Mexico - South Korea Trade 2024 Q2: Widening Deficit
Key Market Takeaways: Mexico - South Korea Trade
The bilateral trade relationship between Mexico and South Korea shows a widening trade deficit for Mexico in Q2 2024, despite recovering export growth.
- Economic Pulse: Mexico’s trade deficit with South Korea hit $4.49B (Imports: $5.55B vs. Exports: $1.06B), with exports growing YoY (+12.31% in June) but imports cooling after a strong April (+25.82%).
- Exchange Structure: Mexico - South Korea trade statistics reveal a resource-for-tech imbalance—Mexico’s top export is unspecified goods (63.23% share), while it relies on South Korean machinery (28.43% of imports) and electronics.
- Strategic Interdependence: The partnership is asymmetrical, with South Korea holding the high-value position in critical industrial supply chains.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-South Korea Trade Trend in Q2 2024
Mexico Export Performance: Shipments to South Korea
- Total Volume: $1.06B in Q2 2024.
- Growth Trend & Context:
- YoY growth turned positive in May (+8.49%) and accelerated in June (+12.31%), recovering from April’s slight decline (-2.68%).
- No specific trade news to explain shifts; momentum suggests strengthening demand or competitive pricing.
- Key Volatility: April saw the highest MoM surge (+27.16%), though base effects may be at play.
Mexico Import Performance: Sourcing from South Korea
- Total Volume: $5.55B in Q2 2024.
- Growth Trend & Context:
- YoY growth peaked in April (+25.82%) but slowed sharply in May (+5.62%) and June (+3.7%), indicating cooling demand or inventory adjustments.
- Key Volatility: April’s MoM spike (+16.11%) and May’s drop (-7.61%) highlight uneven procurement patterns.
Mexico - South Korea Trade Balance & Market Dynamics
- Net Position: Trade deficit of $4.49B (Imports $5.55B vs. Exports $1.06B).
- Relationship Status: Mexico remains heavily dependent on South Korean imports, with exports failing to offset the gap despite recent YoY improvements.
Mexico Import Trend from South Korea 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 1.92B | 16.11% | 25.82% |
| May | 1.78B | -7.61% | 5.62% |
| Jun | 1.85B | 4.23% | 3.7% |
| Total | 5.55B | - | - |
Mexico Export Trend to South Korea 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 343.98M | 27.16% | -2.68% |
| May | 353.94M | 2.9% | 8.49% |
| Jun | 358.74M | 1.35% | 12.31% |
| Total | 1.06B | - | - |
Get Historical Mexico South Korea Trade Records
Mexico-South Korea Top Trading Products in Q2 2024
Mexico Export Profile: What Does Mexico Sell to South Korea
- Top Commodity: Rank #1 export is HS Code 99 (Unspecified goods) at 63.23% of total exports.
- Demand Driver: South Korea likely imports these for industrial processing or re-export, given the high share of unspecified goods.
- Concentration: Trade is heavily concentrated, with HS Code 99 accounting for over 60% of exports.
Mexico Import Profile: What Does Mexico Buy from South Korea
- Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) at 28.43% of total imports.
- Dependency Nature: Critical technology dependency, as HS Code 84 and 85 (electrical machinery) dominate imports, indicating reliance on high-tech industrial equipment.
Mexico - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports unspecified goods (likely raw materials or intermediates) while importing high-tech machinery and equipment from South Korea.
- Value Chain Position: South Korea holds the higher value-add position, with exports dominated by complex machinery and electronics, while Mexico’s exports are less specialized.
Import Analysis by Product: South Korea to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 1.58B | 28.43% |
| 85 | 1.46B | 26.33% |
| 99 | 770.42M | 13.88% |
| 87 | 478.47M | 8.62% |
| 39 | 333.65M | 6.01% |
| 72 | 320.51M | 5.78% |
| 40 | 82.51M | 1.49% |
| 76 | 74.36M | 1.34% |
| 90 | 71.32M | 1.29% |
| 82 | 59.09M | 1.06% |
Export Analysis by Product: Mexico to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 668.10M | 63.23% |
| 26 | 115.43M | 10.92% |
| 87 | 90.57M | 8.57% |
| 74 | 66.87M | 6.33% |
| 84 | 38.66M | 3.66% |
| 85 | 35.15M | 3.33% |
| 76 | 12.32M | 1.17% |
| 02 | 8.32M | 0.79% |
| 90 | 6.00M | 0.57% |
| 39 | 5.27M | 0.50% |
Check Detailed Mexico-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico - South Korea Trade
The Mexico - South Korea trade relationship is expected to maintain its current trajectory, with Mexico’s exports likely to sustain moderate growth due to recovering demand in South Korea. However, the trade deficit will persist unless Mexico diversifies its export basket beyond unspecified goods (HS Code 99). South Korea’s cooling import growth signals potential inventory adjustments, which may temporarily dampen machinery (HS Code 84) imports. Over the next year, Mexico must address its over-reliance on high-tech imports to rebalance the trade equation.
Strategic Moves for Traders & Policymakers
- Diversify Export Offerings: Mexican exporters should prioritize developing higher-value goods, such as automotive components or processed foods, to reduce dependence on HS Code 99 and capture more value in the trade relationship.
- Secure Long-term Tech Supply Contracts: Given Mexico’s critical dependency on South Korean machinery, importers should negotiate multi-year agreements to stabilize costs and mitigate volatility in procurement.
- Leverage Nearshoring Opportunities: Mexican manufacturers should position themselves as alternative suppliers for South Korean firms looking to diversify supply chains away from China, particularly in electronics and automotive sectors.
Frequently Asked Questions
How did Mexico - South Korea trade perform in 2024 Q2?
Mexico's exports to South Korea grew by 8.49% YoY in May and 12.31% in June, totaling $1.06B in
Q2. Imports from South Korea slowed to 3.7% YoY in June, reaching $5.55B.
What are the top exports from Mexico to South Korea?
HS Code 99 (Unspecified goods) dominates Mexico's exports to South Korea, accounting for 63.23% of total shipments, likely for industrial processing or re-export.
What does Mexico import from South Korea?
Mexico's top imports from South Korea are HS Code 84 (Nuclear reactors, boilers, machinery) at 28.43% of total imports, reflecting a reliance on high-tech industrial equipment.
What is the trade balance between Mexico and South Korea?
Mexico recorded a trade deficit of $4.49B with South Korea in Q2 2024, driven by higher imports ($5.55B) than exports ($1.06B). The gap persists despite recent export growth.
Mexico South Korea Trade 2024 Q1
---

