That dollar amount results from a 28.7% increase since 2019 when total Mexican exports were $460.6 billion.
Year over year, the overall value of Mexico’s exports rose 2.6% compared to $577.7 billion in 2022.
Based on the average exchange rate for 2023, the Mexican peso appreciated by 7.8% against the US dollar since 2019 and gained 11.8% from 2022 to 2023. Mexico’s stronger local currency compared makes its exports paid for in weaker US dollars relatively more expensive for international buyers.
Mexico is a world leader for exporting trucks and ranks among the top countries for global sales of computers, cars and automotive parts or accessories.
Mexico’s Major Trading Partners
The latest available country-specific data shows that 90.3% of products exported from Mexico was bought by importers in: United States of America (79.6% of the Mexican total), Canada (3%), mainland China (1.54%), Germany (1.47%), Taiwan (0.9%), Brazil (0.73%), Japan (0.65%), South Korea (0.64%), Guatemala (0.49%), United Kingdom (also 0.49%), Colombia (0.46%) and the Netherlands (0.37%).
From a continental perspective, 86.2% of Mexico’s exports by value was delivered to fellow North American countries while 4.9% was sold to importers in Asia. Mexico shipped another 4.7% worth of goods to Europe.
Smaller percentages went to customers located in Latin America (3.9%), Oceania (0.2%) namely Australia and New Zealand, then Africa (0.1%).
Given Mexico’s population of 130.1 million people, its total $593 billion in 2023 exports translates to roughly $4,500 per resident in the southernmost North American country. That dollar metric exceeds the average $4,400 for 2022.
Mexico’s Top 10 Exports
The following export product groups categorize the highest dollar value in Mexican global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Mexico.
- Vehicles: US$156.5 billion (26.4% of total exports)
- Electrical machinery, equipment: $103.4 billion (17.4%)
- Machinery including computers: $93.5 billion (15.8%)
- Mineral fuels including oil: $32.6 billion (5.5%)
- Optical, technical, medical apparatus: $27.3 billion (4.6%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $12.9 billion (2.2%)
- Beverages, spirits, vinegar: $12 billion (2%)
- Plastics, plastic articles: $11.7 billion (2%)
- Vegetables: $9.94 billion (1.7%)
- Articles of iron or steel: $9.87 billion (1.7%)
Mexico’s top 10 exports generated almost four-fifths (79.2%) of the overall value of Mexican worldwide shipments.
Optical, technical and medical apparatus was the fastest grower among the top 10 export categories, up by 19.7% from 2022 to 2023.
In second place for improving export sales was vehicles via a 15% gain.
Mexico’s shipments of vegetables posted the third-fastest gain in value, up by 7.8%.
The leading decliner among Mexico’s top 10 export categories was mineral fuels including oil, pulled down by a -13.5% drop year over year.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.
For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of Mexico’s Most Valuable Export Products further down this article.
Products Generating Highest Trade Surpluses for Mexico
The following types of Mexican product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Vehicles: US$95.2 billion (Up by 8.4% since 2022)
- Optical, technical, medical apparatus: $10.9 billion (Up by 164.8%)
- Beverages, spirits, vinegar: $10.7 billion (Up by 3.4%)
- Vegetables: $9 billion (Up by 4.7%)
- Furniture, bedding, lighting, signs, prefabricated buildings: $8.5 billion (Up by 4%)
- Fruits, nuts: $7.1 billion (Down by -1.6%)
- Gems, precious metals: $6.8 billion (Down by -0.2%)
- Ores, slag, ash: $6.2 billion (Up by 0.7%)
- Railways, streetcars: $3.5 billion (Up by 25.1%)
- Cereal/milk preparations: $2.6 billion (Up by 7.5%)
Mexico has highly positive net exports in the international trade of cars, trucks, tractors plus automotive parts or accessories. In turn, these cashflows indicate Mexico’s strong competitive advantages under the vehicles product category.
Products Causing Greatest Trade Deficits for Mexico
Mexico recorded an overall -US$5.5 billion trade deficit in 2023. The Mexican amount of red ink fell by -79.6% from the -$26.9 billion trade deficit one year earlier in 2022.
