Mexico - South Korea Trade 2023 Q1: Growing Trade Deficit
Key Market Takeaways: Mexico - South Korea Trade
The bilateral trade relationship between Mexico and South Korea is marked by a growing but volatile trade deficit in Q1 2023.
- Economic Pulse: Mexico posted a -$3.64B trade deficit with South Korea ($1.08B exports vs. $4.72B imports), with exports showing strong YoY growth early in the quarter before moderating.
- Exchange Structure: Mexico - South Korea trade statistics reveal a resource-for-tech dynamic—Mexico’s exports are dominated by specialized services (HS 99, 54% share), while imports are heavily skewed toward high-tech machinery (HS 85/84, 53% combined).
- Strategic Interdependence: South Korea holds the higher-value position, supplying critical industrial inputs, while Mexico’s export profile remains narrow and service-driven.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-South Korea Trade Trend in Q1 2023
Mexico Export Performance: Shipments to South Korea
- Total Volume: $1.08B in Q1 2023.
- Growth Trend & Context: YoY growth was strong in January (+73.67%) but moderated in February (+21.93%) and March (+15.32%). No specific trade news to explain fluctuations.
- Key Volatility: February saw a 25.74% MoM surge, while March dropped -6.55%.
Mexico Import Performance: Sourcing from South Korea
- Total Volume: $4.72B in Q1 2023.
- Growth Trend & Context: YoY growth was positive in January (+12.77%) but turned negative in February (-15.4%) and March (-13.3%). No news to contextualize the decline.
- Key Volatility: March had the highest monthly value ($1.75B) with a 22.17% MoM rebound after February’s -6.61% dip.
Mexico - South Korea Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of -$3.64B (Exports $1.08B vs. Imports $4.72B).
- Relationship Status: Heavy reliance on South Korean imports, with exports failing to offset the imbalance.
Mexico Import Trend from South Korea 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.53B | -1.32% | 12.77% |
| Feb | 1.43B | -6.61% | -15.4% |
| Mar | 1.75B | 22.17% | -13.3% |
| Total | 4.72B | - | - |
Mexico Export Trend to South Korea 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 314.12M | -23.0% | 73.67% |
| Feb | 394.96M | 25.74% | 21.93% |
| Mar | 369.10M | -6.55% | 15.32% |
| Total | 1.08B | - | - |
Get Historical Mexico South Korea Trade Records
Mexico-South Korea Top Trading Products in Q1 2023
Mexico Export Profile: What Does Mexico Sell to South Korea
- Top Commodity: Rank #1 Export is HS Code 99 (54.04% share). This category typically includes services or special classification items, indicating a strong non-goods trade component.
- Demand Driver: South Korea likely sources specialized services or unique goods from Mexico, possibly tied to bilateral agreements or niche market needs.
- Concentration: Highly concentrated, with HS Code 99 alone accounting for over half of exports.
Mexico Import Profile: What Does Mexico Buy from South Korea
- Top Commodity: Rank #1 Import is HS Code 85 (27.04% share), covering electrical machinery and equipment.
- Dependency Nature: Critical technology dependency, as HS Code 85 and 84 (25.63%) dominate imports, reflecting Mexico's reliance on South Korean high-tech and industrial machinery.
Mexico - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports services/specialized goods (HS 99) while importing high-tech machinery (HS 85/84) from South Korea.
- Value Chain Position: South Korea holds the higher value-add position, supplying advanced machinery and electronics, while Mexico's exports are less diversified and likely lower in complexity.
Import Analysis by Product: South Korea to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 1.28B | 27.04% |
| 84 | 1.21B | 25.63% |
| 99 | 719.32M | 15.24% |
| 87 | 377.14M | 7.99% |
| 72 | 295.29M | 6.26% |
| 39 | 289.71M | 6.14% |
| 27 | 100.27M | 2.12% |
| 73 | 90.17M | 1.91% |
| 40 | 83.73M | 1.77% |
| 90 | 57.97M | 1.23% |
Export Analysis by Product: Mexico to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 582.62M | 54.04% |
| 87 | 213.07M | 19.76% |
| 26 | 165.81M | 15.38% |
| 74 | 34.87M | 3.23% |
| 84 | 27.65M | 2.56% |
| 85 | 25.06M | 2.32% |
| 02 | 14.45M | 1.34% |
| 90 | 3.53M | 0.33% |
| 40 | 2.89M | 0.27% |
| 39 | 2.41M | 0.22% |
Check Detailed Mexico-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade deficit with South Korea is likely to persist in Q2 2023, driven by continued reliance on high-tech imports (HS 85/84) and limited export diversification. While Mexican exports (notably HS 99) show resilience, their concentrated nature leaves them vulnerable to demand shocks. South Korea’s weakening import demand (-15.4% YoY in February) suggests near-term headwinds, but March’s rebound in bilateral trade ($1.75B) signals potential stabilization. Traders should prepare for volatile swings, with the deficit narrowing only if Mexico accelerates export diversification or secures new service-sector deals.
Strategic Moves
- Diversify Export Markets: Mexican exporters must reduce reliance on HS 99 by targeting South Korean demand for intermediate goods (e.g., auto parts, aerospace components) to balance the tech-heavy import profile.
- Lock in Tech Supply Chains: Importers of South Korean machinery (HS 85/84) should negotiate long-term contracts to mitigate price volatility, especially as global semiconductor shortages persist.
- Leverage Bilateral Agreements: Both nations should fast-track talks to expand the Mexico-South Korea FTA, lowering tariffs on Mexican agricultural exports and incentivizing South Korean FDI in Mexican manufacturing hubs.
Frequently Asked Questions
How did Mexico - South Korea trade perform in 2023 Q1?
Mexico's exports to South Korea totaled $1.08B with strong YoY growth, while imports from South Korea reached $4.72B but declined YoY. The trade deficit for Mexico was -$3.64B.
What are the top exports from Mexico to South Korea?
HS Code 99 (54.04% share), which includes services or special classification items, was Mexico's top export to South Korea, indicating a strong non-goods trade component.
What does Mexico import from South Korea?
Mexico's top imports from South Korea are HS Code 85 (27.04%, electrical machinery) and HS Code 84 (25.63%, industrial machinery), reflecting a reliance on high-tech equipment.
What is the trade balance between Mexico and South Korea?
Mexico recorded a trade deficit of -$3.64B with South Korea in Q1 2023, driven by higher imports of advanced machinery compared to exports of specialized goods/services.
Mexico South Korea Trade 2023
---

