Mexican beach

Officially named the United Mexican States, Mexico shares its northern border with the United States and parts of its south-eastern perimeter with Guatemala and Belize.

Mexico exported US$619 billion worth of products around the globe in 2024, increasing by 48.4% since five years earlier in 2020 when Mexican exports totaled $417 billion.

From 2023 to 2024, the total value of Mexican exports slowed to a 4.4% advance compared to $593 billion.

Home to 132.3 million residents, Mexico represents 1.6% of the 8.2 billion people living on the planet during 2024.

In comparison, Mexico’s $619 billion worth of exported products translates to 2.6% of total global exports for 2024 ($23.9 trillion), up from 2.5% for the prior year.

From a continental perspective, 86.9% of Mexico’s exports by value was delivered to fellow North American countries while 4.8% was sold to importers in Asia. Mexico shipped another 4.4% worth of goods to buyers in Europe.

Smaller percentages went to customers located in Latin America (3.7%), Oceania’s Australia and New Zealand only (0.2%), then Africa (0.1%).

By value, well over nine-tenths (94.2%) of Mexican exports in 2024 was delivered to the above 25 trade partners.

Increasing their purchases of goods exported from Mexico by double-digits from 2023 to 2024 were importers in: Singapore (up 28%), India (up 16.4%) and Japan (up 10.8%).

The severest decliners in buying imports from Mexico were customers in Germany (down -18.4% from 2023), Panama (down -16.3%), Honduras (down -11.4%), and Switzerland (also down -11.4%).

Mexico incurred an overall -US$6.9 billion trade deficit in 2024. The Mexican amount of red ink grew by 25.8% from the -$5.5 billion trade deficit one year earlier in 2023.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

Mexico incurred the highest trade deficits with the following countries.

Among Mexico’s trading partners that cause the greatest negative trade balances, Mexico’s deficits with Taiwan (up 39.3%), Vietnam (up 30.2%) and Thailand (up 23.2%) grew at the fastest pace from 2023 to 2024.

These cashflow deficiencies clearly indicate Mexico’s competitive disadvantages with the above countries, but also represent key opportunities for Mexico to develop country-specific strategies to strengthen its overall position in international trade.

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

Mexico posted the highest trade surpluses with the following countries.

Among Mexico’s trading partners that generate the greatest positive trade balances, Mexico’s surpluses with the United Kingdom (up 283.8%), Saudi Arabia (up 69.6%) and Canada (up 24.2%) grew at the fastest pace from 2023 to 2024.

These positive cashflow streams clearly indicate Mexico’s competitive advantages with the above countries, but also represent key opportunities for Mexico to develop country-specific strategies to optimize its overall position in international trade.

See also Mexico’s Top 10 Imports, Mexico’s Top 10 Exports, 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 July 5, 2025

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on July 5, 2025

Trade Map, International Trade Centre. Accessed on July 5, 2025

Investopedia, Net Importer Definition. Accessed on July 5, 2025
Wikipedia, List of Companies of Mexico. Accessed on July 5, 2025

Zepol’s company summary highlights by country. Accessed on July 5, 2025