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Mexico’s Top Trade Balances by Products & Countries

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Mexico City
Mexico City
After all exported and imported products are included in the calculation, Mexico incurred an overall -US$26.3 billion trade deficit in 2022.

That dollar amount in red ink represents a 97.2% expansion compared to the -$13.4 billion deficit five years earlier in 2018.

Year over year, Mexico’s recent -$26.3 billion trade deficit for 2022 represents a 120% increase from -$12 billion in red ink in 2021.

Processed petroleum oils, electronic integrated circuits and microassemblies, petroleum gases, then computer parts and accessories were major factors driving Mexico’s highest trade deficits by product.

Mainland China, South Korea, Malaysia, Japan and Germany were the trade partners with which Mexico experienced the severest negative trade balances.

Top Mexican Trade Balances by Product: Surpluses

The following 10 leading products generated a surplus subtotal of $182 billion for Mexico in its global trade during 2022. Metrics listed below highlight Mexico’s strongest competitive advantages over worldwide trading partners.

  1. Cars: US$35.9 billion (Down -7.4% since 2018)
  2. Crude oil: $31.8 billion (Up 20.3%)
  3. Computers, optical readers: $31.2 billion (Up 68.9%)
  4. Trucks: $30.3 billion (Up 38.1%)
  5. TV receivers/monitors/projectors: $12.2 billion (Up 21.7%)
  6. Tractors: $11.7 billion (Up 24.4%)
  7. Automobile parts/accessories: $8.5 billion (Up 258.2%)
  8. Insulated wire/cable: $8.3 billion (Up 16.6%)
  9. Electro-medical equipment (e.g. xrays): $6.4 billion (Up 36.6%)
  10. Refrigerators, freezers: $5.7 billion (Up 36.8%)

Posting the greatest year-over-year increases, Mexico grew its surpluses for automobile parts and accessories (up 85.4% from 2021 to 2022), tractors (up 41.5%), computers including optical readers (up 39%), and crude oil (up 32.5%).

Top Mexican Trade Balances by Product: Deficits

The 10 major products below accumulated a deficit subtotal of -US$113 billion for Mexico in international trade during 2022. Mexico has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Processed petroleum oils: -US$36.1 billion (Up 18.5% since 2018)
  2. Integrated circuits/microassemblies: -$22.2 billion (Up 28.8%)
  3. Petroleum gases: -$17.3 billion (Up 74%)
  4. Computer parts, accessories: -$12.1 billion (Up 72.9%)
  5. Corn: -$5.4 billion (Up 79.4%)
  6. Engines (diesel): -$4.7 billion (Up 25.5%)
  7. Liquid crystal/laser/optical tools: -$4.1 billion (Up 105.4%)
  8. Solar power diodes/semi-conductors: -$3.9 billion (Up 49.2%)
  9. Aluminum plates, sheets, strips: -$3.64 billion (Up 78.9%)
  10. Aluminum (unwrought): -$3.55 billion (Up 56%)

Year over year, Mexico’s red ink in global trade accelerated at the fastest pace for processed petroleum oils (up 67.2% from 2021), unwrought aluminum (up 41.3%), then solar power diodes and semi-conductors (up 40.8%).

Top Mexican Trade Balances by Country: Surpluses

In 2022, Mexico generated a surplus subtotal worth $198 billion with the following 10 trading partners.

  1. United States: US$187.2 billion (Up 45.5% since 2018)
  2. Guatemala: $2.3 billion (Up 59.9%)
  3. Canada: $2.3 billion (Down -31.6%)
  4. Colombia: $1.6 billion (Down -11%)
  5. Panama: $1.2 billion (Up 18.3%)
  6. El Salvador: $1 billion (Up 98.9%)
  7. Peru: $741.9 million (Down -36.7%)
  8. Dominican Republic: $640.9 million (Up 49.9%)
  9. Australia: $559.7 million (Down -38.4%)
  10. Ecuador: $452.5 million (Down -13.5%)

From 2021 to 2022, the greatest percentage gains for Mexican surpluses came at the expense of Canada (up 35.7%), Dominican Republic (up 31%), Guatemala (up 25.9%) and the United States of America (up 13.6%).

Top Mexican Trade Balances by Country: Deficits

Mexico experienced money-losing international trade relationships with over 100 countries, islands or territories. The following 10 trade partners created a -US$205 billion deficit subtotal for Mexico from exchanging exports and imports in 2022.

  1. China: -US$107.9 billion (Up 41.4% since 2018)
  2. South Korea: -$18.7 billion (Up 29.7%)
  3. Malaysia: -$14.3 billion (Up 56.2%)
  4. Japan: -$13.9 billion (Down -6.5%)
  5. Germany: -$10.2 billion (Down -4.6%)
  6. Vietnam: -$10.1 billion (Up 141.5%)
  7. Brazil: -$7.69 billion (Up 265.7%)
  8. Thailand: -$7.66 billion (Up 27.8%)
  9. Taiwan: -$7.57 billion (Down -3.7%)
  10. Italy: -$7 billion (Up 44%)

Year over year, the greatest percentage deficit increases for Mexico were caused by its trade with Taiwan (up 76.5% from 2021), Brazil (up 46.6%) and Italy (up 33.7%).
 




 

See also Mexico’s Top 10 Imports, Mexico’s Top Trading Partners, Top Mexican Trade Balances and Mexico’s Top 10 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 12, 2023

International Trade Centre, Trade Map. Accessed on October 12, 2023

Investopedia, Net Exports Definition. Accessed on October 12, 2023

Trading Economics, Mexico Total External Debt: Summary. Accessed on October 12, 2023

Wikipedia, Economy of Mexico. Accessed on October 12, 2023