Mexico - United States Trade 2023 Q2: $56.09B Surplus
Key Market Takeaways: Mexico - United States Trade
The bilateral trade relationship between Mexico and United States solidifies Mexico's net exporter role in 2023 Q2.
- Economic Pulse: Mexico posted a $56.09B trade surplus with the U.S. ($120.29B exports vs. $64.20B imports), driven by rebounding export growth (+10.91% YoY in May) amid declining U.S. imports (-14.81% YoY in June).
- Exchange Structure: Mexico - United States trade statistics reveal deep supply chain integration, with vehicles (24.50% of exports) and machinery/tech (HS 84-85) dominating both flows. The U.S. supplies critical energy (HS 27) and high-value inputs.
- Strategic Interdependence: Asymmetric value-add persists—Mexico leverages manufacturing for U.S. consumers, while the U.S. retains upstream control in tech and energy.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-United States Trade Trend in Q2 2023
Mexico Export Performance: Shipments to United States
- Total Volume: $120.29B in Q2 2023.
- Growth Trend & Context: Mixed YoY performance—April saw near-flat YoY contraction (-0.06%), but May and June rebounded with +10.91% and +2.27% growth, respectively.
- Key Volatility: May recorded a sharp 14.51% MoM surge, while June dipped slightly (-2.7%).
Mexico Import Performance: Sourcing from United States
- Total Volume: $64.20B in Q2 2023.
- Growth Trend & Context: Consistent YoY declines—April (-7.43%), May (-5.48%), June (-14.81%)—suggest weakening demand or supply adjustments.
- Key Volatility: April’s imports dropped 14.03% MoM, with May rebounding (+10.99%) before another decline in June (-4.02%).
Mexico - United States Trade Balance & Market Dynamics
- Net Position: Trade surplus of $56.09B (Exports: $120.29B; Imports: $64.20B).
- Relationship Status: Mexico solidifies its net exporter role, with exports nearly double imports. The YoY import contraction hints at reduced reliance on U.S. goods or domestic demand shifts.
Analysis strictly reflects 2023 Q2 data. No relevant trade news to contextualize trends.
Mexico Import Trend from United States 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 20.22B | -14.03% | -7.43% |
| May | 22.44B | 10.99% | -5.48% |
| Jun | 21.54B | -4.02% | -14.81% |
| Total | 64.20B | - | - |
Mexico Export Trend to United States 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 36.91B | -14.44% | -0.06% |
| May | 42.26B | 14.51% | 10.91% |
| Jun | 41.12B | -2.7% | 2.27% |
| Total | 120.29B | - | - |
Get Historical Mexico United States Trade Records
Mexico-United States Top Trading Products in Q2 2023
Mexico Export Profile: What Does Mexico Sell to United States
- Top Commodity: Vehicles (HS 87) dominate exports, accounting for 24.50% of total value.
- Demand Driver: Serves the U.S. consumer market and automotive supply chains, reflecting integrated production networks.
- Concentration: The top 3 categories (HS 87, 85, 84) make up 61.24% of exports, indicating high reliance on manufactured goods.
Mexico Import Profile: What Does Mexico Buy from United States
- Top Commodity: Machinery (HS 84) leads imports at 13.83%, followed closely by mineral fuels (HS 27) at 13.29%.
- Dependency Nature: Critical technology dependency (HS 84, 85) and energy security (HS 27) drive imports.
Mexico - United States Trade Relationship Dynamics
- The Exchange Model: Deep Supply Chain Integration, with overlapping high-value categories like vehicles (HS 87), machinery (HS 84), and electronics (HS 85) traded both ways.
- Value Chain Position: Mexico holds a strong position in automotive exports (HS 87), while the U.S. supplies higher-value tech (HS 84, 85) and energy (HS 27), suggesting asymmetric value-add favoring the U.S. in key sectors.
Import Analysis by Product: United States to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 8.88B | 13.83% |
| 27 | 8.53B | 13.29% |
| 87 | 6.44B | 10.04% |
| 85 | 6.38B | 9.94% |
| 99 | 5.77B | 8.99% |
| 39 | 4.91B | 7.65% |
| 72 | 1.89B | 2.94% |
| 90 | 1.87B | 2.91% |
| 38 | 1.81B | 2.82% |
| 73 | 1.58B | 2.47% |
Export Analysis by Product: Mexico to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 29.47B | 24.50% |
| 85 | 22.80B | 18.95% |
| 84 | 21.40B | 17.79% |
| 99 | 10.10B | 8.40% |
| 90 | 6.31B | 5.24% |
| 94 | 3.08B | 2.56% |
| 22 | 2.73B | 2.27% |
| 07 | 2.41B | 2.00% |
| 39 | 2.36B | 1.96% |
| 08 | 2.22B | 1.84% |
Check Detailed Mexico-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade surplus with the United States is likely to persist in Q3 2023, driven by resilient demand for vehicles (HS 87) and integrated supply chains. However, weakening U.S. imports into Mexico signal potential headwinds, possibly reflecting softer domestic demand or inventory adjustments. Exporters should prepare for volatility, particularly in machinery (HS 84) and mineral fuels (HS 27), where U.S. supply chain dependencies remain critical. The Mexico - United States trade forecast hinges on sustained automotive sector performance and energy market stability.
Strategic Moves
- Lock in Automotive Contracts: With vehicles dominating exports, Mexican manufacturers should secure long-term agreements with U.S. buyers to mitigate demand fluctuations.
- Diversify Energy Imports: Reduce reliance on U.S. mineral fuels (HS 27) by exploring alternative suppliers to hedge against price volatility and supply disruptions.
- Optimize Tech Supply Chains: For critical machinery (HS 84) and electronics (HS 85), streamline logistics and adopt just-in-time inventory to align with U.S. production cycles.
Frequently Asked Questions
How did Mexico - United States trade perform in 2023 Q2?
Mexico exported $120.29B to the U.S., with mixed YoY growth, while imports from the U.S. fell to $64.20B, showing consistent YoY declines.
What are the top exports from Mexico to United States?
Vehicles (HS 87) dominate, followed by machinery (HS 84) and electronics (HS 85), accounting for 61.24% of total exports.
What does Mexico import from United States?
Top imports include machinery (HS 84), mineral fuels (HS 27), and electronics (HS 85), reflecting tech and energy dependencies.
What is the trade balance between Mexico and United States?
Mexico recorded a $56.09B trade surplus, with exports nearly double imports, solidifying its net exporter role.
Mexico - United States Trade 2023 Q1: Mixed Growth Trends
Explore Mexico's trade trends with the U.S. in Q1 2023, featuring key exports like vehicles and insights from yTrade data on bilateral economic dynamics.
Mexico - United States Trade 2023 Q3: Strong Surplus
Mexico's $53.31B trade surplus with the U.S. in Q3 2023 highlights deep supply chain integration, with vehicles and mineral fuels leading Mexico United States trade trends. Data via yTrade.
