Mexico - Vietnam Trade 2023 Q1: Rapid Growth, Persistent Deficit
Key Market Takeaways: Mexico - Vietnam Trade
The bilateral trade relationship between Mexico and Vietnam shows rapid export growth but a persistent deficit in Q1 2023.
- Economic Pulse: Mexico’s trade deficit with Vietnam hit $2.39B (imports: $2.47B vs. exports: $82.32M), despite surging YoY export growth (+103% in Jan).
- Exchange Structure: Mexico - Vietnam trade statistics reveal a resource-for-tech dynamic—Mexico supplies industrial inputs (HS Code 99, 63% share) while importing electrical machinery (HS Code 85, 49% share).
- Strategic Interdependence: Complementary but imbalanced: Vietnam holds the high-value tech position, while Mexico’s export growth hints at untapped potential.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Mexico-Vietnam Trade Trend in Q1 2023
Mexico Export Performance: Shipments to Vietnam
- Total Volume: $82.32M in Q1 2023.
- Growth Trend & Context:
- YoY growth surged (+103.07% in Jan, +105.28% in Mar), indicating strong demand recovery or new market penetration.
- Key Volatility: March saw a sharp MoM spike (+72.4%), likely due to seasonal orders or backlog clearance.
Mexico Import Performance: Sourcing from Vietnam
- Total Volume: $2.47B in Q1 2023.
- Growth Trend & Context:
- YoY declined in Feb (-3.83%) and Mar (-6.87%), suggesting reduced dependency or inventory adjustments.
- Key Volatility: March imports rebounded MoM (+25.54%) after a February dip (-4.85%), hinting at restocking.
Mexico - Vietnam Trade Balance & Market Dynamics
- Net Position: Mexico ran a trade deficit of $2.39B (Imports $2.47B > Exports $82.32M).
- Relationship Status: Heavy reliance on Vietnamese imports, with exports growing but not yet offsetting the imbalance.
Mexico Import Trend from Vietnam 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 785.30M | 14.57% | 13.73% |
| Feb | 747.19M | -4.85% | -3.83% |
| Mar | 938.03M | 25.54% | -6.87% |
| Total | 2.47B | - | - |
Mexico Export Trend to Vietnam 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 22.41M | -9.36% | 103.07% |
| Feb | 21.99M | -1.89% | 18.98% |
| Mar | 37.91M | 72.4% | 105.28% |
| Total | 82.32M | - | - |
Get Historical Mexico Vietnam Trade Records
Mexico-Vietnam Top Trading Products in Q1 2023
Mexico Export Profile: What Does Mexico Sell to Vietnam
- Top Commodity: Rank #1 export is HS Code 99 (62.76% share).
- Demand Driver: Vietnam likely uses these for industrial processing, given the high share of intermediate goods.
- Concentration: Trade is highly concentrated, with HS Code 99 and 85 (30.25%) accounting for 93% of exports.
Mexico Import Profile: What Does Mexico Buy from Vietnam
- Top Commodity: Rank #1 import is HS Code 85 (48.99% share).
- Dependency Nature: Critical technology dependency, as HS Code 85 (electrical machinery) dominates imports.
Mexico - Vietnam Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Mexico exports intermediate goods (HS Code 99) to Vietnam, while importing high-tech products (HS Code 85).
- Value Chain Position: Vietnam holds the higher value-add position, supplying advanced electrical machinery, while Mexico provides industrial inputs.
Import Analysis by Product: Vietnam to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 1.21B | 48.99% |
| 99 | 436.22M | 17.66% |
| 84 | 238.65M | 9.66% |
| 64 | 115.76M | 4.69% |
| 95 | 73.29M | 2.97% |
| 61 | 72.82M | 2.95% |
| 62 | 59.12M | 2.39% |
| 87 | 36.91M | 1.49% |
| 72 | 34.96M | 1.41% |
| 90 | 28.08M | 1.14% |
Export Analysis by Product: Mexico to Vietnam (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 99 | 51.67M | 62.76% |
| 85 | 24.91M | 30.25% |
| 41 | 5.49M | 6.67% |
| 39 | 146.10K | 0.18% |
| 73 | 111.75K | 0.14% |
Check Detailed Mexico-Vietnam Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Mexico’s trade with Vietnam is poised for asymmetric growth in 2023. While exports to Vietnam will likely sustain their triple-digit YoY momentum—driven by industrial demand for intermediate goods (HS Code 99)—imports from Vietnam may stabilize near current levels as Mexican firms recalibrate tech supply chains. The $2.39B trade deficit will persist but narrow slightly if Mexico capitalizes on Vietnam’s appetite for raw materials. However, volatility risks remain, particularly if global tech demand softens and disrupts Vietnam’s export engine.
Strategic Moves
- Diversify Export Basket: Mexican exporters must reduce reliance on HS Code 99 by targeting Vietnam’s emerging sectors (e.g., automotive components under HS Code 87) to mitigate concentration risk.
- Lock In Tech Imports: Buyers of Vietnamese electrical machinery (HS Code 85) should negotiate long-term contracts now to hedge against potential supply chain disruptions and price swings.
- Leverage ASEAN Bridges: Trade agencies should facilitate partnerships between Mexican producers and Vietnamese industrial parks to embed Mexican inputs into regional supply chains, offsetting the deficit over time.
Frequently Asked Questions
How did Mexico - Vietnam trade perform in 2023 Q1?
Mexico's exports to Vietnam surged (+103.07% YoY in Jan) to $82.32M, while imports from Vietnam declined (-6.87% YoY in Mar) to $2.47B.
What are the top exports from Mexico to Vietnam?
HS Code 99 (62.76% share) and HS Code 85 (30.25%) dominate Mexico's exports to Vietnam, primarily industrial inputs for processing.
What does Mexico import from Vietnam?
Mexico's top import from Vietnam is HS Code 85 (48.99% share), representing electrical machinery and high-tech products.
What is the trade balance between Mexico and Vietnam?
Mexico ran a $2.39B trade deficit with Vietnam in Q1 2023, driven by heavy reliance on Vietnamese imports.
Mexico Vietnam Trade 2023
---

