Mexico - United Kingdom Trade 2023 Whole Year: Surplus & Volatility
Key Market Takeaways: Mexico - United Kingdom Trade
The bilateral trade relationship between Mexico and United Kingdom shows growth with high volatility and a balanced trade dynamic in 2023.
- Economic Pulse: Mexico holds a $110M trade surplus ($2.89B exports vs. $2.78B imports), but both flows saw sharp monthly swings—exports dropped 42% in November, while imports surged 40% in May.
- Exchange Structure: Mexico - United Kingdom trade statistics reveal intra-industry dominance, with HS Code 99 accounting for 84% of Mexico’s exports and 34% of imports, signaling deep supply chain integration in specialized sectors.
- Strategic Interdependence: The UK supplies high-value machinery and tech (HS 84, 90) to Mexico, while Mexico’s concentrated exports suggest a narrow but critical role in bilateral trade.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-United Kingdom Trade Trend in Whole Year 2023
Mexico Export Performance: Shipments to United Kingdom
- Total Volume: $2.89B in 2023.
- Growth Trend & Context:
- Volatile YoY trajectory, with sharp declines in February (-11.34%), July (-40.07%), and November (-42.42%), offset by surges in January (33.48%) and October (58.78%).
- No specific trade news or policy changes to explain fluctuations.
- Key Volatility: July saw the steepest MoM drop (-41.62%), while October posted the highest MoM gain (43.98%).
Mexico Import Performance: Sourcing from United Kingdom
- Total Volume: $2.78B in 2023.
- Growth Trend & Context:
- Strong YoY growth in H1 (peaking at 40.01% in May), but contractions in July (-6.69%) and September (-6.65%).
- Key Volatility: August recorded the highest MoM surge (27.62%), while September had the sharpest decline (-21.13%).
Mexico - United Kingdom Trade Balance & Market Dynamics
- Net Position: Mexico holds a trade surplus of $110M (Exports: $2.89B > Imports: $2.78B).
- Relationship Status: Balanced trade with slight export dominance, reflecting stable bilateral demand. Volatility in both directions suggests sensitivity to external factors.
Mexico Import Trend from United Kingdom 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 177.76M | -13.38% | 13.15% |
| Feb | 213.36M | 20.02% | 20.75% |
| Mar | 233.72M | 9.54% | 19.77% |
| Apr | 229.90M | -1.64% | 32.69% |
| May | 260.53M | 13.33% | 40.01% |
| Jun | 257.61M | -1.12% | 21.97% |
| Jul | 221.32M | -14.09% | -6.69% |
| Aug | 282.46M | 27.62% | 26.93% |
| Sep | 222.77M | -21.13% | -6.65% |
| Oct | 221.69M | -0.48% | 1.96% |
| Nov | 221.34M | -0.16% | 0.67% |
| Dec | 233.90M | 5.68% | 13.97% |
| Total | 2.78B | - | - |
Mexico Export Trend to United Kingdom 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 291.31M | 49.73% | 33.48% |
| Feb | 211.48M | -27.4% | -11.34% |
| Mar | 266.78M | 26.15% | 5.55% |
| Apr | 259.02M | -2.91% | -0.74% |
| May | 264.10M | 1.96% | 16.48% |
| Jun | 263.48M | -0.24% | -2.28% |
| Jul | 153.82M | -41.62% | -40.07% |
| Aug | 226.70M | 47.38% | -0.27% |
| Sep | 221.38M | -2.35% | -1.92% |
| Oct | 318.73M | 43.98% | 58.78% |
| Nov | 174.11M | -45.37% | -42.42% |
| Dec | 238.91M | 37.22% | 22.8% |
| Total | 2.89B | - | - |
Get Historical Mexico United Kingdom Trade Records
Mexico-United Kingdom Top Trading Products in Whole Year 2023
Mexico Export Profile: What Does Mexico Sell to United Kingdom
- Top Commodity: HS Code 99 dominates exports, accounting for 84.16% ($2.43B) of total exports to the UK.
