Mexico - Japan Trade 2024 Whole Year: Persistent Deficit & Tech Imbalance

Key Market Takeaways: Mexico - Japan Trade

The bilateral trade relationship between Mexico and Japan reflects a persistent deficit with volatile growth in 2024.

• Economic Pulse: Mexico runs a $14.99B trade deficit with Japan ($19.25B imports vs. $4.26B exports), with mixed YoY performance—exports saw sharp swings (+34.2% peak, -20.96% trough) while imports trended downward.
• Exchange Structure: Mexico - Japan trade statistics reveal a resource-for-tech imbalance—Mexico’s exports are dominated by unspecified goods (44.78% share), while Japan supplies critical electrical machinery (26.05% of imports).
• Strategic Interdependence: Japan holds the high-value position, supplying advanced manufacturing inputs, while Mexico’s export profile lacks diversification.

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

Mexico-Japan Trade Trend in Whole Year 2024

Mexico Export Performance: Shipments to Japan

• Total Volume: $4.26B in 2024.
• Growth Trend & Context:
  • YoY growth was mixed, with peaks in February (+34.2%) and September (+33.93%), but contractions in March (-1.03%) and October (-20.96%).
  • No specific trade news to explain volatility.
• Key Volatility: October saw a sharp MoM drop (-33.21%), while November rebounded (+29.21%).

Mexico Import Performance: Sourcing from Japan

• Total Volume: $19.25B in 2024.
• Growth Trend & Context:
  • YoY declines dominated, with March (-26.28%) and June (-18.33%) as low points, partially offset by April (+9.29%) and August (+2.93%).
• Key Volatility: April posted the highest MoM gain (+18.91%), while December had the steepest drop (-16.14%).

Mexico - Japan Trade Balance & Market Dynamics

• Net Position: Trade deficit of $14.99B (Imports $19.25B > Exports $4.26B).
• Relationship Status: Mexico remains heavily dependent on Japanese imports, with exports failing to offset the imbalance.

Mexico Import Trend from Japan 2024 Whole Year (Source: yTrade)**

Mexico Export Trend to Japan 2024 Whole Year (Source: yTrade)**

Get Historical Mexico Japan Trade Records

Mexico-Japan Top Trading Products in Whole Year 2024

Mexico Export Profile: What Does Mexico Sell to Japan

• Top Commodity: HS Code 99 (Unspecified goods) dominates at 44.78% of exports.
• Demand Driver: Japan likely imports these for industrial processing or niche market needs, given the high share of unspecified goods.
• Concentration: Extreme—HS Code 99 alone accounts for nearly half of exports, indicating heavy reliance on this category.

Mexico Import Profile: What Does Mexico Buy from Japan

• Top Commodity: HS Code 85 (Electrical machinery) leads at 26.05% of imports.
• Dependency Nature: Critical technology dependency—Japan supplies high-value electronics and machinery essential for Mexico's manufacturing sector.

Mexico - Japan Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Mexico exports unspecified goods (likely raw materials or intermediates) while importing advanced machinery and electronics from Japan.
• Value Chain Position: Japan holds the higher value-add position, supplying complex manufactured goods (HS 85, 84, 87) versus Mexico's less differentiated exports.

Import Analysis by Product: Japan to Mexico (Source: yTrade)

Export Analysis by Product: Mexico to Japan (Source: yTrade)

Check Detailed Mexico-Japan Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Mexico-Japan trade relationship in 2025 is likely to remain asymmetrical, with Mexico’s trade deficit persisting due to structural reliance on Japanese high-tech imports (HS 85, 84, 87) and undiversified exports (HS 99 dominance). Volatility in Mexico’s export performance—marked by erratic YoY swings—suggests supply-side instability, while Japan’s import declines signal softening demand or competitive substitution. Without intervention, the $14.99B deficit could widen further as Mexico’s export concentration risks exposure to demand shocks.

Strategic Moves

• Diversify Export Basket: Mexican exporters must reduce dependence on HS 99 by developing value-added goods (e.g., processed foods, automotive components) to penetrate Japan’s consumer and industrial markets.
• Secure Tech Transfer Agreements: Mexican manufacturers should negotiate joint ventures or licensing deals with Japanese firms to localize production of critical machinery (HS 85), reducing import dependency.
• Monitor JPY-MXN Forex Swings: Traders must hedge currency risk aggressively, especially given Japan’s prolonged monetary easing, which could amplify exchange rate volatility in 2025.

Frequently Asked Questions

How did Mexico - Japan trade perform in 2024 Whole Year?

Mexico exported $4.26B to Japan, with mixed YoY growth, while imports totaled $19.25B, showing YoY declines. The trade deficit widened to $14.99B.

What are the top exports from Mexico to Japan?

HS Code 99 (Unspecified goods) dominated Mexico's exports to Japan, accounting for 44.78% of total shipments, likely for industrial processing or niche markets.

What does Mexico import from Japan?

HS Code 85 (Electrical machinery) was the top import, making up 26.05% of Mexico's purchases, reflecting a critical dependency on Japanese technology and machinery.

What is the trade balance between Mexico and Japan?

Mexico had a trade deficit of $14.99B in 2024, as imports ($19.25B) far exceeded exports ($4.26B), highlighting a heavy reliance on Japanese goods.