US-Mexico Trade Tops $200B in First Quarter of 2024

Mexico was the United States' top trading partner in March, with two-way trade totaling $68.5 billion, according to the latest data from the Census Bureau.

It was the third consecutive month and 13th of the past 14 months Mexico has been No. 1 in trade with the U.S. While Mexico retained the top spot in March, year-over-year trade with the U.S. declined 5% in the month compared to the same period in 2023.

Canada was the second-ranked U.S. trade partner in March at $65.1 billion, followed by China at No. 3 with $42.7 billion.

In the first quarter of 2024, trade between Mexico and the U.S. totaled $200.1 billion, a 1.7% y/y increase.

During March, U.S. imports from Mexico rose 3.8% y/y, while U.S. exports decreased 1.2% y/y. The U.S. trade deficit with Mexico was $39.7 billion in the month.

The top five imports from Mexico to the U.S. in March were passenger vehicles ($4.2 billion), auto parts ($3.2 billion), computers ($2.8 billion), commercial vehicles ($2.7 billion) and insulated wires/cables ($1.4 billion), according to Census Bureau data analyzed by WorldCity. 

The top five exports from the U.S. to Mexico were gasoline ($3 billion), auto parts ($1.7 billion), computers parts ($932 million), computer chips ($837 million) and low-value shipments ($774 million).

Port Laredo, Texas, was the No. 1-ranked U.S. trade gateway in March among the nation's 450 airports, seaports and border crossings. It was the 12th consecutive month the Laredo border crossing was the country's top-ranked international commercial trade port.

Laredo recorded $27.8 billion in two-way trade in the month. The Port of Los Angeles ranked No. 2 at $25.1 billion, followed by Chicago O'Hare International Airport at $22.4 billion.

In March, Laredo handled 255,874 commercial truck crossings between Mexico and the U.S., a 2.4% y/y decline.

Other top U.S.-Mexico ports of entry in March included the Ysleta-Zaragoza International Bridge in El Paso, Texas, at $6.4 billion; the Port of Otay Mesa, California, at $4.9 billion; the  Port of Eagle Pass, Texas, at $3.9 billion; the Pharr-Reynosa International Bridge in Pharr, Texas, at $3.7 billion; and the Nogales, Arizona, port of entry at $3 billion.

The Laredo and El Paso border crossings, along with Tucson, Arizona, which includes the Nogales port of entry, have been some of the fastest-growing freight markets in the U.S. over the past five years. 

Laredo tender volumes (OTVI.LRD) are up 117% versus May 2019, Tucson's (OTVI.TUS) are up 111% and El Paso's (OTVI.ELP) are up 41%, according to FreightWaves SONAR platform. 

FreightWaves SONAR Outbound Tender Volume Index for Laredo (blue), El Paso (Orange) and Tucson (red) show steady increases over the past five years.

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