Top Mexico Exports 2024 Q2: Market Shift

Mexico Export Portfolio Overview in 2024 Q2

• Vehicles and parts (HS 87) dominate, accounting for 23.36% of exports, followed by electrical machinery (HS 85) at 16.88% and general machinery (HS 84) at 14.97%.
• Concentration risk is high, with the top three sectors representing over 55% of total exports, heavily tied to manufacturing and regional supply chains.
• This structure reflects Mexico's entrenched role as a critical nearshoring hub for US-facing automotive and electronics production, leveraging trade agreements and integrated manufacturing ecosystems.

Table: Mexico Top Export Product in 2024 Q2 (Source: yTrade)

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Key Driver: Vehicles and Parts (HS 87)

• The sector is driven by passenger vehicles (HS 8703), representing 36.26% of the category's value, alongside substantial exports of parts and accessories (HS 8708) at 29.08%.
• Product type is overwhelmingly finished and intermediate goods, indicating deep integration in auto assembly and supply chain operations.
• This dominance stems from Mexico's strategic geographic position, mature manufacturing base, and tariff advantages under USMCA, which support high-volume export-oriented production.

Table: HS Code 87 Detailed Breakdown

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Key Driver: Electrical Machinery and Equipment (HS 85)

• Leading products include insulated wire and cable (HS 8544) at 17.49% and telecommunication devices (HS 8517) at 14.14%, highlighting wiring and connectivity components.
• Acts as a strong complement to automotive and machinery exports, supplying essential inputs for vehicle electronics, industrial automation, and consumer goods.
• Its strategic importance lies in feeding growing demand for electrification, data transmission, and nearshored electronics assembly, reinforcing Mexico's role in tech-adjacent manufacturing.

Table: HS Code 85 Detailed Breakdown

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Key Driver: Nuclear Reactors and Machinery (HS 84)

• Dominated by automatic data processing machines and units (HS 8471) at 31.09%, indicating strength in computer hardware and office equipment manufacturing.
• Functions as a stable, high-value legacy sector, supporting industrial and technological infrastructure alongside automotive and electrical exports.
• Its role underscores Mexico's capability in precision manufacturing and its attractiveness for diversified industrial investment, beyond pure assembly operations.

Table: HS Code 84 Detailed Breakdown

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Frequently Asked Questions

What is Mexico's largest export commodity in 2024 Q2?

The largest export category is Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof (HS 87), valued at $36.54B. This sector is primarily driven by exports of Passenger vehicles (HS 8703), which alone account for $13.25B (36.26%).

Which specific Vehicles products does Mexico export most in 2024 Q2?

Within the Vehicles (HS 87) sector, the top exports are Passenger vehicles (HS 8703, $13.25B), Parts & accessories (HS 8708, $10.63B), and Commercial vehicles (HS 8704, $8.48B), which together account for 88.55% of the sector's total exports.

Does Mexico export Electrical machinery and equipment in 2024 Q2?

Yes. Electrical machinery and equipment (HS 85) is Mexico's second-largest export sector, valued at $26.41B. Its primary driver is Insulated wire/cable (HS 8544), contributing $4.62B (17.49%).

What are the main industries driving Mexico's economy?

Mexico's economy is heavily reliant on manufacturing, with the top 3 export sectors being:

1. Vehicles (HS 87, $36.54B, 23.36%)
2. Electrical machinery (HS 85, $26.41B, 16.88%)
3. Industrial machinery (HS 84, $23.42B, 14.97%).

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 for verified exporters.