Mexico - Thailand Trade 2024 Q3: Deficit-Driven Tech Exchange
Key Market Takeaways: Mexico - Thailand Trade
The bilateral trade relationship between Mexico and Thailand reflects a persistent structural imbalance, with Mexico heavily dependent on Thai imports in Q3 2024.
- Deficit-Driven Trade: Mexico’s $2.78B trade deficit ($98.71M exports vs. $2.88B imports) highlights lopsided demand, with both export and import growth slowing sharply by September.
- Tech-for-Tech Exchange: Mexico - Thailand trade statistics show a resource-for-tech complementarity—Mexico ships electrical machinery (HS 85, 39.6% share) while importing high-value nuclear reactors/boilers (HS 84, 38.6%).
- Asymmetric Value Chains: Thailand holds the upper hand in advanced manufacturing, supplying critical machinery that Mexico’s exports fail to offset.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Thailand Trade Trend in Q3 2024
Mexico Export Performance: Shipments to Thailand
- Total Volume: $98.71M in Q3 2024.
- Growth Trend & Context: YoY growth slowed sharply from +14.63% in July to +4.34% in September, indicating weakening demand or competitive pressures. No trade policy shifts were reported to explain this deceleration.
- Key Volatility: August saw the steepest MoM drop (-11.17%), though September stabilized with a marginal -0.56% decline.
Mexico Import Performance: Sourcing from Thailand
- Total Volume: $2.88B in Q3 2024.
- Growth Trend & Context: YoY growth collapsed from +64.1% in July to +5.86% in September, suggesting inventory drawdowns or demand saturation. No supply shocks were reported.
- Key Volatility: July’s imports peaked at $1.11B (MoM +56.18%), followed by consecutive monthly declines (-12.63% in August, -18.63% in September).
Mexico - Thailand Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of -$2.78B (Exports $98.71M vs. Imports $2.88B).
- Relationship Status: Heavy import dependence on Thailand, with exports failing to offset even 4% of the import bill. Structural trade imbalance persists.
Mexico Import Trend from Thailand 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 1.11B | 56.18% | 64.1% |
| Aug | 972.14M | -12.63% | 41.96% |
| Sep | 791.05M | -18.63% | 5.86% |
| Total | 2.88B | - | - |
Mexico Export Trend to Thailand 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 35.62M | -4.26% | 14.63% |
| Aug | 31.64M | -11.17% | 18.7% |
| Sep | 31.46M | -0.56% | 4.34% |
| Total | 98.71M | - | - |
Get Historical Mexico Thailand Trade Records
Mexico-Thailand Top Trading Products in Q3 2024
Mexico Export Profile: What Does Mexico Sell to Thailand
- Top Commodity: Rank #1 export is HS 85 (Electrical machinery, 39.64% share).
- Demand Driver: Thailand likely uses these for industrial processing, given the dominance of machinery and electronics.
- Concentration: The top 3 categories (HS 85, 99, 87) account for 88.17% of exports, indicating high trade concentration.
Mexico Import Profile: What Does Mexico Buy from Thailand
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors/boilers, 38.56% share).
- Dependency Nature: Critical technology dependency, as HS 84 and HS 85 (machinery/electronics) dominate imports.
Mexico - Thailand Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports electrical machinery (HS 85) to Thailand while importing high-value machinery (HS 84) in return.
- Value Chain Position: Thailand holds a higher value-add position, supplying advanced machinery (HS 84) versus Mexico’s exports of electrical components (HS 85).
Import Analysis by Product: Thailand to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 1.11B | 38.56% |
| 85 | 852.42M | 29.64% |
| 99 | 349.84M | 12.16% |
| 87 | 185.49M | 6.45% |
| 40 | 71.66M | 2.49% |
| 71 | 50.30M | 1.75% |
| 90 | 47.97M | 1.67% |
| 10 | 45.53M | 1.58% |
| 39 | 34.62M | 1.20% |
| 12 | 27.00M | 0.94% |
Export Analysis by Product: Mexico to Thailand (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 39.13M | 39.64% |
| 99 | 28.54M | 28.91% |
| 87 | 19.37M | 19.62% |
| 84 | 3.98M | 4.03% |
| 76 | 2.48M | 2.51% |
| 03 | 1.91M | 1.94% |
| 22 | 592.85K | 0.60% |
| 73 | 592.10K | 0.60% |
| 30 | 430.22K | 0.44% |
| 90 | 393.20K | 0.40% |
Check Detailed Mexico-Thailand Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico - Thailand Trade
The Mexico - Thailand trade forecast points to continued volatility in Q4 2024, with Mexico’s export slowdown likely to persist due to weakening demand and competitive pressures. Thailand’s import growth collapse suggests inventory adjustments, but structural dependency on high-value machinery (HS 84) will keep Mexico’s trade deficit entrenched. Without policy intervention, the deficit could widen further as Thailand maintains its value-add advantage in advanced manufacturing. Exporters must act swiftly to counterbalance this asymmetry.
Strategic Moves for Traders & Policymakers
- Diversify Export Markets: Mexican exporters of electrical machinery (HS 85) should aggressively target alternative ASEAN markets to reduce overreliance on Thailand’s slowing demand.
- Secure Long-Term Tech Supply Contracts: Importers of Thai machinery (HS 84) must lock in favorable terms now to mitigate price volatility amid potential supply chain disruptions.
- Leverage Nearshoring Opportunities: Mexican manufacturers should position themselves as secondary suppliers for Thai electronics firms, capitalizing on USMCA ties to offset Thailand’s cost advantages.
Frequently Asked Questions
How did Mexico - Thailand trade perform in 2024 Q3?
Mexico's exports to Thailand totaled $98.71M with slowing YoY growth, while imports from Thailand reached $2.88B, showing a sharp decline in growth rates.
What are the top exports from Mexico to Thailand?
Mexico's top exports to Thailand are HS 85 (Electrical machinery, 39.64% share), HS 99, and HS 87, accounting for 88.17% of total exports.
What does Mexico import from Thailand?
Mexico's top imports from Thailand are HS 84 (Nuclear reactors/boilers, 38.56% share) and HS 85 (machinery/electronics), reflecting a tech-heavy dependency.
What is the trade balance between Mexico and Thailand?
Mexico recorded a trade deficit of -$2.78B with Thailand, as imports far outweighed exports, maintaining a structural imbalance.
Mexico Thailand Trade 2024 Q1
---

