Mexico - Japan Trade 2024 Q4: Widening Deficit
Key Market Takeaways: Mexico - Japan Trade
The bilateral trade relationship between Mexico and Japan reflects heavy reliance on Japanese imports with a widening trade deficit in Q4 2024.
- $3.92B Deficit: Mexico imported $4.89B (mixed YoY growth) from Japan but exported only $971.41M (late-quarter rebound). Volatility marked both sides.
- Resource-for-Tech Exchange: Mexico - Japan trade statistics show a lopsided flow—miscellaneous goods (HS 99, 45% share) out, high-tech machinery (HS 85, 25% share) in.
- Asymmetric Dependency: Japan holds the value-add edge, supplying critical tech inputs while Mexico’s exports lack specialization.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Japan Trade Trend in Q4 2024
Mexico Export Performance: Shipments to Japan
- Total Volume: $971.41M in Q4 2024.
- Growth Trend & Context: YoY growth accelerated in November (+16.02%) and December (+18.31%), offsetting October’s -20.96% contraction. No specific news drivers.
- Key Volatility: November saw a sharp 29.21% MoM rebound after October’s -33.21% drop.
Mexico Import Performance: Sourcing from Japan
- Total Volume: $4.89B in Q4 2024.
- Growth Trend & Context: YoY was mixed (-7.18% in October, +7.21% in November, +0.46% in December), reflecting unstable demand. No news context.
- Key Volatility: December imports fell -16.14% MoM, the steepest quarterly drop.
Mexico - Japan Trade Balance & Market Dynamics
- Net Position: Mexico ran a $3.92B trade deficit with Japan (Imports $4.89B > Exports $971.41M).
- Relationship Status: Heavy reliance on Japanese imports, with exports failing to close the gap despite late-quarter YoY growth.
Mexico Import Trend from Japan 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 1.81B | 16.12% | -7.18% |
| Nov | 1.67B | -7.66% | 7.21% |
| Dec | 1.40B | -16.14% | 0.46% |
| Total | 4.89B | - | - |
Mexico Export Trend to Japan 2024 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 266.80M | -33.21% | -20.96% |
| Nov | 344.74M | 29.21% | 16.02% |
| Dec | 359.87M | 4.39% | 18.31% |
| Total | 971.41M | - | - |
Get Historical Mexico Japan Trade Records
Mexico-Japan Top Trading Products in Q4 2024
Mexico Export Profile: What Does Mexico Sell to Japan
- Top Commodity: HS Code 99 (44.84% share). This is likely "Commodities not elsewhere specified," indicating a catch-all category for miscellaneous goods.
- Demand Driver: Japan imports these goods for industrial processing or niche market needs, given the broad classification.
- Concentration: Yes, HS Code 99 dominates with nearly 45% of exports, suggesting high reliance on this category.
Mexico Import Profile: What Does Mexico Buy from Japan
- Top Commodity: HS Code 85 (25.29% share). This represents "Electrical machinery and equipment," a high-tech category.
- Dependency Nature: Critical technology dependency, as Japan supplies advanced machinery and electronics essential for Mexico's manufacturing sector.
Mexico - Japan Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports miscellaneous goods (HS 99) and agricultural products (HS 02, 08) while importing high-tech machinery (HS 85, 84) from Japan.
- Value Chain Position: Japan holds the higher value-add position, supplying complex machinery (HS 85, 84) versus Mexico's less specialized exports.
Import Analysis by Product: Japan to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 1.24B | 25.29% |
| 87 | 908.12M | 18.56% |
| 84 | 811.17M | 16.58% |
| 99 | 566.12M | 11.57% |
| 72 | 483.75M | 9.89% |
| 90 | 205.59M | 4.20% |
| 39 | 196.84M | 4.02% |
| 73 | 90.83M | 1.86% |
| 40 | 76.08M | 1.56% |
| 95 | 49.06M | 1.00% |
Export Analysis by Product: Mexico to Japan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 435.58M | 44.84% |
| 02 | 147.81M | 15.22% |
| 85 | 101.28M | 10.43% |
| 84 | 99.88M | 10.28% |
| 87 | 65.96M | 6.79% |
| 08 | 50.30M | 5.18% |
| 07 | 16.98M | 1.75% |
| 74 | 16.11M | 1.66% |
| 22 | 13.53M | 1.39% |
| 90 | 7.96M | 0.82% |
Check Detailed Mexico-Japan Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico-Japan Trade
The Mexico-Japan trade relationship is expected to remain volatile in the near term, with Mexico’s deficit likely to persist. While Mexico’s exports to Japan showed late-quarter recovery, the heavy reliance on a single commodity (HS 99) leaves shipments vulnerable to demand shifts. Japan’s exports of high-tech machinery (HS 85) will continue dominating, but Mexico’s unstable import demand signals potential softening. Traders should brace for uneven growth, with export opportunities hinging on diversification and importers facing supply chain adjustments.
Strategic Moves for Traders
- Diversify Export Offerings: Mexico must reduce dependence on HS 99 by expanding into higher-value categories like automotive parts or processed foods, leveraging Japan’s demand for specialized inputs.
- Lock in Tech Supply Chains: Importers of Japanese machinery (HS 85) should secure long-term contracts to mitigate price volatility and ensure steady access to critical components.
- Monitor Trade Policy Shifts: With Japan’s advanced manufacturing dominance, Mexican firms should track potential trade incentives or tariffs that could reshape cost structures in key sectors.
Frequently Asked Questions
How did Mexico - Japan trade perform in 2024 Q4?
Mexico's exports to Japan totaled $971.41M, with YoY growth accelerating in November (+16.02%) and December (+18.31%). Imports from Japan reached $4.89B, showing mixed YoY trends (-7.18% to +7.21%).
What are the top exports from Mexico to Japan?
HS Code 99 (44.84% share), a catch-all category for miscellaneous goods, dominates Mexico's exports to Japan, likely for industrial processing or niche markets.
What does Mexico import from Japan?
HS Code 85 (25.29% share), representing "Electrical machinery and equipment," is Mexico's top import, reflecting reliance on Japan's high-tech supplies.
What is the trade balance between Mexico and Japan?
Mexico ran a $3.92B trade deficit with Japan in Q4 2024, driven by heavy reliance on Japanese imports despite late-quarter export growth.
Mexico Japan Trade 2024 Q3
---