title: "Mexico - South Korea Trade 2023 Whole Year: $19.5B Deficit"
description: "Mexico's South Korea trade trend reveals a $19.5B deficit, with tech imports dominating. Explore Mexico South Korea top trading product insights via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-south-korea-trade-2023.webp
create_date: 2025-12-18
update_date: 2025-12-18
author: yTrade
slug: mexico-south-korea-trade-2023
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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  lastmod: 2025-12-18
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ogTitle: "Mexico - South Korea Trade 2023 Whole Year: $19.5B Deficit"
ogDescription: "Mexico's South Korea trade trend reveals a $19.5B deficit, with tech imports dominating. Explore Mexico South Korea top trading product insights via yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-south-korea-trade-2023.webp
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twitterSite:
twitterTitle: "Mexico - South Korea Trade 2023 Whole Year: $19.5B Deficit"
twitterDescription: "Mexico's South Korea trade trend reveals a $19.5B deficit, with tech imports dominating. Explore Mexico South Korea top trading product insights via yTrade data."
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---

## Key Market Takeaways: Mexico - South Korea Trade  

The bilateral trade relationship between **Mexico** and **South Korea** is marked by a heavy import reliance and volatile export performance in 2023.  

- **$19.5B Deficit:** Mexico’s imports from South Korea ($19.49B) dwarfed exports ($3.81B), creating a $15.68B trade gap with consistent YoY declines in inbound shipments (-15.4% avg).  
- **Tech-for-Re-Exchange:** Bilateral trade data reveals Mexico’s lopsided exports (62% unclassified HS Code 99 goods) against critical South Korean tech imports (27% share for electronics/equipment under HS 85).  
- **Asymmetric Dependency:** South Korea 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](https://ytrade.com/data-sources).

## Mexico-South Korea Trade Trend in Whole Year 2023

### Mexico Export Performance: Shipments to South Korea
- **Total Volume:** $3.81B in 2023.  
- **Growth Trend & Context:**  
  - YoY growth was mixed, with early months (Jan-May) showing strong gains (up to +73.67% in Jan) but turning negative from August (-13.23%) onward.  
  - No specific trade news to explain the volatility.  
- **Key Volatility:** January saw the highest MoM drop (-23.0%), while November had the sharpest MoM rise (+20.99%).  

### Mexico Import Performance: Sourcing from South Korea  
- **Total Volume:** $19.49B in 2023.  
- **Growth Trend & Context:**  
  - Consistent YoY declines throughout the year, averaging -15.4%, with the steepest drop in April (-25.13%).  
- **Key Volatility:** March posted the highest MoM surge (+22.17%), while April had the sharpest MoM contraction (-12.76%).  

### Mexico - South Korea Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **trade deficit** of **$15.68B** (Imports $19.49B > Exports $3.81B).  
- **Relationship Status:** Heavy reliance on South Korean imports, with exports failing to offset the imbalance.

### Mexico Import Trend from South Korea 2023 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 1.53B | -1.32% | 12.77% |
| Feb | 1.43B | -6.61% | -15.4% |
| Mar | 1.75B | 22.17% | -13.3% |
| Apr | 1.53B | -12.76% | -25.13% |
| May | 1.68B | 10.06% | -24.02% |
| Jun | 1.78B | 6.16% | -7.46% |
| Jul | 1.63B | -8.47% | -13.48% |
| Aug | 1.72B | 5.5% | -16.6% |
| Sep | 1.54B | -10.44% | -20.18% |
| Oct | 1.78B | 15.45% | -3.05% |
| Nov | 1.60B | -10.34% | -15.46% |
| Dec | 1.50B | -6.19% | -3.63% |
| **Total** | **19.49B** | - | - |

