Mexico - Italy Trade 2024 Q2: Deficit Widens
Key Market Takeaways: Mexico - Italy Trade
The bilateral trade relationship between Mexico and Italy is marked by volatile growth and a heavy deficit for Mexico in Q2 2024.
- Economic Pulse: Mexico posted a $2.40B trade deficit with Italy ($2.60B imports vs. $197.68M exports), driven by erratic export performance—June saw a -25.53% YoY drop.
- Exchange Structure: Mexico - Italy trade statistics reveal a resource-for-tech dynamic: Mexico ships consumer goods (HS 99, 64% of exports) while relying on Italian machinery (HS 84, 27% of imports) and high-tech products.
- Strategic Interdependence: Italy holds the value-add advantage, supplying critical tech inputs, while Mexico’s export profile remains narrow and consumer-focused.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Italy Trade Trend in Q2 2024
Mexico Export Performance: Shipments to Italy
- Total Volume: $197.68M in Q2 2024.
- Growth Trend & Context:
- YoY growth was volatile: +43.61% in April, +4.07% in May, then a sharp -25.53% drop in June.
- No specific trade news to explain the June collapse.
- Key Volatility: June saw a -44.48% MoM plunge, the steepest monthly decline.
Mexico Import Performance: Sourcing from Italy
- Total Volume: $2.60B in Q2 2024.
- Growth Trend & Context:
- Strong YoY growth in April (+39.82%) and May (+19.31%), but June dipped slightly (-0.84%).
- Key Volatility: April was the peak month with $930.82M, while June hit the lowest at $798.20M.
Mexico - Italy Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of $2.40B (Imports $2.60B vs. Exports $197.68M).
- Relationship Status: Heavily dependent on Italian imports, with exports playing a marginal role.
Mexico Import Trend from Italy 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 930.82M | 22.27% | 39.82% |
| May | 874.51M | -6.05% | 19.31% |
| Jun | 798.20M | -8.73% | -0.84% |
| Total | 2.60B | - | - |
Mexico Export Trend to Italy 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 76.04M | -6.25% | 43.61% |
| May | 78.21M | 2.85% | 4.07% |
| Jun | 43.42M | -44.48% | -25.53% |
| Total | 197.68M | - | - |
Get Historical Mexico Italy Trade Records
Mexico-Italy Top Trading Products in Q2 2024
Mexico Export Profile: What Does Mexico Sell to Italy
- Top Commodity: HS Code 99 (64.14% share).
- Demand Driver: Likely serving Italy's consumer market, given the high share of a single category.
- Concentration: Extreme dominance of HS Code 99 (64.14%), indicating a highly concentrated export profile.
Mexico Import Profile: What Does Mexico Buy from Italy
- Top Commodity: HS Code 84 (26.77% share).
- Dependency Nature: Critical technology dependency, as HS Code 84 (machinery) and other high-tech categories (e.g., HS 85, 90) dominate imports.
Mexico - Italy Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports consumer goods (HS 99) to Italy, while importing machinery and high-tech products (HS 84, 85, 90) in return.
- Value Chain Position: Italy holds the higher value-add position, supplying advanced machinery and technology, while Mexico's exports are more consumer-oriented.
Import Analysis by Product: Italy to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 697.02M | 26.77% |
| 99 | 450.59M | 17.31% |
| 87 | 197.95M | 7.60% |
| 85 | 194.15M | 7.46% |
| 90 | 147.41M | 5.66% |
| 30 | 118.17M | 4.54% |
| 39 | 100.13M | 3.85% |
| 73 | 80.78M | 3.10% |
| 71 | 74.08M | 2.85% |
| 33 | 60.78M | 2.33% |
Export Analysis by Product: Mexico to Italy (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 126.79M | 64.14% |
| 84 | 29.90M | 15.13% |
| 85 | 16.59M | 8.39% |
| 22 | 8.10M | 4.10% |
| 09 | 4.46M | 2.25% |
| 87 | 2.55M | 1.29% |
| 07 | 1.44M | 0.73% |
| 62 | 1.38M | 0.70% |
| 76 | 1.07M | 0.54% |
| 08 | 974.56K | 0.49% |
Check Detailed Mexico-Italy Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico - Italy Trade
The Mexico - Italy trade relationship is expected to remain volatile in the near term, with Mexico’s export performance facing continued instability due to its overreliance on a single commodity (HS Code 99). While Italy’s demand for Mexican consumer goods may recover, the sharp June 2024 decline signals underlying fragility. Meanwhile, Mexico’s import dependency on Italian machinery and high-tech products (HS Codes 84, 85, 90) will likely sustain the $2B+ trade deficit unless structural shifts occur. Traders should brace for uneven growth, with potential upside if Mexico diversifies its export basket or negotiates better terms for critical imports.
Strategic Moves for Traders & Policymakers
- Diversify Export Offerings: Mexican exporters must reduce reliance on HS Code 99 by identifying secondary high-demand categories in Italy’s market, such as agro-industrial goods or automotive components, to mitigate volatility.
- Secure Long-Term Tech Supply Contracts: Given Mexico’s heavy dependence on Italian machinery, importers should lock in multi-year agreements to hedge against price fluctuations and supply chain disruptions.
- Leverage Trade Diplomacy for Balanced Terms: Mexican trade negotiators should push for reciprocal investment in local high-tech manufacturing to reduce the deficit, possibly through joint ventures or technology transfer agreements with Italian firms.
Frequently Asked Questions
How did Mexico - Italy trade perform in 2024 Q2?
Mexico's exports to Italy totaled $197.68M, with volatile YoY growth, while imports from Italy reached $2.60B, showing strong growth in April and May but a slight dip in June.
What are the top exports from Mexico to Italy?
Mexico's top export to Italy is HS Code 99, which dominates with a 64.14% share, likely serving Italy's consumer market.
What does Mexico import from Italy?
Mexico primarily imports HS Code 84 (machinery), accounting for 26.77% of imports, along with other high-tech products like HS 85 and 90.
What is the trade balance between Mexico and Italy?
Mexico recorded a trade deficit of $2.40B with Italy in Q2 2024, driven by heavy reliance on Italian imports compared to marginal exports.
Mexico - Italy Trade 2023 Q3: Deficit & Tech Reliance
Mexico's Italy trade trend shows a $2.02B deficit, relying on Italy's machinery (HS 84) and precision instruments (HS 90). Explore Mexico Italy top trading product insights via yTrade data.
Mexico - Japan Trade 2023 Whole Year: Tech-Driven Deficit
Mexico's trade deficit with Japan hit $16.8B in 2023, driven by high-tech imports. Explore the Mexico Japan trade trend and top trading products via yTrade data.