title: "Mexico - Japan Trade 2024 Q3: Widening Deficit"
description: "Mexico's trade deficit with Japan hits $3.86B in Q3 2024, driven by surging machinery imports. Explore Mexico Japan trade trends & top trading products via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-japan-trade-2024-q3.webp
create_date: 2024-10-01
update_date: 2024-10-01
author: yTrade
slug: mexico-japan-trade-2024-q3
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
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  loc: /mexico-japan-trade-2024-q3
  lastmod: 2024-10-01
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ogTitle: "Mexico - Japan Trade 2024 Q3: Widening Deficit"
ogDescription: "Mexico's trade deficit with Japan hits $3.86B in Q3 2024, driven by surging machinery imports. Explore Mexico Japan trade trends & top trading products via yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-japan-trade-2024-q3.webp
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twitterTitle: "Mexico - Japan Trade 2024 Q3: Widening Deficit"
twitterDescription: "Mexico's trade deficit with Japan hits $3.86B in Q3 2024, driven by surging machinery imports. Explore Mexico Japan trade trends & top trading products via yTrade data."
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---

## Key Market Takeaways: Mexico - Japan Trade  

The bilateral trade relationship between **Mexico** and **Japan** shows volatile growth with a widening deficit in Q3 2024.  

- **$6.1B total trade volume** masks a **$3.86B deficit for Mexico**, as surging exports (+33.9% YoY peak) fail to offset heavy Japanese machinery imports.  
- Mexico-Japan trade statistics reveal **asymmetry**: Mexico ships unclassified/agricultural goods (HS 99 dominates at 49.3%), while Japan supplies critical tech (HS 85 electrical machinery leads at 26.3%).  
- **Resource-for-tech dependency** defines the partnership—Mexico relies on Japanese industrial inputs, while Japan secures raw materials.  

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

## Mexico-Japan Trade Trend in Q3 2024

### Mexico Export Performance: Shipments to Japan  
- **Total Volume:** $1.13B in Q3 2024.  
- **Growth Trend & Context:** YoY growth accelerated sharply, peaking at +33.93% in September. No policy news to explain the surge.  
- **Key Volatility:** August saw a -9.64% MoM drop, but September rebounded with a +15.83% MoM spike.  

### Mexico Import Performance: Sourcing from Japan  
- **Total Volume:** $4.99B in Q3 2024.  
- **Growth Trend & Context:** YoY imports were mixed, with August (+2.93%) the only positive month. No news to contextualize the -11.02% YoY contraction in July.  
- **Key Volatility:** September imports fell -12.77% MoM, the steepest decline in the quarter.  

### Mexico - Japan Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **$3.86B trade deficit** with Japan (Imports $4.99B > Exports $1.13B).  
- **Relationship Status:** Heavy reliance on Japanese imports, with exports growing but not offsetting the deficit.

