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Mexico’s Top Trade Balances by Products & Countries

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Mexico City
Mexico City
Overall, Mexico posted a -US$12 billion trade deficit in 2021 when all exported and imported products are included in the calculation. That amount of red ink reflects a -286.9% increase compared to a -$3.1 billion deficit 7 years earlier in 2014.

Year over year, Mexico’s recent -$12 billion trade deficit for 2021 reverses the $34 billion trade surplus for 2020.

Cars, trucks, crude oil and computers were major factors creating Mexico’s highest trade surpluses.

United States, Colombia, Guatemala and Canada were the trade partners with which Mexico garnered the highest positive trade balances in 2021.

Mexico’s Top Trade Surpluses by Product

The following 10 leading products generated a surplus subtotal of $153.4 billion for Mexico in its global trade during 2021. Products listed below highlight Mexico’s strongest competitive advantages over worldwide trading partners.

  1. Cars: US$32.4 billion (Up 33.8% since 2014)
  2. Trucks: $29.4 billion (Up 50.9%)
  3. Crude oil: $24 billion (Up -32.7%)
  4. Computers, optical readers: $22.4 billion (Up 90.8%)
  5. TV receivers/monitors/projectors: $13.9 billion (Up 2.6%)
  6. Tractors: $8.3 billion (Down 14.3%)
  7. Insulated wire/cable: $7.5 billion (Up 33.2%)
  8. Electro-medical equipment (e.g. xrays): $5.7 billion (Up 67.8%)
  9. Malt beer: $5 billion (Up 126.6%)
  10. Refrigerators, freezers: $4.8 billion (Up 32.2%)

Year over year, Mexico grew its surpluses for 3 top product categories at the fastest pace for crude oil (up 63.3% from 2020), tractors (up 29.5%), trucks (up 26.2%), insulated wire or cable (up 22.7%), then television receivers, monitors and projectors (up 22.4%).

Mexico’s Top Trade Deficits by Product

The 10 major products below accumulated a deficit subtotal of -US$91.6 billion for Mexico in international trade during 2021. Mexico has demonstrated the severest competitive disadvantages in the exports and imports of the following commodities.

  1. Processed petroleum oils: -US$21.6 billion (Up 21% since 2014)
  2. Integrated circuits/microassemblies: -$18.4 billion (Up 50.4%)
  3. Petroleum gases: -$15.8 billion (Up 199.4%)
  4. Computer parts, accessories: -$9.4 billion (Up 101.9%)
  5. Liquid crystal/laser/optical tools: -$7.3 billion (Up 154.5%)
  6. Corn: -$5.1 billion (Up 115.8%)
  7. TV/radio/radar device parts: -$4.3 billion (Down -48.8%)
  8. Engines (diesel): -$3.9 billion (Up 45.7%)
  9. Lower-voltage switches, fuses: -$2.98 billion (Up 14.3%)
  10. Iron and steel screws, bolts, nuts, washers: -$2.96 billion (Up 27%)

Year over year, Mexico’s red ink in global trade expanded at the greatest rate for petroleum gases (up 136.5%), liquid crystal, laser and optical tools (up 80.7%), corn (up 76.3%) diesel engines (up 42.4%) and processed petroleum oils (up 36.1%).

Mexico’s Top Trade Surpluses by Country

In 2021, Mexico generated a surplus subtotal worth $175.6 billion with the following 10 trading partners.

  1. United States: US$164.8 billion (Up 34.2% since 2014)
  2. Colombia: $2 billion (Down -47.8%)
  3. Guatemala: $1.8 billion (Up 38.8%)
  4. Canada: $1.7 billion (Up 158.9%)
  5. Panama: $1.3 billion (Up 34.3%)
  6. El Salvador: $1.1 billion (Up 131.8%)
  7. United Kingdom: $902.3 million (Reversing a -$710.2 million deficit)
  8. Peru: $888.6 million (Up 42.2%)
  9. Australia: $657.3 million (Up 150.8%)
  10. Dominican Republic: $489.3 million (Down -33.1%)

From 2020 to 2021, the greatest percentage gains for Mexican surpluses came at the expense of El Salvador (up 55.9%), Peru (up 41.6%), Dominican Republic (up 40.9%), Guatemala (up 24.2%) and Colombia (up 23.3%).

Mexico’s Top Trade Deficits by Country

Mexico experienced money-losing international trade relationships with over 100 countries, islands or territories. The following 10 trade partners created a -$173 billion deficit subtotal for Mexico from exchanging exports and imports in 2021.

  1. China: -US$91.9 billion (Up 52.5% since 2014)
  2. South Korea: -$15.7 billion (Up 33.3%)
  3. Japan: -$13.1 billion (Down -12.3%)
  4. Malaysia: -$12.2 billion (Up 91%)
  5. Germany: -$9.8 billion (Down -3.8%)
  6. Vietnam: -$8.5 billion (Up 338.5%)
  7. Thailand: -$6.2 billion (Up 53.9%)
  8. Brazil: -$5.25 billion (Reversing a $248.7 million surplus)
  9. India: -$5.24 billion (Up 395%)
  10. Italy: -$5.2 billion (Up 42.3%)

Year over year, the greatest percentage deficit increases for Mexico were caused by Brazil (up 100.9% from 2020), India (up 50.3%), mainland China (up 39.9%), South Korea (up 38.8%), Italy (up 37.4%), Germany (up 34.3%) and Vietnam (up 31.3%).
 




 

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 December 29, 2022

International Trade Centre, Trade Map. Accessed on December 29, 2022

Investopedia, Net Exports Definition. Accessed on December 29, 2022

Trading Economics, Mexico Total External Debt: Summary. Accessed on December 29, 2022

Wikipedia, Economy of Mexico. Accessed on December 29, 2022