
Year over year, Mexico’s recent $34.8 billion trade surplus for 2020 represents a 543.4% increase from $5.4 billion in black ink in 2019.
Cars, trucks, computers and crude oil were major factors creating Mexico’s highest trade surpluses.
United States, Canada, Colombia and Guatemala were the trade partners with which Mexico experienced the highest positive trade balances.
Top Mexican Trade Balances by Product and Country
Product+
The following 10 leading products generated a surplus subtotal of $131.8 billion for Mexico in its global trade during 2020. Metrics listed below highlight Mexico’s strongest competitive advantages over worldwide trading partners.
- Cars: US$33.7 billion (Up 40.7% since 2013)
- Trucks: $23.3 billion (Up 51.2%)
- Computers, optical readers: $22.1 billion (Up 158.1%)
- Crude oil: $14.9 billion (Down -65.2%)
- TV receivers/monitors/projectors: $11.4 billion (Down -17.8%)
- Insulated wire/cable: $6.3 billion (Up 30.2%)
- Tractors: $6.2 billion (Up 21.4%)
- Electro-medical equipment (e.g. xrays): $5 billion (Up 73.9%)
- Automobile parts/accessories: $4.8 billion (Reversing a -$89.2 million deficit)
- Malt beer: $4.2 billion (Up 105.3%)
Year over year, Mexico grew its surpluses for 3 top product categories namely cars (up 29.7% from 2019 to 2020), trucks (up 11.2%) and computers including optical readers (up 1.4%).
Product-
The 10 major products below accumulated a deficit subtotal of -$63.8 billion for Mexico in international trade during 2020. Mexico has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.
- Integrated circuits/microassemblies: -US$16 billion (Up 36.5% since 2013)
- Processed petroleum oils: -$15.3 billion (Down -22.1%)
- Computer parts, accessories: -$8.1 billion (Up 71.2%)
- Petroleum gases: -$6.6 billion (Up 19.5%)
- Liquid crystal/laser/optical tools: -$4 billion (Up 43.4%)
- TV/radio/radar device parts: -$3.5 billion (Down -59.6%)
- Corn: -$3 billion (Up 65.6%)
- Engines (diesel): -$2.6 billion (Up 35.6%)
- Solar power diodes/semi-conductors: -$2.3 billion (Up 39.6%)
- Iron and steel screws, bolts, nuts, washers: -$2.27 billion (Up 5.8%)
Year over year, Mexico’s red ink in global trade expanded for 3 of these top products from 2019 to 2020. Deficit increases belonged to liquid crystal, laser or optical tools (up 33.8%), television, radio or radar device parts (up 9%) and corn (up 0.4%).
Country+
In 2020, Mexico generated a surplus subtotal worth $173.1 billion with the following 10 trading partners.
- United States: US$162.6 billion (Up 45.5% since 2013)
- Canada: $2.7 billion (Up 383.9%)
- Colombia: $1.6 billion (Down -57.8%)
- Guatemala: $1.4 billion (Up 19.9%)
- Panama: $1.1 billion (Up 10.2%)
- United Kingdom: $787.7 million (Reversing a -$1.1 billion deficit)
- Hong Kong: $746.6 million (Up 11.9%)
- El Salvador: $686.4 million (Up 34.4%)
- Australia: $671.2 million (Up 42.8%)
- Peru: $648 million (Down -45.3%)
From 2019 to 2020, the greatest percentage gains for Mexican surpluses came at the expense of United Kingdom (up 83.3%), El Salvador (up 24.5%), Australia (up 9.3%) and United States (up 6.6%).
Country-
Mexico experienced money-losing international trade relationships with over 100 countries, islands or territories. The following 10 trade partners created a -$128.7 billion deficit subtotal for Mexico from exchanging exports and imports in 2020.
- China: -US$65.8 billion (Up 20% since 2013)
- South Korea: -$11.3 billion (Down -5.6%)
- Malaysia: -$10.6 billion (Up 104.2%)
- Japan: -$10.3 billion (Down -30.3%)
- Germany: -$7.4 billion (Down -24.1%)
- Vietnam: -$6.5 billion (Up 370.2%)
- Thailand: -$5 billion (Up 28.6%)
- Taiwan: -$4.3 billion (Down -30.5%)
- Italy: -$3.8 billion (Down -13.1%)
- India: -$3.6 billion (Reversing a $1.1 billion surplus)
Year over year, the greatest percentage deficit increases for Mexico were caused by Taiwan (up 62%) and Vietnam (up 10.2%).
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 May 25, 2021
International Trade Centre, Trade Map. Accessed on May 25, 2021
Investopedia, Net Exports Definition. Accessed on May 25, 2021
Trading Economics, Mexico Total External Debt: Summary. Accessed on May 25, 2021
Wikipedia, Economy of Mexico. Accessed on May 25, 2021