Below are exports from Mexico that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Mexico’s goods trail Mexican importer spending on foreign products.
- Plastics, plastic articles: -US$19 billion (Down by -3.1% since 2022)
- Electrical machinery, equipment: -$17.9 billion (Down by -10.2%)
- Iron, steel: -$17.2 billion (Up by 24.5%)
- Mineral fuels including oil: -$10.7 billion (Down by -57.7%)
- Organic chemicals: -$9.2 billion (Down by -16.6%)
- Other chemical goods: -$8.4 billion (Up by 11.3%)
- Cereals: -$8.1 billion (Down by -2.4%)
- Aluminum: -$6.9 billion (Down by -19.1%)
- Oil seeds: -$5.5 billion (Down by -7.7%)
- Pharmaceuticals: -$5.4 billion (Up by 32.3%)
Mexico has highly negative net exports both for plastic as a material and items made from plastic.
These cashflow deficiencies clearly indicate Mexico’s competitive disadvantages in the international market for mineral fuels-related products, but also represent key opportunities for Mexico to improve its position in the global economy through focused innovations.
Major Mexican Export Companies
According to Forbes Global 2000 rankings, the following companies are examples of leading Mexican companies.
- ALFA (petrochemicals, auto parts, food)
- Arca Continental (soft drinks, bottling)
- Cemex (construction materials)
- FEMSA (alcoholic beverages)
- Grupo Bimbo (bakery products)
- Grupo Mexico (metals, mining)
- Grupo Modelo (brewery)
- Industrias Peñoles (silver, gold, zinc, lead)
According to global trade intelligence firm Zepol, the following smaller companies are also examples of leading Mexican exporters.
- Autotek Mexico (vehicles, automotive parts)
- Manufacturera Lee De Mexico (clothing, accessories)
- Sitwell S A DE (chairs, seats)
- Tubos De Acero De Mexico (casing, tubing, pipes, iron/steel bridges)
Searchable List of Mexico’s Most Valuable Export Products
At the more granular four-digit HTS code level, the following searchable table displays 100 of the most in-demand goods shipped from Mexico during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | Mexico's Export Product | Value (US$) | Change |
|---|---|---|---|
| 1 | Cars | $57,333,805,000 | +22.2% |
| 2 | Automobile parts/accessories | $40,503,809,000 | +6.8% |
| 3 | Trucks | $37,725,151,000 | +15% |
| 4 | Computers, optical readers | $29,412,818,000 | -31.6% |
| 5 | Crude oil | $27,604,232,000 | -12.7% |
| 6 | Insulated wire/cable | $17,600,694,000 | +7% |
| 7 | Phone devices including smartphones | $14,197,698,000 | +6.7% |
| 8 | Tractors | $13,442,392,000 | +11.1% |
| 9 | Electro-medical equip (e.g. xrays) | $12,839,977,000 | +23.4% |
| 10 | TV receivers/monitors/projectors | $11,929,064,000 | -13.7% |
| 11 | Electrical/optical circuit boards, panels | $8,163,338,000 | +22.6% |
| 12 | Seats (excluding barber/dentist chairs) | $7,960,578,000 | +9% |
| 13 | Refrigerators, freezers | $6,917,882,000 | -1% |
| 14 | Air conditioners | $6,792,966,000 | +11.3% |
| 15 | Electrical converters/power units | $6,448,734,000 | +29.6% |
| 16 | Malt beer | $5,823,014,000 | +6.1% |
| 17 | Piston engine parts | $5,564,003,000 | +4.5% |
| 18 | Lower-voltage switches, fuses | $5,293,082,000 | +5.7% |
| 19 | Electric motors, generators | $4,959,210,000 | +7.3% |
| 20 | Centrifuges, filters and purifiers | $4,773,123,000 | +17.1% |
| 21 | Processed petroleum oils | $4,508,649,000 | -20.3% |
| 22 | Trailers | $4,368,793,000 | +13.3% |