### Mexico Export Trend to South Korea 2023 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 314.12M | -23.0% | 73.67% |
| Feb | 394.96M | 25.74% | 21.93% |
| Mar | 369.10M | -6.55% | 15.32% |
| Apr | 353.44M | -4.24% | 28.58% |
| May | 326.23M | -7.7% | 16.52% |
| Jun | 319.41M | -2.09% | 2.54% |
| Jul | 270.79M | -15.22% | 11.05% |
| Aug | 275.28M | 1.66% | -13.23% |
| Sep | 233.15M | -15.3% | -20.17% |
| Oct | 273.49M | 17.3% | -14.68% |
| Nov | 330.90M | 20.99% | -20.78% |
| Dec | 346.02M | 4.57% | -15.18% |
| **Total** | **3.81B** | - | - |

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

## Mexico-South Korea Top Trading Products in Whole Year 2023

### Mexico Export Profile: What Does Mexico Sell to South Korea  
- **Top Commodity:** Rank #1 Export is HS Code 99 (62.02% share). This category typically includes unclassified or special transactions, often re-exports or services.  
- **Demand Driver:** South Korea likely uses these for industrial processing or re-export, given the high share and ambiguous classification.  
- **Concentration:** Extreme concentration—HS Code 99 alone accounts for 62% of exports, indicating a lopsided trade profile.  

### Mexico Import Profile: What Does Mexico Buy from South Korea  
- **Top Commodity:** Rank #1 Import is HS Code 85 (27.29% share), covering electrical machinery and equipment.  
- **Dependency Nature:** Critical technology dependency—South Korea supplies high-value electronics and machinery essential for Mexico’s manufacturing sector.  

### Mexico - South Korea Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports ambiguous/unclassified goods (likely re-exports or raw materials) while importing high-tech machinery and electronics from South Korea.  
- **Value Chain Position:** South Korea holds the higher value-add position, dominating with complex exports (HS 85, 84) versus Mexico’s less defined export profile.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 85 | 5.32B | 27.29% |
| 84 | 4.94B | 25.33% |
| 99 | 3.01B | 15.43% |
| 87 | 1.70B | 8.70% |
| 39 | 1.23B | 6.32% |
| 72 | 1.19B | 6.09% |
| 73 | 343.60M | 1.76% |
| 40 | 333.92M | 1.71% |
| 90 | 263.68M | 1.35% |
| 82 | 213.29M | 1.09% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 2.36B | 62.02% |
| 87 | 632.49M | 16.61% |
| 26 | 273.24M | 7.18% |
| 85 | 140.49M | 3.69% |
| 84 | 128.11M | 3.37% |
| 74 | 123.25M | 3.24% |
| 02 | 55.22M | 1.45% |
| 76 | 30.90M | 0.81% |
| 90 | 16.85M | 0.44% |
| 39 | 15.96M | 0.42% |

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

## Future Outlook & Strategic Recommendations  

### Forecast  
The Mexico - South Korea trade relationship is likely to face continued volatility in 2024, with Mexico’s trade deficit persisting due to structural imbalances. South Korea’s dominance in high-tech exports (HS 85) and Mexico’s reliance on ambiguous, concentrated exports (HS 99) suggest limited near-term rebalancing. However, if Mexico can diversify its export basket beyond unclassified goods, there may be opportunities to stabilize trade flows. Traders should prepare for fluctuating demand, particularly in electronics and machinery imports, while monitoring potential policy shifts to address the deficit.  

### Strategic Moves  
- **Diversify Export Offerings:** Mexican exporters must reduce reliance on HS 99 by identifying and promoting high-value goods that align with South Korean demand, such as automotive parts or agricultural products.  
- **Secure Long-Term Tech Supply Contracts:** Given Mexico’s heavy dependence on South Korean electronics (HS 85), importers should negotiate fixed-price agreements to mitigate cost volatility and supply chain disruptions.  
- **Leverage Trade Diplomacy:** The Mexican government should push for expanded market access in South Korea through bilateral talks, targeting sectors where Mexico holds a competitive edge, such as aerospace or agribusiness.

## Frequently Asked Questions

### How did Mexico - South Korea trade perform in 2023 Whole Year?  
Mexico exported $3.81B to South Korea with mixed growth, while imports totaled $19.49B, showing consistent YoY declines (-15.4% on average).  

### What are the top exports from Mexico to South Korea?  
The top export was HS Code 99 (62.02% share), which includes unclassified or special transactions, likely re-exports or services.  

### What does Mexico import from South Korea?  
The top import was HS Code 85 (27.29% share), covering electrical machinery and equipment, reflecting a critical technology dependency.  

### What is the trade balance between Mexico and South Korea?  
Mexico ran a trade deficit of $15.68B in 2023, with imports ($19.49B) far exceeding exports ($3.81B).
Mexico - South Korea Trade 2023 Q2: Widening Deficit
Mexico's trade deficit with South Korea hit $3.99B in Q2 2023, driven by a resource-for-tech imbalance. Explore Mexico South Korea trade trends and top trading products via yTrade data.
