Mexico - United States Trade 2024 Q1: $55.51B Surplus
Key Market Takeaways: Mexico - United States Trade
The bilateral trade relationship between Mexico and United States remains robust, with Mexico maintaining a strong net exporter position in Q1 2024.
- Economic Pulse: Mexico posted a $55.51B trade surplus with the U.S., exporting $116.34B (nearly double imports of $60.83B), though growth showed mixed YoY volatility.
- Exchange Structure: Mexico - United States trade statistics reveal deep supply chain integration, with vehicles (HS 87) leading Mexico’s exports (25.74% share) and U.S. machinery (HS 84) dominating imports (12.93%).
- Strategic Interdependence: The relationship is highly complementary, with Mexico supplying assembled goods and components while the U.S. provides critical technology and high-value machinery.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-United States Trade Trend in Q1 2024
Mexico Export Performance: Shipments to United States
- Total Volume: $116.34B in Q1 2024.
- Growth Trend & Context: Mixed YoY performance—February surged 14.9%, but March dipped 3.14%. No news to contextualize shifts.
- Key Volatility: February spiked 24.26% MoM, while January dropped 16.11% MoM.
Mexico Import Performance: Sourcing from United States
- Total Volume: $60.83B in Q1 2024.
- Growth Trend & Context: YoY declines in January (-11.74%) and March (-13.9%), offset by February’s 5.36% rise. No news to explain fluctuations.
- Key Volatility: February surged 23.84% MoM, while March fell 9.82% MoM.
Mexico - United States Trade Balance & Market Dynamics
- Net Position: Trade surplus of $55.51B (Exports $116.34B vs. Imports $60.83B).
- Relationship Status: Mexico maintains a strong net exporter role, with exports nearly double imports.
Mexico Import Trend from United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 18.13B | -2.06% | -11.74% |
| Feb | 22.45B | 23.84% | 5.36% |
| Mar | 20.25B | -9.82% | -13.9% |
| Total | 60.83B | - | - |
Mexico Export Trend to United States 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 33.25B | -16.11% | -0.53% |
| Feb | 41.31B | 24.26% | 14.9% |
| Mar | 41.78B | 1.15% | -3.14% |
| Total | 116.34B | - | - |
Get Historical Mexico United States Trade Records
Mexico-United States Top Trading Products in Q1 2024
Mexico Export Profile: What Does Mexico Sell to United States
- Top Commodity: Rank #1 export is HS 87 (Vehicles, parts) at 25.74% of total exports.
- Demand Driver: Serving United States's consumer market for automobiles and industrial demand for parts.
- Concentration: The top 3 categories (HS 87, 85, 84) dominate 60.70% of exports, indicating high trade concentration.
Mexico Import Profile: What Does Mexico Buy from United States
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, machinery) at 12.93% of total imports.
- Dependency Nature: Critical technology dependency on U.S. machinery and industrial equipment.
Mexico - United States Trade Relationship Dynamics
- The Exchange Model: Deep Supply Chain Integration, with both sides trading similar categories (e.g., HS 84, 85, 87) for automotive and electronics manufacturing.
- Value Chain Position: United States holds higher value-add, exporting advanced machinery (HS 84) while Mexico supplies assembled vehicles (HS 87) and components.
Import Analysis by Product: United States to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 7.87B | 12.93% |
| 27 | 7.13B | 11.72% |
| 99 | 6.38B | 10.50% |
| 85 | 6.34B | 10.43% |
| 87 | 5.95B | 9.78% |
| 39 | 4.73B | 7.78% |
| 90 | 1.87B | 3.07% |
| 72 | 1.73B | 2.84% |
| 38 | 1.41B | 2.32% |
| 10 | 1.40B | 2.31% |
Export Analysis by Product: Mexico to United States (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 29.95B | 25.74% |
| 85 | 21.56B | 18.53% |
| 84 | 19.12B | 16.43% |
| 99 | 7.72B | 6.63% |
| 90 | 6.11B | 5.25% |
| 07 | 3.17B | 2.72% |
| 94 | 2.95B | 2.54% |
| 22 | 2.51B | 2.16% |
| 08 | 2.36B | 2.03% |
| 39 | 2.29B | 1.97% |
Check Detailed Mexico-United States Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast for Mexico - United States Trade
Mexico’s trade surplus with the United States is expected to hold steady in Q2 2024, supported by resilient demand for automotive exports (HS 87) and integrated supply chains. However, volatility in monthly trade flows—particularly the March dip in exports—suggests potential headwinds from U.S. economic cooling or inventory adjustments. The high concentration in vehicles and machinery trade leaves Mexico exposed to demand shocks, but deep manufacturing ties will likely buffer severe declines. Traders should prepare for uneven growth, with export volumes hovering near Q1 levels unless new U.S. stimulus or auto sector tailwinds emerge.
Strategic Moves for Traders & Policymakers
- Diversify Export Categories: Reduce reliance on HS 87 by expanding electronics (HS 85) and agricultural exports, leveraging USMCA provisions for tariff-free access.
- Lock In Energy Inputs: Secure long-term contracts for U.S. machinery (HS 84) to hedge against potential supply chain disruptions and tech dependency risks.
- Optimize Cross-Border Logistics: Accelerate nearshoring investments in Mexican border states to cut lead times for just-in-time automotive parts shipments.
Frequently Asked Questions
How did Mexico - United States trade perform in 2024 Q1?
Mexico exported $116.34B to the United States in Q1 2024, with mixed YoY growth—February surged 14.9%, but March dipped 3.14%. Imports from the U.S. totaled $60.83B, showing YoY declines in January and March.
What are the top exports from Mexico to United States?
HS 87 (Vehicles, parts) dominated Mexico’s exports at 25.74%, followed by HS 85 and HS 84, collectively accounting for 60.70% of total exports.
What does Mexico import from United States?
The top import was HS 84 (Nuclear reactors, machinery) at 12.93%, reflecting Mexico’s dependency on U.S. technology and industrial equipment.
What is the trade balance between Mexico and United States?
Mexico recorded a trade surplus of $55.51B in Q1 2024, with exports nearly double imports, reinforcing its strong net exporter role.
Mexico - United States Trade 2024 Whole Year: $251B Surplus
Mexico's $251B trade surplus with the U.S. highlights deep supply chain ties, with vehicles and machinery driving Mexico United States trade trends. Data via yTrade.
Mexico - United States Trade 2024 Q2: Surplus & Volatility
Mexico's $61.44B trade surplus with the U.S. highlights deep supply chain ties. Explore Mexico United States trade trends and top trading products via yTrade data.
