Mexico - United Kingdom Trade 2023 Q2: Balanced Surge
Key Market Takeaways: Mexico - United Kingdom Trade
The bilateral trade relationship between Mexico and United Kingdom shows balanced trade with a slight exporter edge in Q2 2023.
- Economic Pulse: Mexico held a $38.56M trade surplus (total trade: $1.53B), with mixed YoY export growth but robust import expansion from the UK.
- Exchange Structure: Intra-industry trade dominates, with HS Code 99 accounting for 85.6% of Mexico’s exports and 35.8% of imports—highlighting deep supply chain integration in specialized manufacturing.
- Strategic Interdependence: The UK holds a higher value-add position, while Mexico’s export concentration underscores reliance on a single commodity for bilateral trade.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-United Kingdom Trade Trend in Q2 2023
Mexico Export Performance: Shipments to United Kingdom
- Total Volume: $786.60M in Q2 2023.
- Growth Trend & Context: Mixed YoY performance—May (+16.48%) saw strong growth, but April (-0.74%) and June (-2.28%) declined. No news drivers cited.
- Key Volatility: May’s 1.96% MoM rise was the only positive monthly growth; April’s -2.91% drop marked the sharpest contraction.
Mexico Import Performance: Sourcing from United Kingdom
- Total Volume: $748.04M in Q2 2023.
- Growth Trend & Context: Robust YoY growth in April (+32.69%) and May (+40.01%), though June slowed to +21.97%. No news context provided.
- Key Volatility: May’s 13.33% MoM surge was the quarter’s peak; June saw a slight dip (-1.12%).
Mexico - United Kingdom Trade Balance & Market Dynamics
- Net Position: Mexico held a trade surplus of $38.56M (Exports: $786.60M > Imports: $748.04M).
- Relationship Status: Balanced trade with a slight exporter edge, reflecting stable bilateral demand.
Mexico Import Trend from United Kingdom 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 229.90M | -1.64% | 32.69% |
| May | 260.53M | 13.33% | 40.01% |
| Jun | 257.61M | -1.12% | 21.97% |
| Total | 748.04M | - | - |
Mexico Export Trend to United Kingdom 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 259.02M | -2.91% | -0.74% |
| May | 264.10M | 1.96% | 16.48% |
| Jun | 263.48M | -0.24% | -2.28% |
| Total | 786.60M | - | - |
Get Historical Mexico United Kingdom Trade Records
Mexico-United Kingdom Top Trading Products in Q2 2023
Mexico Export Profile: What Does Mexico Sell to United Kingdom
- Top Commodity: HS Code 99 dominates exports, accounting for 85.63% of total value (673.56M).
- Demand Driver: United Kingdom likely imports these for industrial processing or as intermediates in manufacturing.
- Concentration: Extreme reliance on HS Code 99 (>85% share), indicating a highly concentrated export profile.
Mexico Import Profile: What Does Mexico Buy from United Kingdom
- Top Commodity: HS Code 99 is also the top import (35.80% share, 267.77M).
- Dependency Nature: Likely reflects a mix of high-tech or specialized inputs, suggesting critical technology or industrial dependency.
Mexico - United Kingdom Trade Relationship Dynamics
- The Exchange Model: Intra-Industry Trade dominates, with HS Code 99 being the top product on both sides. This suggests deep supply chain integration, possibly in specialized manufacturing or services.
- Value Chain Position: United Kingdom holds a higher value-add position, given the broader diversification of its exports (e.g., HS 84, 90) compared to Mexico's heavy reliance on HS 99.
Import Analysis by Product: United Kingdom to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 267.77M | 35.80% |
| 84 | 109.50M | 14.64% |
| 87 | 87.31M | 11.67% |
| 30 | 54.74M | 7.32% |
| 90 | 42.82M | 5.72% |
| 85 | 42.28M | 5.65% |
| 22 | 28.96M | 3.87% |
| 39 | 20.45M | 2.73% |
| 38 | 18.13M | 2.42% |
| 29 | 14.16M | 1.89% |
Export Analysis by Product: Mexico to United Kingdom (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 673.56M | 85.63% |
| 22 | 29.89M | 3.80% |
| 85 | 28.73M | 3.65% |
| 84 | 20.60M | 2.62% |
| 90 | 11.84M | 1.50% |
| 70 | 5.02M | 0.64% |
| 87 | 4.79M | 0.61% |
| 88 | 3.91M | 0.50% |
| 04 | 2.26M | 0.29% |
| 20 | 1.72M | 0.22% |
Check Detailed Mexico-United Kingdom Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade with the United Kingdom is poised for steady growth in the coming quarters, driven by sustained demand for HS Code 99 products on both sides. While exports showed mixed performance in Q2 2023, the underlying intra-industry trade structure signals resilience, with supply chain integration buffering against volatility. However, Mexico’s heavy reliance on a single export commodity (HS 99) exposes it to demand shocks, requiring proactive diversification. The UK’s broader export profile suggests it holds the upper hand in value-add, but Mexico’s trade surplus indicates room to deepen bilateral ties, particularly in high-value manufacturing segments.
Strategic Moves
- Diversify Export Basket: Mexican exporters must reduce dependence on HS Code 99 by identifying and scaling secondary commodities, such as automotive parts (HS 87) or electronics (HS 85), to mitigate concentration risk.
- Strengthen Supply Chain Coordination: Firms engaged in intra-industry trade should adopt just-in-time (JIT) inventory systems and streamline logistics to capitalize on the UK’s demand for specialized inputs.
- Lock in Long-Term Contracts: Given the UK’s robust import growth, Mexican suppliers of HS 99 should negotiate multi-year agreements to stabilize revenue and hedge against price fluctuations.
Frequently Asked Questions
How did Mexico - United Kingdom trade perform in 2023 Q2?
Mexico exported $786.60M to the United Kingdom, with mixed YoY growth, while imports totaled $748.04M, showing robust YoY growth.
What are the top exports from Mexico to United Kingdom?
HS Code 99 dominates Mexico’s exports to the UK, accounting for 85.63% ($673.56M) of total export value.
What does Mexico import from United Kingdom?
HS Code 99 is also the top import, making up 35.80% ($267.77M) of Mexico’s imports from the UK.
What is the trade balance between Mexico and United Kingdom?
Mexico held a trade surplus of $38.56M in Q2 2023, with exports exceeding imports. The relationship remains balanced.
Mexico - United Kingdom Trade 2023 Q1: Surplus Amid Volatility
Mexico's trade surplus with the UK hit $144.72M in Q1 2023, despite uneven export growth. Explore Mexico United Kingdom trade trends and top trading products with yTrade data.
Mexico - United Kingdom Trade 2023 Q3: Deficit Widens
Mexico's trade deficit with the UK hit $124.65M in Q3 2023, driven by machinery and vehicle imports. Explore Mexico United Kingdom trade trends and top trading products via yTrade data.
