That dollar amount in red ink represents a reversal from the $5.4 billion trade surplus 5 years earlier in 2019.
Year over year, Mexico’s recent -$5.5 billion trade deficit for 2023 represents a -79.6% shrinkage from -$26.9 billion in red ink for 2022.
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, Japan, South Korea, Germany and Malaysia 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 $175.7 billion for Mexico in its global trade during 2023. Metrics listed below highlight Mexico’s strongest competitive advantages over worldwide trading partners.
- Cars: US$39.7 billion (Down -2.7% since 2019)
- Trucks: $34.3 billion (Up 40.5%)
- Crude oil: $27.6 billion (Up 23.6%)
- Computers, optical readers: $19.4 billion (Down -12.3%)
- Tractors: $12.4 billion (Up 27.4%)
- TV receivers/monitors/projectors: $10.5 billion (Up 2.5%)
- Insulated wire/cable: $9.7 billion (Up 36%)
- Electro-medical equipment (e.g. xrays): $8.15 billion (Up 64.5%)
- Automobile parts/accessories: $8.14 billion (Up 121.4%)
- Malt beer: $5.8 billion (Up 30.5%)
Four leading products attracted double-digit percentage increases year over year. Mexico grew its surpluses for electro-medical equipment including xrays (up 28.1% from 2022), insulated wire or cable (up 16.7%), trucks (up 13.2%) and cars (up 10.4%).
Top Mexican Trade Balances by Product: Deficits
The 10 major products below accumulated a deficit subtotal of -US$90.2 billion for Mexico in international trade during 2023. Mexico has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.
- Processed petroleum oils: -US$26.3 billion (Down -5.4% since 2019)
- Integrated circuits/microassemblies: -$20.7 billion (Up 7.9%)
- Petroleum gases: -$9.3 billion (Up 14.6%)
- Computer parts, accessories: -$8.9 billion (Up 8.1%)
- Corn: -$5.5 billion (Up 85.9%)
- Engines (diesel): -$4.9 billion (Up 28.8%)
- Flat panel displays -$4.4 billion (2019 data unavailable)
- Solar power diodes/semi-conductors: -$3.9 billion (Up 41.1%)
- Miscellaneous plastic items: -$3.2 billion (Up 9.5%)
- Iron and steel screws, bolts, nuts, washers: -$3.14 billion (Up 11.6%)
Year over year, Mexico’s red ink in global trade accelerated at the fastest pace for flat panel displays (up 10,916% from 2022), miscellaneous plastic items (up 6.7%), diesel engines (up 3.8%) then corn (up 2%).
Top Mexican Trade Balances by Country: Surpluses
In 2023, Mexico generated a surplus subtotal worth US$227.4 billion at the expense of the following 10 trading partners.
- United States: US$216.3 billion (Up 41.8% since 2019)
- Canada: $4.6 billion (Up 4.3%)
- Guatemala: $2.2 billion (Up 52.8%)
- Panama: $1.24 billion (Up 1.7%)
- El Salvador: $877.9 million (Up 59.2%)
- Dominican Republic: $526.7 million (Up 22.7%)
- Colombia: $516.7 million (Down -72%)
- Honduras: $429.8 million (Up 52.5%)
- Ecuador: $425.3 million (Down -13%)
- Saudi Arabia: $313.1 million (Up 98.7%)
From 2022 to 2023, gains for Mexican surpluses came at the expense of Canada (up 107.4%), Saudi Arabia (up 66.6%) and the United States of America (up 15.7%).
Top Mexican Trade Balances by Country: Deficits
Mexico experienced money-losing international trade relationships with about 150 countries, islands or territories. The following 10 trade partners created a -US$207.3 billion deficit subtotal for Mexico from exchanging exports and imports in 2023.
- mainland China: -US$105 billion (Up 38% since 2019)
- Japan: -$16.8 billion (Up 19.7%)
- South Korea: -$15.7 billion (Up 1.6%)
- Germany: -$12.5 billion (Up 18%)
- Malaysia: -$11.6 billion (Up 2.5%)
- Vietnam: -$11.2 billion (Up 90.1%)
- Taiwan: -$9.2 billion (Up 238.7%)
- Brazil: -$9.1 billion (Up 281.5%)
- Thailand: -$8.4 billion (Up 48.4%)
- Italy: -$7.8 billion (Up 70%)
Year over year, the greatest percentage deficit increases for Mexico resulted from its trade with Germany (up 22.4% from 2022), Japan (up 20.3%), Taiwan (up 18.5%), Brazil (up 18.3%) and Italy (up 12.3%).
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 November 25, 2024
International Trade Centre, Trade Map. Accessed on November 25, 2024
Investopedia, Net Exports Definition. Accessed on November 25, 2024
Trading Economics, Mexico Total External Debt: Summary. Accessed on November 25, 2024
Wikipedia, Economy of Mexico. Accessed on November 25, 2024