title: "Mexico - Vietnam Trade 2023 Whole Year: $11.2B Deficit"
description: "Mexico's Vietnam trade trend shows an $11.2B deficit, with electronics dominating. Explore Mexico Vietnam top trading product insights via yTrade data."
image: https://io.ytrade.com/ytrade-blog/Cover/mexico-data/mexico-vietnam-trade-2023.webp
create_date: 2025-12-18
update_date: 2025-12-18
author: yTrade
slug: mexico-vietnam-trade-2023
category: Import and Export Data
category_slug: import-and-export-data
sub_category: Country Trade Reports
sub_category_slug: country-trade-reports
tags:
- id: 7
  label: "Import Export Data"
  slug: import-export-data
- id: 12
  label: "Mexico"
  slug: mexico
- id: 11
  label: "Vietnam"
  slug: vietnam
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ogTitle: "Mexico - Vietnam Trade 2023 Whole Year: $11.2B Deficit"
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twitterTitle: "Mexico - Vietnam Trade 2023 Whole Year: $11.2B Deficit"
twitterDescription: "Mexico's Vietnam trade trend shows an $11.2B deficit, with electronics dominating. Explore Mexico Vietnam top trading product insights via yTrade data."
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---

## Key Market Takeaways: Mexico - Vietnam Trade  

The bilateral trade relationship between **Mexico** and **Vietnam** is marked by a significant trade deficit and volatile growth in 2023.  

- **Economic Pulse:** Mexico posted an **$11.2B trade deficit** with Vietnam, importing $11.58B (mostly electronics) while exporting just $383.02M. YoY growth was erratic, with export surges (+165.81% in November) offset by import declines (-6.87% in March).  
- **Exchange Structure:** Mexico-Vietnam trade statistics reveal **intra-industry trade**, dominated by electrical machinery (HS 85) on both sides. Mexico’s exports are raw material-heavy (HS 41, 74), while Vietnam supplies high-value tech (HS 85, 84).  
- **Strategic Interdependence:** Vietnam holds the upper hand as a critical supplier of manufactured goods, while Mexico’s export profile remains narrow and commodity-driven.  

