Top Mexico Exports 2023 Q3: Growth Report

Mexico Export Portfolio Overview in 2023 Q3

• Vehicles and parts (HS 87) dominate at 24% of total exports, followed by electrical machinery (HS 85) at 17.3%.
• High concentration risk exists, with the top two sectors representing over 40% of export value, heavily tied to US manufacturing supply chains.
• This structure confirms Mexico's role as a critical nearshoring hub for automotive and electronics assembly, leveraging integrated North American trade frameworks.

Table: Mexico Top Export Product in 2023 Q3 (Source: yTrade)

Get Complete Mexico Export HS Code Breakdown

Key Driver: Vehicles and Parts

• HS 8703 (motor cars for transport) is the primary product, accounting for 35% of the sector's $35.9B value.
• Product type is finished and intermediate goods (parts under HS 8708, 28.9%), reflecting full supply chain integration.
• Dominance stems from Mexico's cost-competitive labor, proximity to US markets, and deep OEM manufacturing ecosystems established over decades.

Table: HS Code 87 Detailed Breakdown

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Key Driver: Electrical Machinery

• HS 8544 (insulated wire/cable) leads this sector at 17% of its $25.8B total, supported by telecom and auto components (HS 8528, 8517).
• Acts as a direct complement to vehicle exports, supplying essential wiring, connectivity, and electronic control systems for modern automobiles.
• Strategic importance lies in feeding North American demand for EV infrastructure, consumer electronics, and industrial automation components.

Table: HS Code 85 Detailed Breakdown

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Key Driver: Unspecified Goods

• HS 9999 (goods not specified) represents 13.7% of exports ($20.5B), capturing all uncategorized transactions.
• This is a stable but opaque legacy category, often including mixed shipments, re-exports, or low-value high-volume items not classified elsewhere.
• Its size indicates either persistent data gaps in Mexican trade reporting or highly fragmented export flows outside core industrial sectors.

Table: HS Code 99 Detailed Breakdown

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Frequently Asked Questions

What is Mexico's largest export commodity in 2023 Q3?

The largest export category is Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof (HS 87), valued at $35.88B. This sector is primarily driven by exports of Motor cars and other motor vehicles principally designed for the transport of persons (HS 8703), which alone accounted for $12.60B (35.13%).

Which specific Vehicles products does Mexico export most in 2023 Q3?

Within the Vehicles sector (HS 87), the top exports are:

1. Motor cars and other motor vehicles principally designed for the transport of persons (HS 8703) at $12.60B.
2. Parts and accessories for motor vehicles (HS 8708) at $10.35B.
   Together, these two products make up 64% of the sector's total exports.

Does Mexico export Electrical machinery and equipment in 2023 Q3?

Yes, Electrical machinery and equipment (HS 85) is Mexico’s second-largest export sector, valued at $25.84B. The leading product in this category is Insulated wire, cable, and related products (HS 8544), contributing $4.40B (17.01%).

What are the main industries driving Mexico's economy?

Mexico’s economy is heavily reliant on three key sectors:

1. Vehicles and parts (HS 87) at $35.88B (23.99%).
2. Electrical machinery (HS 85) at $25.84B (17.28%).
3. Machinery and mechanical appliances (HS 84) at $20.43B (13.66%).
   Together, these account for over 54% of total exports, indicating a concentrated export structure.

How to find Mexico Vehicles suppliers?

You can access a list of active suppliers and exporters for Vehicles and parts (HS 87) using the yTrade database, which provides detailed shipment records and company contacts for verified exporters.