title: "Mexico - South Korea Trade 2024 Q1: Deficit & Tech Imbalance"
description: "Mexico's South Korea trade trend shows a $3.96B deficit in Q1 2024, driven by tech imports. Explore Mexico South Korea top trading product insights with yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-south-korea-trade-2024-q1.webp
create_date: 2024-04-01
update_date: 2024-04-01
author: yTrade
slug: mexico-south-korea-trade-2024-q1
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: 2024-04-01
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ogTitle: "Mexico - South Korea Trade 2024 Q1: Deficit & Tech Imbalance"
ogDescription: "Mexico's South Korea trade trend shows a $3.96B deficit in Q1 2024, driven by tech imports. Explore Mexico South Korea top trading product insights with yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-south-korea-trade-2024-q1.webp
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twitterTitle: "Mexico - South Korea Trade 2024 Q1: Deficit & Tech Imbalance"
twitterDescription: "Mexico's South Korea trade trend shows a $3.96B deficit in Q1 2024, driven by tech imports. Explore Mexico South Korea top trading product insights with 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 persistent trade deficit and volatile growth trends in Q1 2024.  

- **Economic Pulse:** Mexico’s trade deficit with South Korea hit **$3.96B** (Imports: $4.79B > Exports: $832.75M), with exports declining YoY while imports showed mixed performance.  
- **Exchange Structure:** Mexico - South Korea trade statistics reveal a **resource-for-tech dynamic**—Mexico exports a concentrated industrial input (HS 99, 58.92% share) while relying on South Korean high-tech machinery (HS 85, 27.45%).  
- **Strategic Interdependence:** The partnership is highly complementary but imbalanced, with South Korea holding the higher value-add position in the supply chain.  

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 Q1 2024

### Mexico Export Performance: Shipments to South Korea  
- **Total Volume:** $832.75M in Q1 2024.  
- **Growth Trend & Context:**  
  - YoY declines persisted across all months, with March (-26.71%) showing the sharpest drop.  
  - No specific trade news to explain the contraction.  
- **Key Volatility:** February saw a 31.51% MoM surge, but momentum reversed in March (-15.31%).  

### Mexico Import Performance: Sourcing from South Korea  
- **Total Volume:** $4.79B in Q1 2024.  
- **Growth Trend & Context:**  
  - Mixed YoY performance: February (+17.37%) offset declines in January (-5.41%) and March (-5.47%).  
- **Key Volatility:** February’s 15.88% MoM jump was the quarter’s highlight, though imports dipped slightly in March (-1.6%).  

### Mexico - South Korea Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **trade deficit of $3.96B** (Imports: $4.79B > Exports: $832.75M).  
- **Relationship Status:** Heavy reliance on South Korean imports, with exports failing to close the gap.

