Mexico Top 10 Export Destination Countries in 2023 Q4

Mexico Top Export Destinations and Market Reach in 2023 Q4

• U.S. dominates: 80% of Mexico’s exports ($121B) went to the U.S., solidifying it as the primary consumption market.
• Top 3 concentration risk: U.S., Canada (3.3%), and China (1.5%) account for 84.8% of Mexico’s export destinations, indicating heavy reliance on North American demand.
• Limited global diversification: Only 4 of Mexico’s top 10 key trading partners (China, Germany, Brazil, UK) are outside North America, with none exceeding 1.5% share.
• Regional focus clear: 83.3% of exports stayed in North America (U.S. + Canada), dwarfing distant markets like Japan (0.6%) or South Korea (0.6%).

Table: Mexico Top Destination Countries in 2023 Q4 (Source: yTrade)

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Mexico - Key Destination Country Trading Product Pattern

• United States (79.99%): As Mexico's dominant trade partner, the U.S. imports a massive volume of manufactured goods, primarily automotive parts, vehicles, and electronics, driven by integrated supply chains under USMCA.
• Canada (3.29%): Canada's imports from Mexico are heavily weighted toward motor vehicles and parts, machinery, and electrical equipment, benefiting from tariff-free North American trade.
• Mainland China (1.50%): China primarily sources industrial inputs from Mexico, including copper, machinery components, and auto parts, to support its own manufacturing base.
• Germany (1.16%): Germany's imports from Mexico focus on high-value automotive components, medical instruments, and specialized machinery, aligning with its advanced industrial needs.
• Brazil (0.74%): Brazil imports Mexican goods such as vehicles, electronics, and chemical products, reflecting its demand for both consumer goods and industrial materials.

Frequently Asked Questions

Which countries are the top destinations for Mexico's exports in 2023 Q4?

The top 3 destinations are the United States ($121.16B), Canada ($4.98B), and Mainland China ($2.28B).

What is the dominant export market for Mexico?

The United States is the primary buyer, accounting for 79.99% ($121.16B) of Mexico's total exports in Q4 2023.