This bilateral trade snapshot is based on verified customs data from the [yTrade database](https://ytrade.com/data-sources).

## Mexico-Vietnam Trade Trend in Whole Year 2023

### Mexico Export Performance: Shipments to Vietnam  
- **Total Volume:** $383.02M in 2023.  
- **Growth Trend & Context:**  
  - YoY growth was consistently strong, with peaks in March (+105.28%) and November (+165.81%).  
  - No specific trade news or policy changes were reported to explain these surges.  
- **Key Volatility:** March saw the highest MoM jump (+72.4%), while July had the sharpest drop (-35.48%).  

### Mexico Import Performance: Sourcing from Vietnam  
- **Total Volume:** $11.58B in 2023.  
- **Growth Trend & Context:**  
  - YoY growth was mixed, with June (+33.39%) and September (+26.3%) showing notable increases, while March (-6.87%) and February (-3.83%) declined.  
- **Key Volatility:** August recorded the highest monthly value ($1.09B), while December saw the steepest MoM drop (-21.52%).  

### Mexico - Vietnam Trade Balance & Market Dynamics  
- **Net Position:** Mexico ran a **trade deficit** of **$11.2B** (Imports $11.58B > Exports $383.02M).  
- **Relationship Status:** Mexico is heavily dependent on imports from Vietnam, with minimal export activity in comparison.

### Mexico Import Trend from Vietnam 2023 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 785.30M | 14.57% | 13.73% |
| Feb | 747.19M | -4.85% | -3.83% |
| Mar | 938.03M | 25.54% | -6.87% |
| Apr | 1.04B | 11.09% | 1.29% |
| May | 922.07M | -11.51% | 10.81% |
| Jun | 978.94M | 6.17% | 33.39% |
| Jul | 924.44M | -5.57% | 13.68% |
| Aug | 1.09B | 18.23% | 10.65% |
| Sep | 1.05B | -3.69% | 26.3% |
| Oct | 1.16B | 10.03% | 14.21% |
| Nov | 1.09B | -6.12% | 18.38% |
| Dec | 853.28M | -21.52% | 24.49% |
| **Total** | **11.58B** | - | - |

### Mexico Export Trend to Vietnam 2023 Whole Year (Source: yTrade)**

| Month | Value | MoM | YoY |
|-------|-------|-----|-----|
| Jan | 22.41M | -9.36% | 103.07% |
| Feb | 21.99M | -1.89% | 18.98% |
| Mar | 37.91M | 72.4% | 105.28% |
| Apr | 27.89M | -26.43% | 94.57% |
| May | 35.42M | 27.0% | 47.04% |
| Jun | 32.93M | -7.05% | 54.29% |
| Jul | 21.24M | -35.48% | 6.47% |
| Aug | 22.75M | 7.08% | 1.82% |
| Sep | 31.92M | 40.32% | 12.96% |
| Oct | 34.17M | 7.06% | 92.64% |
| Nov | 48.26M | 41.2% | 165.81% |
| Dec | 46.11M | -4.44% | 86.47% |
| **Total** | **383.02M** | - | - |

[Get Historical Mexico Vietnam Trade Records](https://ytrade.com/country-coverage)

## Mexico-Vietnam Top Trading Products in Whole Year 2023

### Mexico Export Profile: What Does Mexico Sell to Vietnam  
- **Top Commodity:** Electrical machinery (HS 85) dominates with 48.75% share.  
- **Demand Driver:** Vietnam likely uses these for industrial processing, given the high share of machinery and raw materials (HS 41, 74).  
- **Concentration:** Trade is highly concentrated, with HS 85 and HS 99 (44.16%) accounting for 92.91% of exports.  

### Mexico Import Profile: What Does Mexico Buy from Vietnam  
- **Top Commodity:** Electrical machinery (HS 85) leads at 49.81% of imports.  
- **Dependency Nature:** Critical technology dependency, as HS 85 (electronics) and HS 84 (machinery) make up 61.4% of imports.  