| 23 | Alcohol (including spirits, liqueurs) | $4,314,803,000 | +2.1% |
| 24 | Electrical lighting/signaling equpment, defrosters | $4,074,464,000 | +4.5% |
| 25 | Air or vacuum pumps | $3,837,778,000 | +3.6% |
| 26 | Copper ores, concentrates | $3,715,932,000 | +18.4% |
| 27 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $3,637,537,000 | -7.1% |
| 28 | Piston engines | $3,613,878,000 | -2% |
| 29 | Electrical machinery | $3,445,137,000 | +31.2% |
| 30 | Gold (unwrought) | $3,406,295,000 | +9.9% |
| 31 | Integrated circuits/microassemblies | $3,381,526,000 | -19.3% |
| 32 | Taps, valves, similar appliances | $3,371,693,000 | +11.6% |
| 33 | Miscellaneous fresh/chilled vegetables | $3,154,640,000 | +7.2% |
| 34 | Plastic packing goods, lids, caps | $3,047,570,000 | +2% |
| 35 | Fresh/chilled tomatoes | $3,046,994,000 | +13.6% |
| 36 | Turbo-jets | $3,027,160,000 | +6.9% |
| 37 | Regulate/control instruments | $2,845,174,000 | +19.5% |
| 38 | Silver (unwrought) | $2,681,769,000 | +17.5% |
| 39 | Liquid pumps and elevators | $2,644,120,000 | +4.4% |
| 40 | Bread, biscuits, cakes, pastries | $2,608,717,000 | +12.8% |
| 41 | Electric storage batteries | $2,572,770,000 | +18.3% |
| 42 | Miscellaneous plastic items | $2,553,171,000 | -2.6% |
| 43 | Electric circuit parts, fuses, switches | $2,235,094,000 | +7.4% |
| 44 | Electric water heaters, hair dryers | $2,200,894,000 | +11.3% |
| 45 | Machinery parts | $2,193,077,000 | +13.3% |
| 46 | Microphones/headphones/amps | $2,155,123,000 | +12% |
| 47 | Miscellaneous furniture | $2,152,807,000 | -8.9% |
| 48 | Computer parts, accessories | $2,123,593,000 | +9.4% |
| 49 | Miscellaneous iron or steel items | $2,060,786,000 | +3.6% |
| 50 | Rubber tires (new) | $2,045,810,000 | +11.5% |
| 51 | Miscellaneous machinery | $2,037,633,000 | +2.8% |
| 52 | Miscellaneous iron and steel structures | $2,022,532,000 | +3.3% |
| 53 | Orthopedic appliances | $1,978,397,000 | +21.9% |
| 54 | Telecommunication receivers | $1,961,749,000 | +8.6% |
| 55 | Lamps, lighting, illuminated signs | $1,857,868,000 | -15.5% |
| 56 | Electric ignition/start equipment | $1,805,308,000 | +2.4% |
| 57 | Temperature-change machines | $1,753,112,000 | +9.5% |
| 58 | Engines (diesel) | $1,734,928,000 | +6.3% |
| 59 | Fresh or chilled beef | $1,725,170,000 | -3.8% |
| 60 | Miscellaneous fruits (fresh) | $1,714,591,000 | +2.6% |
| 61 | Gas/liquid/electricity/production meters | $1,513,262,000 | +41.6% |
| 62 | Medication mixes in dosage | $1,512,074,000 | +17.8% |
| 63 | Pneumatic hand tool | $1,414,824,000 | +3.4% |
| 64 | Locks, lock-keys | $1,365,779,000 | +12.5% |
| 65 | Transmission shafts, gears, clutches | $1,291,803,000 | +2.2% |
| 66 | Liquid/gas checking instruments | $1,272,328,000 | +13.2% |
| 67 | Electric motor parts | $1,196,095,000 | +1% |
| 68 | Sugar confectionery (no cocoa) | $1,152,246,000 | +10.9% |
| 69 | Men's suits, trousers (not knit or crochet) | $1,150,638,000 | -12.4% |
| 70 | Yarn wash/clean/iron machines | $1,144,511,000 | +3.8% |
| 71 | Speed/distance meters | $1,138,684,000 | +14.8% |
| 72 | T-shirts, vests (knit or crochet) | $1,117,349,000 | -3.9% |
| 73 | Non-alcoholic drinks (not water/juice/milk) | $1,113,712,000 | +14.3% |
| 74 | Base metal mountings, fittings | $1,056,042,000 | +10.7% |
| 75 | Vulcanized rubber items | $1,051,782,000 | +5.7% |
| 76 | Models, puzzles, miscellaneous toys | $1,025,798,000 | +18.7% |
