That dollar amount results from a 31.5% advance compared to $604.6 billion five years earlier during 2019.
From 2022 to 2023, the total value of Mexican import purchases slowed by -1% starting from $455.2 billion.
Based on the average exchange rate for 2023, the Mexican peso appreciated by 7.8% against the US dollar since 2019 and gained 11.8% from 2022 to 2023. Mexico’s stronger local currency makes its imports paid for in weaker US dollars after 2022 relatively less expensive when converted starting from the Mexican peso.
Where Mexico’s Imports Come From
The latest available country-specific data shows that 85.8% of products imported by Mexico was sold by exporters in: United States of America (42.8% of the Mexican total), mainland China (19.1%), Germany (3.5%), Japan (3.4%), South Korea (3.3%), Taiwan (2.4%), Brazil (2.24%), Canada (2.19%), Malaysia (2%), Vietnam (1.9%), Thailand (1.46%) and Italy (1.44%).
From a continental perspective, approaching half (45.3%) of Mexico’s total imports by value in 2023 was purchased from fellow North American entities namely the United States of America and Canada. Trade partners in Asia satisfied 37.8% of Mexican import purchases while another 12.2% worth originated from Europe.
Smaller percentages came from suppliers in Latin America (4.3%) plus the Caribbean, Africa (0.3%), then Oceania (0.2%) led by Australia and New Zealand.
Given Mexico’s population of 130.1 million people, its total $598.5 billion in 2023 imports translates to roughly $4,550 in yearly product demand from every person in the southernmost North American country. That dollar metric lags the average $4,600 per capita for 2022.
Mexico’s Top 10 Imports
The following product groups represent the highest dollar value in Mexico’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Mexico.
- Electrical machinery, equipment: US$121.3 billion (20.3% of total imports)
- Machinery including computers: $95.7 billion (16%)
- Vehicles: $61.3 billion (10.2%)
- Mineral fuels including oil: $43.2 billion (7.2%)
- Plastics, plastic articles: $30.7 billion (5.1%)
- Iron, steel: $21.5 billion (3.6%)
- Optical, technical, medical apparatus: $16.5 billion (2.8%)
- Articles of iron or steel: $13.1 billion (2.2%)
- Organic chemicals: $11 billion (1.8%)
- Other chemical goods: $10.4 billion (1.7%)
Mexico’s top 10 imports approached three-quarters (71%) of the overall value of its product purchases from other countries.
The strongest growth among Mexico’s leading imported product categories belonged to vehicles (up 26.9% from 2022), iron and steel (up 3.5%) then electrical machinery and equipment (also up 3.5%).
The severest decliners were mineral fuels including oil (down -31.2% from 2022), organic chemicals (down -17%) and optical, technical or medical apparatus (down -12.1%).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
The research below presents a more detailed view of imported goods at the four-digit HTS code level.
From the four-digit HTS code perspective, Mexican buyers spent the most on imported on automobile parts or accessories (5.4% of Mexico’s total imports), processed petroleum oils (5.1%), electronic integrated circuits (4%), cars (3%), phone devices including smartphones (2.7%), computer parts or accessories (1.8%), computers including optical readers (1.7%), petroleum gases (1.6%), lower-voltage switches or fuses (1.4%) then insulated wire or cable (1.3%).
Mexico’s Imports of Electrical Products
Mexican importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$24 billion (down -8.7% from 2022)
- Phone devices including smartphones: $16.2 billion (down -1.8%)
- Lower-voltage switches, fuses: $8.1 billion (down -1%)
- Insulated wire/cable: $7.9 billion (down -3.1%)
- Electrical converters/power units: $6 billion (up 6.6%)
- Electric circuit parts, fuses, switches: $5 billion (up 1.8%)
- Flat panel display modules: $4.82 billion (up 7,798%)
- Electric storage batteries: $4.78 billion (up 38.2%)
- Solar power diodes/semi-conductors: $4.6 billion (up 0.03%)
- Electric motors, generators: $3.6 billion (up 5.1%)
Among these import subcategories, Mexican purchases of flat panel display modules (up 7,798%), electric storage batteries (up 38.2%) then electrical converters or power units (up 6.6%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Mexican businesses and consumers.
Mexico’s Imports of Machinery Including Computers
Mexican importers spent the most on the following 10 subcategories of machinery including computers.
- Computer parts, accessories: US$11 billion (down -21.8% from 2022)
- Computers, optical readers: $10 billion (down -15.7%)
- Engines (diesel): $6.7 billion (up 4.4%)
- Air or vacuum pumps: $4.9 billion (up 6%)
- Miscellaneous machinery: $4.47 billion (up 8.3%)
- Piston engine parts: $4.43 billion (up 7.3%)
- Taps, valves, similar appliances: $4.38 billion (up 4%)
- Transmission shafts, gears, clutches: $3.93 billion (up 4.3%)
- Piston engines: $3.86 billion (up 20.1%)
- Centrifuges, filters and purifiers: $3.3 billion (down -2%)
Among these import subcategories, Mexican purchases of piston engines (up 20.1%), miscellaneous machinery (up 8.3%) then piston engine parts (up 7.3%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Mexican businesses and consumers.
Mexico’s Imports of Vehicles and Related Products
Mexican importers spent the most on the following 10 subcategories of vehicles.
- Automobile parts/accessories: US$32.4 billion (up 9.8% from 2022)
- Cars: $17.7 billion (up 60.5%)
- Trucks: $3.4 billion (up 36.3%)
- Trailers: $1.8 billion (up 27.1%)
- Tractors: $1.1 billion (up 174.7%)
- Motorcycle parts/accessories: $659.2 million (down -2.5%)
- Motorcycles: $569.5 million (up 4.9%)
- Special purpose vehicles: $256.5 million (up 86.1%)
- Public-transport vehicles: $211.6 million (up 110.6%)
- Automobile bodies: $189.3 million (up 106.7%)
Among these import subcategories, Mexican purchases of tractors (up 174.7%), public-transport vehicles (up 110.6%) then automobile bodies (up 106.7%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Mexican businesses and consumers.
Mexico’s Imports of Mineral Fuels and Related Products
Mexican importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$30.8 billion (down -26.3% from 2022)
- Petroleum gases: $9.3 billion (down -46.3%)
- Petroleum oil residues: $660.7 million (down -25.9%)
- Petroleum jelly, mineral waxes: $282.7 million (down -31%)
- Coal tar oils (high temperature distillation): $104 million (down -10.8%)
- Electrical energy: $82.6 million (down -68.8%)
- Coke, semi-coke: $41.4 million (down -81.8%)
- Peat: $33.6 million (down -18.7%)
- Coal, solid fuels made from coal: $14.8 million (down -86.3%)
- Asphalt/petroleum bitumen mixes: $2.5 million (down -40%)
Among these import subcategories, Mexican purchases of high temperature distilled coal tar oils (down -10.8%), peat (down -18.7%) then petroleum oil residues (down -25.9%) declined at the slowest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Mexican businesses and consumers.
See also Mexico’s Top 10 Exports, Mexico’s Top Trading Partners, Mexico’s Top 10 Major Export Companies and United States Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on July 11, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on July 11, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on July 11, 2024
International Trade Centre, Trade Map. Accessed on July 11, 2024