### Mexico Import Trend from Japan 2024 Q3 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jul | 1.64B | 9.24% | -11.02% |
| Aug | 1.79B | 9.36% | 2.93% |
| Sep | 1.56B | -12.77% | -0.36% |
| **Total** | **4.99B** | - | - |

### Mexico Export Trend to Japan 2024 Q3 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jul | 381.65M | 8.56% | 12.64% |
| Aug | 344.87M | -9.64% | 22.68% |
| Sep | 399.46M | 15.83% | 33.93% |
| **Total** | **1.13B** | - | - |

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

## Mexico-Japan Top Trading Products in Q3 2024

### Mexico Export Profile: What Does Mexico Sell to Japan  
- **Top Commodity:** Rank #1 export is HS Code 99 (49.32% share), likely representing unclassified or special category goods.  
- **Demand Driver:** Japan imports a mix of goods, including agricultural products (HS 02, 08) and industrial inputs (HS 84, 85, 87), suggesting both consumer market and industrial processing demand.  
- **Concentration:** Highly concentrated, with HS Code 99 alone accounting for nearly half of exports.  

### Mexico Import Profile: What Does Mexico Buy from Japan  
- **Top Commodity:** Rank #1 import is HS Code 85 (26.29% share), covering electrical machinery and equipment.  
- **Dependency Nature:** Dominated by high-tech and machinery (HS 85, 87, 84), indicating critical technology dependency for industrial and manufacturing sectors.  

### Mexico - Japan Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports agricultural and unclassified goods, while Japan supplies high-value machinery and electronics.  
- **Value Chain Position:** Japan holds the higher value-add position, with exports skewed toward advanced manufacturing (HS 85, 84, 87), while Mexico’s exports are less technologically intensive.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 85 | 1.31B | 26.29% |
| 87 | 1.03B | 20.73% |
| 84 | 773.73M | 15.51% |
| 99 | 528.90M | 10.60% |
| 72 | 468.42M | 9.39% |
| 39 | 199.26M | 3.99% |
| 90 | 185.30M | 3.71% |
| 73 | 96.06M | 1.93% |
| 40 | 80.37M | 1.61% |
| 95 | 47.85M | 0.96% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 555.35M | 49.32% |
| 02 | 162.26M | 14.41% |
| 84 | 118.37M | 10.51% |
| 85 | 91.69M | 8.14% |
| 87 | 82.06M | 7.29% |
| 08 | 39.00M | 3.46% |
| 26 | 24.88M | 2.21% |
| 90 | 15.80M | 1.40% |
| 22 | 10.43M | 0.93% |
| 74 | 8.97M | 0.80% |

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

## Future Outlook & Strategic Recommendations  

### Forecast  
The Mexico-Japan trade relationship is poised for continued growth in Q4 2024, driven by Mexico’s surging exports (+33.93% YoY in September) and Japan’s steady demand for agricultural and industrial inputs. However, the persistent $3.86B trade deficit highlights Mexico’s heavy reliance on Japanese high-tech imports, which may face further volatility due to global supply chain pressures. Exporters should capitalize on Japan’s appetite for unclassified goods (HS 99) while importers brace for potential disruptions in machinery and electronics (HS 85, 84). The Mexico-Japan trade forecast remains cautiously optimistic, with export growth likely outpacing imports if current trends hold.  

### Strategic Moves  
- **Diversify Export Basket:** Mexican exporters must reduce dependence on HS 99 by expanding into higher-value agricultural (HS 02, 08) and manufactured goods to capture more Japanese market share.  
- **Lock in Tech Imports:** Importers should secure long-term contracts for critical Japanese machinery (HS 85, 87) to mitigate price volatility and supply chain risks.  
- **Leverage Trade Agreements:** Both nations should accelerate negotiations under the CPTPP to reduce tariffs on Mexico’s agricultural exports and Japan’s industrial goods, rebalancing the trade deficit.

## Frequently Asked Questions

### How did Mexico - Japan trade perform in 2024 Q3?  
Mexico's exports to Japan grew sharply (+33.93% YoY) to $1.13B, while imports from Japan fell (-11.02% YoY) to $4.99B.  

### What are the top exports from Mexico to Japan?  
Mexico's top export to Japan is HS Code 99 (unclassified/special category goods), accounting for 49.32% of shipments, followed by agricultural and industrial inputs.  

### What does Mexico import from Japan?  
Mexico primarily imports high-tech machinery and equipment (HS Code 85, 26.29% share), with significant contributions from industrial and manufacturing sectors (HS 84, 87).  

### What is the trade balance between Mexico and Japan?  
Mexico ran a $3.86B trade deficit with Japan in Q3 2024, driven by heavy reliance on Japanese imports despite export growth.
Mexico - Japan Trade 2025 Q1: Widening Deficit
Mexico's trade deficit with Japan hit $3.76B in Q1 2025, driven by Japan's machinery dominance. Explore Mexico Japan trade trends and top trading products via yTrade data.