| 77 | Electric sound/visual signal bells or alarms | $1,007,987,000 | +12.7% |
| 78 | Plastic tubes, pipes, fittings | $919,209,000 | -1.6% |
| 79 | Copper waste, scrap | $912,088,000 | +7.1% |
| 80 | Yachts, other pleasure/sports vessels | $903,400,000 | +20.6% |
| 81 | Printing machinery | $901,485,000 | -2.5% |
| 82 | Plastic plates, sheets, film, tape, strips | $875,818,000 | -25.2% |
| 83 | Vulcanized rubber tubes, pipes | $865,134,000 | +7.3% |
| 84 | Unrecorded sound media | $862,563,000 | -0.3% |
| 85 | Fresh or dried citrus fruit | $856,067,000 | +4.9% |
| 86 | Radar, radio communication items | $855,735,000 | +3.7% |
| 87 | Mechano-therapy appliances | $843,039,000 | -2.9% |
| 88 | Other organic cleaning preparations | $841,876,000 | +1.9% |
| 89 | Lead ores, concentrates | $836,926,000 | +12.2% |
| 90 | TV receiver/transmit/digital cameras | $835,064,000 | +22% |
| 91 | Physical/chemical analysis tools | $829,934,000 | +5.5% |
| 92 | Miscellaneous preserved fruits | $820,009,000 | +1% |
| 93 | Personal toilet/shaving preparations, deodorants | $818,386,000 | +8.5% |
| 94 | Cucumbers, gherkins | $812,000,000 | +14.8% |
| 95 | Optical fiber cables, sheets, plates | $811,951,000 | +8.3% |
| 96 | Fork-lift trucks | $780,139,000 | +89.8% |
| 97 | Miscellaneous articles, dress patterns | $771,755,000 | +8.2% |
| 98 | Iron or steel springs, leaves | $752,616,000 | +3.9% |
| 99 | Footwear (leather) | $749,970,000 | +0.7% |
| 100 | Swine meat: | $749,269,000 | -9.7% |
These 100 exported goods were worth a subtotal of US$466 billion or 78.6% by value for all products exported from Mexico during 2023.
Fastest-growing Mexican exported products are headlined by: fork-lift trucks (up 89.8% from 2022 to 2023), gas, liquid, electricity or production meters (up 41.6%), electrical machinery (up 31.2%), electrical converters and power units (up 29.6%), electro-medical equipment including for xrays (up 23.4%), electrical or optical circuit boards and panels (up 22.6%), then cars (up 22.2%).
In macroeconomic terms, Mexico’s total exported goods represent 18.1% of its overall Gross Domestic Product for 2023 ($3.276 trillion valued in Purchasing Power Parity US dollars). That 18.1% for exports to overall GDP per PPP in 2023 compares to 25.2% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Mexico’s total economic performance, albeit based on a short timeline.
Another key indicator of a country’s economic performance is its unemployment rate. Mexico’s unemployment rate averaged 2.796% for 2023, down from an average 3.278% in 2022 as reported by the International Monetary Fund.
See also Mexico’s Top 10 Imports, Mexico’s Top Trading Partners, Mexico’s Top 10 Major Export Companies and United States Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on June 22, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 22, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on June 22, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on June 22, 2024
International Trade Centre, Trade Map. Accessed on June 22, 2024
Investopedia, Net Exports Definition. Accessed on June 22, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on June 22, 2024
Wikipedia, Gross domestic product. Accessed on June 22, 2024
Wikipedia, List of Companies of Mexico. Accessed on June 22, 2024
Wikipedia, Purchasing power parity. Accessed on June 22, 2024
Zepol’s company summary highlights by country. Accessed on June 22, 2024