### Mexico - Vietnam Trade Relationship Dynamics  
- **The Exchange Model:** **Intra-Industry Trade**, with both sides heavily exchanging electrical machinery (HS 85) and other manufactured goods.  
- **Value Chain Position:** Vietnam holds a stronger position, given its higher-value exports (e.g., electronics, machinery) compared to Mexico's raw material-heavy exports (HS 41, 74).

### Import Analysis by Product: Vietnam to Mexico (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 85 | 5.77B | 49.81% |
| 99 | 1.73B | 14.95% |
| 84 | 1.34B | 11.59% |
| 64 | 503.97M | 4.35% |
| 61 | 300.88M | 2.60% |
| 95 | 296.36M | 2.56% |
| 72 | 250.57M | 2.16% |
| 62 | 242.96M | 2.10% |
| 87 | 208.44M | 1.80% |
| 90 | 152.92M | 1.32% |

### Export Analysis by Product: Mexico to Vietnam (Source: yTrade)

| HS Code | Value | Percent |
| --- | --- | --- |
| 85 | 186.72M | 48.75% |
| 99 | 169.15M | 44.16% |
| 41 | 19.72M | 5.15% |
| 84 | 2.92M | 0.76% |
| 74 | 1.84M | 0.48% |
| 52 | 843.02K | 0.22% |
| 02 | 787.08K | 0.21% |
| 39 | 619.53K | 0.16% |
| 73 | 270.23K | 0.07% |
| 03 | 79.14K | 0.02% |

[Check Detailed Mexico-Vietnam Trade HS Code Breakdown](https://ytrade.com/hs-code-coverage)

## Future Outlook & Strategic Recommendations  

### Forecast  
Mexico’s trade with Vietnam is poised for continued growth in 2024, driven by strong demand for electrical machinery (HS 85) on both sides. However, Mexico’s widening trade deficit ($11.2B in 2023) signals an urgent need to rebalance the relationship by boosting exports beyond raw materials. Volatility in monthly trade flows—particularly the sharp drops in July (exports) and December (imports)—suggests traders should prepare for supply chain disruptions. Given Vietnam’s dominant position in high-value manufacturing, Mexican exporters must aggressively diversify into finished goods to capture more value.  

### Strategic Moves  
- **Expand Export Basket:** Mexican firms should target Vietnam’s consumer electronics and machinery sectors with higher-value components, not just raw materials like HS 41 (hides) and HS 74 (copper).  
- **Lock in Long-Term Contracts:** Importers of Vietnamese electronics (HS 85) must secure fixed-price agreements to hedge against supply chain shocks and currency fluctuations.  
- **Leverage Nearshoring:** With Vietnam emerging as a global tech hub, Mexican manufacturers should explore joint ventures to integrate into Southeast Asian supply chains, reducing dependency on Chinese intermediates.

## Frequently Asked Questions

### How did Mexico - Vietnam trade perform in 2023 Whole Year?  
Mexico's exports to Vietnam totaled $383.02M, showing strong YoY growth, while imports from Vietnam reached $11.58B, resulting in a trade deficit of $11.2B.

### What are the top exports from Mexico to Vietnam?  
Electrical machinery (HS 85) dominates Mexico's exports to Vietnam, accounting for 48.75% of shipments, followed by other raw materials like HS 41 and HS 74.

### What does Mexico import from Vietnam?  
Mexico primarily imports electrical machinery (HS 85) from Vietnam, making up 49.81% of total imports, alongside machinery (HS 84) and other manufactured goods.

### What is the trade balance between Mexico and Vietnam?  
Mexico recorded a trade deficit of $11.2B with Vietnam in 2023, driven by significantly higher imports ($11.58B) compared to exports ($383.02M).
Mexico - Vietnam Trade 2023 Q2: Surging Deficit & Tech Imbalance
Mexico's trade deficit with Vietnam hit $2.84B in Q2 2023, driven by surging demand for Vietnam's high-tech components. Explore Mexico Vietnam trade trends and top trading products with yTrade data.