- Demand Driver: The UK likely imports these goods for industrial processing, given their high share and value.
- Concentration: Trade is heavily concentrated, with HS Code 99 representing over 80% of exports.
Mexico Import Profile: What Does Mexico Buy from United Kingdom
- Top Commodity: HS Code 99 is also the top import, making up 34.13% ($947.64M) of imports from the UK.
- Dependency Nature: The mix of high-value imports (e.g., HS Codes 84, 87, 90) suggests critical technology or machinery dependency.
Mexico - United Kingdom Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade is evident, with HS Code 99 dominating both exports and imports. This indicates deep supply chain integration, possibly in specialized manufacturing or services.
- Value Chain Position: The UK holds a higher value-add position, given the presence of machinery (HS 84, 85) and tech (HS 90) in its exports to Mexico. Mexico’s exports are more concentrated, suggesting a narrower but high-volume trade role.
Import Analysis by Product: United Kingdom to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 947.64M | 34.13% |
| 84 | 394.58M | 14.21% |
| 87 | 272.49M | 9.81% |
| 90 | 204.72M | 7.37% |
| 22 | 181.57M | 6.54% |
| 85 | 160.04M | 5.76% |
| 30 | 155.93M | 5.62% |
| 39 | 92.00M | 3.31% |
| 38 | 66.96M | 2.41% |
| 29 | 44.76M | 1.61% |
Export Analysis by Product: Mexico to United Kingdom (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 2.43B | 84.16% |
| 85 | 125.97M | 4.36% |
| 84 | 87.26M | 3.02% |
| 87 | 69.48M | 2.40% |
| 90 | 63.72M | 2.20% |
| 22 | 56.81M | 1.97% |
| 70 | 11.37M | 0.39% |
| 20 | 7.79M | 0.27% |
| 08 | 6.44M | 0.22% |
| 88 | 4.56M | 0.16% |
Check Detailed Mexico-United Kingdom Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Mexico - United Kingdom trade relationship is poised for moderate growth in 2024, driven by sustained demand for HS Code 99 goods and deepening supply chain integration. However, the volatility observed in 2023—particularly the sharp monthly fluctuations—suggests traders should brace for external shocks, possibly linked to global economic conditions or logistical bottlenecks. Mexico’s slight trade surplus ($110M) indicates stable bilateral demand, but the heavy reliance on HS Code 99 for both exports (84.16%) and imports (34.13%) exposes the partnership to concentration risks. Diversification and strategic inventory planning will be critical to mitigating disruptions.
Strategic Moves
- Diversify Export Offerings: Mexican exporters must reduce dependency on HS Code 99 by expanding into secondary commodities (e.g., machinery, tech) to capture higher-value segments of UK demand.
- Lock in Long-Term Contracts: Given the intra-industry trade model, both sides should secure multi-year agreements for HS Code 99 goods to stabilize pricing and supply amid volatility.
- Optimize Logistics for JIT Efficiency: Traders should invest in agile supply chain solutions—such as regional warehousing or digital tracking—to navigate the erratic MoM swings (e.g., -41.62% in July, +43.98% in October).
Frequently Asked Questions
How did Mexico - United Kingdom trade perform in 2023 Whole Year?
Mexico exported $2.89B to the UK and imported $2.78B, with volatile monthly growth but an overall balanced trade relationship.
What are the top exports from Mexico to United Kingdom?
HS Code 99 dominated Mexico’s exports to the UK, accounting for 84.16% ($2.43B) of total shipments.
What does Mexico import from United Kingdom?
HS Code 99 was also the top import (34.13%, $947.64M), alongside machinery (HS 84, 85) and tech (HS 90).
What is the trade balance between Mexico and United Kingdom?
Mexico held a trade surplus of $110M in 2023, reflecting slight export dominance over imports.
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Mexico - United Kingdom Trade 2023 Q1: Surplus Amid Volatility
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