title: "Mexico - Thailand Trade 2024 Q1: Widening Deficit"
description: "Mexico's trade deficit with Thailand hit $2.32B in Q1 2024, driven by surging imports and sluggish exports. Explore Mexico Thailand trade trends and top trading products with yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-thailand-trade-2024-q1.webp
create_date: 2024-04-01
update_date: 2024-04-01
author: yTrade
slug: mexico-thailand-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
sitemap:
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  lastmod: 2024-04-01
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ogTitle: "Mexico - Thailand Trade 2024 Q1: Widening Deficit"
ogDescription: "Mexico's trade deficit with Thailand hit $2.32B in Q1 2024, driven by surging imports and sluggish exports. Explore Mexico Thailand trade trends and top trading products with yTrade data."
ogImage: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-thailand-trade-2024-q1.webp
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twitterTitle: "Mexico - Thailand Trade 2024 Q1: Widening Deficit"
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---

## Key Market Takeaways: Mexico - Thailand Trade  

The bilateral trade relationship between **Mexico** and **Thailand** is marked by a widening deficit and volatile growth in Q1 2024.  

- **Economic Pulse:** Mexico’s trade deficit with Thailand hit **$2.32B** (imports: $2.41B > exports: $87.04M), driven by surging early-quarter imports and sluggish export recovery.  
- **Exchange Structure:** Mexico - Thailand trade statistics reveal a **resource-for-tech dynamic**—Mexico supplies industrial inputs (HS 99, 85) while Thailand dominates with machinery (HS 84, 85).  
- **Strategic Interdependence:** Thailand holds the higher value-add position, reflecting Mexico’s reliance on critical tech imports and limited export diversification.  

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

## Mexico-Thailand Trade Trend in Q1 2024

### Mexico Export Performance: Shipments to Thailand  
- **Total Volume:** Mexico exported **$87.04M** worth of goods to Thailand in Q1 2024.  
- **Growth Trend & Context:**  
  - Exports showed mixed YoY performance: **+38.79%** in January, **+50.94%** in February (peak), but slowed to **+17.09%** in March.  
  - No specific trade news or policy changes were reported to explain these fluctuations.  
- **Key Volatility:** February saw the highest YoY growth (**+50.94%**), while March recorded the sharpest MoM rebound (**+5.83%**) after two consecutive monthly declines.  

### Mexico Import Performance: Sourcing from Thailand  
- **Total Volume:** Mexico imported **$2.41B** worth of goods from Thailand in Q1 2024.  
- **Growth Trend & Context:**  
  - Imports started strong (**+24.29% YoY in January**) but sharply reversed in March (**-3.65% YoY**).  
  - No external events were cited to justify the **-27.43% MoM drop** in March.  
- **Key Volatility:** January was the peak month (**$886.45M**, +27.49% MoM), while March hit the lowest (**$641.11M**).  

### Mexico - Thailand Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **trade deficit of $2.32B** with Thailand (Imports: $2.41B > Exports: $87.04M).  
- **Relationship Status:** Mexico remains **heavily dependent on imports** from Thailand, with exports failing to offset the imbalance. The deficit widened YoY due to surging import volumes early in the quarter.

