U.S. exports to Mexico in 2024 increased 3.5% at an annual rate, to 334,041 million dollars, according to Census Bureau data released Wednesday.

To the entire world, Mexico’s merchandise imports grew 4.5% in 2024, reaching 625,311.8 million dollars, according to an Inegi release at the end of January. 

Considering both sources, the U.S. share of Mexican merchandise imports was just over half, 53.4 percent.

U.S. exports to Mexico

The Mexican market is made up of about 130 million people and its 2024 imports reflect a recovery, given that they had a 1 percent decline in 2023.

Conversely, Mexico’s exports to the world grew 4.1% in 2024, reaching US$617,099.6 million.

This performance exceeded GDP growth, which the Bank of Mexico and private analysts estimated at 1.6% for 2024. Thus, foreign trade boosted the national economy.

Here you can see the way in which U.S. exports to Mexico were recorded in recent years, measured in millions of dollars:

• 2018: 265,443.
• 2019: 256,570.
• 2020: 211,481.
• 2021: 276,491.
• 2022: 324,310.
• 2023: 322,743.
• 2024: 334,041.

Mexican economy

In 2024, Mexico’s economy grew 1.5% annually, according to INEGI’s estimate. Domestic demand partially offset the effects of external and weather shocks in manufacturing and the primary sector.

Private consumption increased 3.5% from January to October, driven by higher real wages, lower inflation and a consumer confidence index at record levels.

Gross fixed investment grew 4.7% in the same period, exceeding its historical average for the fourth consecutive year. Factors such as macroeconomic stability, favorable public policies and greater business confidence drove this growth.

In 2024, U.S. product exports reached US$2.065.18 billion, registering an increase of 2.3% compared to 2023.