The value of Mexican exports to the United States exceeded US $500 billion for the first time ever in 2024, allowing Mexico to retain its position as the top exporter to the world’s largest economy.
The U.S. Census Bureau reported last week that Mexico’s exports to the United States were worth $505.85 billion last year, a 6.4% increase compared to 2023.
#Empresas | Exportaciones mexicanas de productos automotrices registran récord en 2024
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— El Economista (@eleconomista) February 10, 2025
Mexico’s total global automotive export revenue in 2024 was US $194 billion, or 31% of all export revenue.
Mexico had a 15.5% share of the United States’ $3.26 trillion market for imports in 2024, ahead of China (13.4%) and Canada (12.6%).
Mexico surpassed China to become the top exporter of goods to the United States in 2023. It has benefited from the ongoing trade war between the United States and China that was initiated by U.S. President Donald Trump during his first term.
The United States is easily Mexico’s largest export market, receiving over 80% of all Mexican products shipped abroad.
Mexico exports a wide variety of goods, including vehicles, auto parts, oil, electronics, metals, medical devices, fresh produce and alcoholic beverages. The value of Mexico’s exports to all countries around the world hit a record high of just over $617 billion last year, according to national statistics agency INEGI.
The export of Mexican-made vehicles and auto parts to the United States brought in revenue of $181.4 billion last year, or almost 30% of Mexico’s total export earnings.
U.S. data shows that Mexico is the top automotive sector supplier to the United States, with a 38.5% share of the U.S. market for auto imports, more than triple the share of second-placed Canada. Mexico’s share increased to that record high level from 37.8% in 2023.
Mexico-US trade exceeds $800 billion; Mexico’s surplus up almost 13%
The Census Bureau data shows that two-way trade between Mexico and the United States was worth $839.89 billion in 2024, a 5.3% increase compared to 2023.
Mexico was easily the United States’ largest trade partner last year, ahead of Canada and China. Trade with Mexico accounted for 15.8% of the United States’ total trade with countries around the world, up from 14.9% in 2023.
Mexico spent $334.04 billion on imports from the United States, a 3.5% increase over its outlay on U.S. products in 2023. It was the second-largest market for U.S. exports in 2024 after Canada.
Mexico’s trade surplus with the United States increased 12.7% annually to $171.8 billion. Last year was the third consecutive year that Mexico increased its surplus with its northern neighbor.
In late January, Trump cited the United States’ trade deficits with Mexico and Canada as one of the reasons why he intended to impose blanket 25% tariffs on Mexican and Canadian exports, despite the three countries being signatories to the USMCA free trade pact and having high levels of integration between their economies.
Those tariffs — which were set to take effect last Tuesday — were paused for one month thanks to separate agreements Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau reached with Trump last Monday.
With reports from El Economista and El Financiero
Source: Mexico News Daily