### Mexico Import Trend from South Korea 2024 Q1 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 1.45B | -3.15% | -5.41% |
| Feb | 1.68B | 15.88% | 17.37% |
| Mar | 1.66B | -1.6% | -5.47% |
| **Total** | **4.79B** | - | - |

### Mexico Export Trend to South Korea 2024 Q1 (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 242.86M | -29.81% | -22.68% |
| Feb | 319.39M | 31.51% | -19.13% |
| Mar | 270.50M | -15.31% | -26.71% |
| **Total** | **832.75M** | - | - |

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

## Mexico-South Korea Top Trading Products in Q1 2024

### Mexico Export Profile: What Does Mexico Sell to South Korea  
- **Top Commodity:** Rank #1 export is HS Code 99 (58.92% share).  
- **Demand Driver:** South Korea likely uses these for industrial processing, given the high share of a single category.  
- **Concentration:** Extreme concentration, with HS Code 99 alone accounting for nearly 60% of exports.  

### Mexico Import Profile: What Does Mexico Buy from South Korea  
- **Top Commodity:** Rank #1 import is HS Code 85 (27.45% share).  
- **Dependency Nature:** Critical technology dependency, as HS Codes 85 and 84 (electrical and machinery) dominate imports.  

### Mexico - South Korea Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports a concentrated industrial input (HS 99) while importing high-tech machinery and electronics from South Korea.  
- **Value Chain Position:** South Korea holds the higher value-add position, supplying advanced machinery (HS 84, 85) versus Mexico’s bulk industrial exports.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 85 | 1.31B | 27.45% |
| 84 | 1.30B | 27.04% |
| 99 | 675.22M | 14.10% |
| 87 | 455.53M | 9.51% |
| 39 | 277.44M | 5.79% |
| 72 | 250.97M | 5.24% |
| 90 | 84.12M | 1.76% |
| 82 | 69.83M | 1.46% |
| 40 | 68.60M | 1.43% |
| 76 | 60.36M | 1.26% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 490.62M | 58.92% |
| 87 | 102.75M | 12.34% |
| 26 | 96.92M | 11.64% |
| 84 | 39.48M | 4.74% |
| 74 | 30.81M | 3.70% |
| 85 | 27.60M | 3.31% |
| 76 | 10.73M | 1.29% |
| 90 | 10.69M | 1.28% |
| 02 | 9.71M | 1.17% |
| 39 | 3.90M | 0.47% |

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

## Future Outlook & Strategic Recommendations  

### Forecast for Mexico - South Korea Trade  
The persistent trade deficit and declining exports signal continued challenges for Mexico in Q2 2024. South Korea’s demand for high-tech imports (HS 85, 84) will likely sustain Mexico’s import dependency, while Mexico’s concentrated export profile (HS 99) remains vulnerable to demand shocks. Without diversification or policy intervention, the deficit could widen further, especially if industrial input demand softens. Traders should brace for volatility in bilateral flows, with South Korea retaining the upper hand in value chain positioning.  

### Strategic Moves for Mexican Stakeholders  
- **Diversify Export Basket:** Mexican exporters must reduce reliance on HS 99 by targeting South Korean demand for automotive parts, agriculture, or processed foods—sectors where Mexico holds competitive advantages.  
- **Negotiate Tech Transfers:** Mexican importers should push for joint ventures or local production agreements with South Korean firms to reduce dependency on high-tech imports and capture more value domestically.  
- **Leverage Trade Diplomacy:** The Mexican government must prioritize renegotiating tariff terms or securing South Korean investment in export-oriented manufacturing to rebalance the trade relationship.

## Frequently Asked Questions

### How did Mexico - South Korea trade perform in 2024 Q1?  
Mexico's exports to South Korea totaled $832.75M, with YoY declines across all months. Imports from South Korea reached $4.79B, showing mixed YoY growth but a net trade deficit for Mexico.  

### What are the top exports from Mexico to South Korea?  
HS Code 99 dominates Mexico's exports to South Korea, accounting for 58.92% of total shipments, likely used for industrial processing.  

### What does Mexico import from South Korea?  
HS Code 85 (27.45% share) and HS Code 84 (electrical and machinery) are the top imports, reflecting Mexico's reliance on South Korean technology.  

### What is the trade balance between Mexico and South Korea?  
Mexico recorded a trade deficit of $3.96B with South Korea in Q1 2024, driven by heavy imports of high-tech goods versus concentrated industrial exports.
Mexico - South Korea Trade 2024 Q3: Widening Deficit Crisis
Mexico's South Korea trade trend shows a $5.81B deficit, with tech imports dominating. Explore Mexico South Korea top trading product insights via yTrade data.
