Mexico - Thailand Trade 2024 Q4: Widening Deficit

Key Market Takeaways: Mexico - Thailand Trade

The bilateral trade relationship between Mexico and Thailand is marked by growth, volatility, and a widening deficit in 2024 Q4.

• Economic Pulse: Mexico runs a $2.8B trade deficit with Thailand, driven by $2.92B in imports (up 45.25% YoY) versus $115.34M in exports (rebounding 36.76% YoY).
• Exchange Structure: Mexico - Thailand trade statistics reveal a resource-for-tech dynamic—Mexico supplies electrical machinery (43.61% of exports) while importing high-value nuclear reactors and machinery (41.34% of imports).
• Strategic Interdependence: Thailand holds the higher value-add position, with Mexico dependent on Thai industrial equipment, signaling deep but asymmetric complementarity.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Mexico-Thailand Trade Trend in Q4 2024

Mexico Export Performance: Shipments to Thailand

• Total Volume: $115.34M in Q4 2024.
• Growth Trend & Context:
  • December saw a strong YoY rebound (+36.76%), offsetting November’s near-flat YoY growth (+1.02%).
  • Volatility: Exports swung from a -22.38% MoM drop in November to a +45.32% surge in December, suggesting year-end demand spikes or inventory adjustments.

Mexico Import Performance: Sourcing from Thailand

• Total Volume: $2.92B in Q4 2024.
• Growth Trend & Context:
  • Sustained YoY growth (Dec: +45.25%) despite November’s MoM contraction (-16.09%), indicating resilient demand.
  • Volatility: October’s 31.62% MoM jump and December’s 15.6% recovery highlight supply chain responsiveness.

Mexico - Thailand Trade Balance & Market Dynamics

• Net Position: Deficit of $2.80B (Imports dwarf exports).
• Relationship Status: Mexico remains heavily import-dependent on Thailand, with a 25:1 import-to-export ratio. The deficit widened YoY, reflecting structural reliance on Thai goods.

Mexico Import Trend from Thailand 2024 Q4 (Source: yTrade)**

Mexico Export Trend to Thailand 2024 Q4 (Source: yTrade)**

Get Historical Mexico Thailand Trade Records

Mexico-Thailand Top Trading Products in Q4 2024

Mexico Export Profile: What Does Mexico Sell to Thailand

• Top Commodity: Electrical machinery (HS 85) dominates exports, accounting for 43.61% of total value.
• Demand Driver: Thailand likely uses these components for industrial processing, given their high share in machinery categories (HS 84-85).
• Concentration: Trade is highly concentrated, with HS 85 alone representing nearly half of exports.

Mexico Import Profile: What Does Mexico Buy from Thailand

• Top Commodity: Nuclear reactors and machinery (HS 84) lead imports, making up 41.34% of total value.
• Dependency Nature: Critical technology dependency, as HS 84 and HS 85 (combined 69.63%) indicate reliance on high-tech industrial equipment.

Mexico - Thailand Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Mexico exports electrical components (HS 85) while importing high-value machinery (HS 84), suggesting a swap of intermediate goods for advanced technology.
• Value Chain Position: Thailand holds the higher value-add position, given its dominance in machinery exports (HS 84) versus Mexico’s focus on electrical parts (HS 85).

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

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

Check Detailed Mexico-Thailand Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Mexico-Thailand trade relationship is poised for continued growth in 2025, driven by Thailand’s sustained demand for Mexican electrical machinery (HS 85) and Mexico’s reliance on Thai high-tech equipment (HS 84). However, the widening trade deficit signals structural risks—Mexico must address its over-dependence on Thai imports while capitalizing on export opportunities in intermediate goods. Volatility in monthly trade flows suggests that exporters should prepare for seasonal demand spikes, particularly in Q4. Without intervention, the deficit could deepen further, exposing Mexican industries to supply chain vulnerabilities.

Strategic Moves

• Diversify Import Sources: Mexican manufacturers should reduce reliance on Thai machinery by exploring alternative suppliers in South Korea or Germany to mitigate concentration risk.
• Boost Export Competitiveness: Mexican exporters must target Thailand’s growing industrial sector with higher-value electrical components, moving beyond basic parts to capture more of the supply chain.
• Lock in Long-Term Contracts: Traders on both sides should secure fixed-price agreements for critical goods (HS 84/85) to hedge against currency fluctuations and supply chain disruptions.

Frequently Asked Questions

How did Mexico - Thailand trade perform in 2024 Q4?

Mexico's exports to Thailand totaled $115.34M, with a strong YoY rebound in December (+36.76%). Imports from Thailand reached $2.92B, showing sustained YoY growth (+45.25% in December).

What are the top exports from Mexico to Thailand?

Electrical machinery (HS 85) dominates Mexico's exports to Thailand, accounting for 43.61% of total export value.

What does Mexico import from Thailand?

Nuclear reactors and machinery (HS 84) lead Mexico's imports from Thailand, making up 41.34% of total import value.

What is the trade balance between Mexico and Thailand?

Mexico recorded a trade deficit of $2.80B with Thailand in Q4 2024, reflecting a heavy reliance on Thai imports. The deficit widened YoY.