2023, reflecting heavy reliance on German imports despite November’s export surge.
Mexico - Germany Trade 2024 Q1: Widening Deficit
Mexico's trade deficit with Germany hit $3.54B in Q1 2024 as exports fell 30.3%. Explore Mexico-Germany trade trends and top trading products via yTrade data.
