Mexico - Thailand Trade 2023 Whole Year: Deficit & Tech Imbalance
Key Market Takeaways: Mexico - Thailand Trade
The bilateral trade relationship between Mexico and Thailand is marked by a significant deficit and volatile growth in 2023.
- Economic Pulse: Mexico posted an $8.42B trade deficit ($8.76B imports vs. $338.39M exports), with mixed YoY growth—peaks in early 2024 but sharp declines later.
- Exchange Structure: Mexico - Thailand trade statistics reveal a resource-for-tech dynamic: Mexico ships unclassified goods (HS 99, 41.78% share) while importing high-tech machinery (HS 85, 34.83% share).
- Strategic Interdependence: Thailand holds the higher value-add position, supplying critical tech components, while Mexico’s exports remain niche and concentrated.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Thailand Trade Trend in Whole Year 2023
Mexico Export Performance: Shipments to Thailand
- Total Volume: $338.39M in 2023.
- Growth Trend & Context:
- YoY growth was mixed, with peaks in January (+65.59%) and June (+36.18%), but contractions in February (-4.01%) and March (-16.68%).
- No specific trade news or policy changes were reported to explain these fluctuations.
- Key Volatility: March saw the highest MoM surge (+36.44%), while August had the sharpest drop (-14.21%).
Mexico Import Performance: Sourcing from Thailand
- Total Volume: $8.76B in 2023.
- Growth Trend & Context:
- YoY growth was strong early in the year (e.g., February +51.34%) but turned negative in August (-17.76%) and October (-10.22%).
- No external events were cited to contextualize the shifts.
- Key Volatility: February recorded the highest MoM jump (+21.66%), while March had the steepest decline (-23.31%).
Mexico - Thailand Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of $8.42B ($8.76B imports vs. $338.39M exports).
- Relationship Status: Mexico is heavily dependent on imports from Thailand, with exports playing a minimal role in the trade relationship.
Mexico Import Trend from Thailand 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 713.21M | -2.94% | 35.37% |
| Feb | 867.70M | 21.66% | 51.34% |
| Mar | 665.42M | -23.31% | 7.86% |
| Apr | 759.40M | 14.12% | 30.8% |
| May | 746.25M | -1.73% | 27.7% |
| Jun | 679.35M | -8.96% | 5.49% |
| Jul | 678.02M | -0.2% | 8.37% |
| Aug | 684.82M | 1.0% | -17.76% |
| Sep | 747.23M | 9.11% | 10.12% |
| Oct | 766.45M | 2.57% | -10.22% |
| Nov | 752.83M | -1.78% | 6.1% |
| Dec | 695.33M | -7.64% | -5.37% |
| Total | 8.76B | - | - |
Mexico Export Trend to Thailand 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 21.54M | -28.34% | 65.59% |
| Feb | 18.39M | -14.6% | -4.01% |
| Mar | 25.10M | 36.44% | -16.68% |
| Apr | 28.08M | 11.89% | 22.56% |
| May | 28.22M | 0.5% | -6.43% |
| Jun | 35.06M | 24.23% | 36.18% |
| Jul | 31.07M | -11.37% | 18.48% |
| Aug | 26.65M | -14.21% | 0.38% |
| Sep | 30.15M | 13.13% | 33.32% |
| Oct | 30.85M | 2.33% | -2.83% |
| Nov | 30.52M | -1.09% | 11.58% |
| Dec | 32.76M | 7.34% | 8.98% |
| Total | 338.39M | - | - |
Get Historical Mexico Thailand Trade Records
Mexico-Thailand Top Trading Products in Whole Year 2023
Mexico Export Profile: What Does Mexico Sell to Thailand
- Top Commodity: Rank #1 export is HS Code 99 (41.78% share), likely representing unclassified or miscellaneous goods.
- Demand Driver: Thailand imports these goods for industrial processing or niche market needs.
- Concentration: The trade is highly concentrated, with the top 3 exports (HS 99, 85, 87) accounting for 93.74% of total exports.
Mexico Import Profile: What Does Mexico Buy from Thailand
- Top Commodity: Rank #1 import is HS Code 85 (34.83% share), covering electrical machinery and equipment.
- Dependency Nature: Mexico relies on Thailand for high-tech components, indicating critical technology dependency.
Mexico - Thailand Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports unclassified goods and machinery (HS 99, 85, 87) while importing high-tech electrical equipment (HS 85, 84) from Thailand.
- Value Chain Position: Thailand holds the higher value-add position, supplying advanced machinery (HS 85, 84) compared to Mexico’s more generic exports (HS 99).
Import Analysis by Product: Thailand to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 3.05B | 34.83% |
| 84 | 2.67B | 30.53% |
| 99 | 1.63B | 18.62% |
| 87 | 440.82M | 5.03% |
| 40 | 217.53M | 2.48% |
| 90 | 187.93M | 2.15% |
| 71 | 142.56M | 1.63% |
| 39 | 122.83M | 1.40% |
| 12 | 37.10M | 0.42% |
| 73 | 35.17M | 0.40% |
Export Analysis by Product: Mexico to Thailand (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 141.39M | 41.78% |
| 85 | 103.64M | 30.63% |
| 87 | 72.18M | 21.33% |
| 84 | 9.64M | 2.85% |
| 76 | 2.75M | 0.81% |
| 39 | 2.74M | 0.81% |
| 03 | 1.72M | 0.51% |
| 90 | 1.44M | 0.43% |
| 73 | 1.43M | 0.42% |
| 52 | 424.48K | 0.13% |
Check Detailed Mexico-Thailand Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Mexico-Thailand trade relationship in 2024 is likely to remain asymmetrical, with Mexico’s deficit persisting due to its heavy reliance on Thai high-tech imports (HS 85, 84). However, Mexico’s export growth potential lies in niche markets (HS 99, 85), where sporadic spikes (e.g., January’s +65.59% YoY surge) signal latent demand. Volatility will continue, driven by unaddressed supply chain bottlenecks and Thailand’s dominance in advanced manufacturing. Without policy intervention, Mexico risks further trade imbalance erosion.
Strategic Moves
- Diversify Export Markets for HS 99: Mexican exporters must aggressively target alternative ASEAN buyers to reduce overreliance on Thailand’s unpredictable demand for unclassified goods.
- Secure Long-Term Tech Supply Contracts: Importers of Thai electrical machinery (HS 85) should lock in pricing now to hedge against potential MoM swings (e.g., March’s -23.31% drop).
- Invest in Value-Add Processing: Mexico’s generic exports (HS 99) need upstream industrial upgrades to compete with Thailand’s high-value tech exports—prioritize partnerships with Thai firms for knowledge transfer.
Frequently Asked Questions
How did Mexico - Thailand trade perform in 2023 Whole Year?
Mexico exported $338.39M to Thailand, with mixed YoY growth, while imports totaled $8.76B, showing early-year strength but later declines.
What are the top exports from Mexico to Thailand?
Mexico's top exports to Thailand are HS Code 99 (unclassified goods, 41.78% share), followed by HS 85 and 87, accounting for 93.74% of total exports.
What does Mexico import from Thailand?
Mexico primarily imports HS Code 85 (electrical machinery, 34.83% share) from Thailand, reflecting a reliance on high-tech components.
What is the trade balance between Mexico and Thailand?
Mexico had a trade deficit of $8.42B with Thailand in 2023, driven by significantly higher imports than exports.
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