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 886.45M | 27.49% | 24.29% |
| Feb | 883.48M | -0.34% | 1.82% |
| Mar | 641.11M | -27.43% | -3.65% |
| **Total** | **2.41B** | - | - |

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

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 29.89M | -8.74% | 38.79% |
| Feb | 27.76M | -7.12% | 50.94% |
| Mar | 29.38M | 5.83% | 17.09% |
| **Total** | **87.04M** | - | - |

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

## Mexico-Thailand Top Trading Products in Q1 2024

### Mexico Export Profile: What Does Mexico Sell to Thailand  
- **Top Commodity:** HS Code 99 (39.89% share).  
- **Demand Driver:** Thailand likely uses these exports for industrial processing, given the dominance of intermediate goods.  
- **Concentration:** Yes, HS Code 99 and 85 (37.32%) account for 77.21% of exports, indicating high trade concentration.  

### Mexico Import Profile: What Does Mexico Buy from Thailand  
- **Top Commodity:** HS Code 84 (37.24% share).  
- **Dependency Nature:** Critical technology dependency, as machinery (HS 84, 85) dominates imports.  

### Mexico - Thailand Trade Relationship Dynamics  
- **The Exchange Model:** **Resource-for-Tech Complementarity.** Mexico exports intermediate goods (HS 99, 85) while importing high-tech machinery (HS 84, 85).  
- **Value Chain Position:** Thailand holds the higher value-add position, supplying advanced machinery, while Mexico provides industrial inputs.

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 84 | 897.87M | 37.24% |
| 85 | 716.12M | 29.70% |
| 99 | 274.72M | 11.39% |
| 87 | 240.52M | 9.98% |
| 40 | 49.63M | 2.06% |
| 90 | 47.43M | 1.97% |
| 71 | 42.49M | 1.76% |
| 39 | 33.32M | 1.38% |
| 10 | 14.48M | 0.60% |
| 12 | 13.32M | 0.55% |

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

| HS Code | Value | Percent |
| --- | --- | --- |
| 99 | 34.72M | 39.89% |
| 85 | 32.49M | 37.32% |
| 87 | 11.49M | 13.20% |
| 84 | 3.85M | 4.42% |
| 39 | 1.14M | 1.31% |
| 47 | 875.77K | 1.01% |
| 76 | 501.14K | 0.58% |
| 03 | 445.88K | 0.51% |
| 73 | 401.65K | 0.46% |
| 90 | 284.14K | 0.33% |

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

## Future Outlook & Strategic Recommendations  

### Forecast for Mexico - Thailand Trade  
The Mexico - Thailand trade relationship is expected to remain volatile in Q2 2024, with Mexico’s import dependency on Thai machinery (HS 84, 85) likely sustaining the deficit. While Mexican exports to Thailand showed strong growth in early Q1, the sharp March slowdown suggests demand fluctuations. Without policy intervention, the trade imbalance will persist, though Thailand’s appetite for Mexican industrial inputs (HS 99, 85) offers a narrow path to rebalancing.  

### Strategic Moves for Traders & Policymakers  
- **Diversify Export Markets:** Mexican exporters must reduce reliance on HS 99 and 85 by targeting new sectors in Thailand, such as automotive components or agro-processing.  
- **Secure Long-Term Tech Contracts:** Importers of Thai machinery should lock in favorable terms now to mitigate price volatility, especially amid potential supply chain disruptions.  
- **Leverage Trade Diplomacy:** Mexican trade officials should push for bilateral agreements to boost export access, particularly in high-value tech sectors where Thailand dominates.

## Frequently Asked Questions

### How did Mexico - Thailand trade perform in 2024 Q1?  
Mexico exported $87.04M to Thailand, with mixed YoY growth (+38.79% in January, +50.94% in February, +17.09% in March). Imports from Thailand totaled $2.41B, peaking in January but declining by March (-3.65% YoY).  

### What are the top exports from Mexico to Thailand?  
Mexico’s top exports to Thailand are HS Code 99 (39.89% share) and HS Code 85 (37.32% share), primarily intermediate goods for industrial processing.  

### What does Mexico import from Thailand?  
Mexico’s top imports from Thailand are HS Code 84 (37.24% share) and HS Code 85, reflecting a dependency on high-tech machinery and equipment.  

### What is the trade balance between Mexico and Thailand?  
Mexico recorded a trade deficit of $2.32B with Thailand in Q1 2024, driven by higher imports ($2.41B) than exports ($87.04M). The deficit widened YoY due to surging import volumes early in the quarter.
Mexico - Thailand Trade 2024 Q4: Widening Deficit
Mexico's trade deficit with Thailand hits $2.8B in 2024 Q4, driven by surging imports. Explore Mexico Thailand trade trends and top trading products via yTrade data.
