Top Mexico Exports 2024 Q1: Market Shift

Mexico Export Portfolio Overview in 2024 Q1

• Vehicle exports (HS 87) lead at 23.07% of total, followed by electrical machinery (HS 85) at 16.58%.
• High concentration risk: top three sectors (vehicles, electrical, and general machinery) account for over 54% of exports, reflecting deep integration into North American manufacturing chains.
• This structure underscores Mexico’s role as a critical nearshoring hub for finished and intermediate goods, leveraging trade agreements and geographic proximity.

Table: Mexico Top Export Product in 2024 Q1 (Source: yTrade)

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Key Driver: Vehicles and Parts

• Dominant product: Passenger vehicles (HS 8703) account for 38.4% of sector exports.
• Product type: Finished goods, indicating Mexico’s maturity as an auto assembly base.
• Insight: Strength stems from deep OEM supply chains, USMCA trade benefits, and competitive labor for high-value manufacturing—not low-cost assembly alone.

Table: HS Code 87 Detailed Breakdown

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Key Driver: Electrical Machinery

• Leading product: Insulated wire/cable (HS 8544) represents 18.07% of sector exports.
• Acts as a complement to automotive and computing sectors, supplying critical components for regional production networks.
• Strategic importance: Supports Mexico’s role in electronics manufacturing, especially for US and Canadian markets, reinforcing supply chain resilience.

Table: HS Code 85 Detailed Breakdown

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Key Driver: Nuclear Reactors and Machinery

• Top product: Automatic data processing machines (HS 8471) drive 31.26% of sector exports.
• Role: Emerging growth segment, reflecting expansion into tech hardware assembly and precision manufacturing.
• This reinforces diversification into higher-value electronics, beyond traditional automotive dominance.

Table: HS Code 84 Detailed Breakdown

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Frequently Asked Questions

What is Mexico's largest export commodity in 2024 Q1?

The largest export category is Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof (HS 87), valued at $33.23B. 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 $12.76B (38.40%).

Which specific Vehicles products does Mexico export most in 2024 Q1?

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

1. Motor cars (HS 8703) at $12.76B (38.40%),
2. Parts and accessories for vehicles (HS 8708) at $9.83B (29.57%), and
3. Motor vehicles for goods transport (HS 8704) at $7.70B (23.18%).

Does Mexico export Electrical machinery and equipment in 2024 Q1?

Yes. Electrical machinery and equipment (HS 85) is Mexico’s second-largest export sector, valued at $23.88B. The primary driver is Insulated wire, cable, and conductors (HS 8544), contributing $4.31B (18.07%).

What are the main industries driving Mexico's economy?

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

1. Vehicles (HS 87) at $33.23B (23.07%),
2. Electrical machinery (HS 85) at $23.88B (16.58%), and
3. Machinery and mechanical appliances (HS 84) at $20.75B (14.40%).

How to find Mexico Vehicles suppliers?

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