Shipper | Market updates 1.5 min. read
Nearshoring and Mexico Exports Continue to Increase
Multiple sources are showing that nearshoring and Mexico exports continue to increase through 2023.
The National Institute of Statistics and Geography in Mexico, known as INEGI, reported its import/export values for November 2023, reaching a gap of 48.8% for the month, and projecting a gap of 46% for 2023. This is an increase of nearly 2.5% year-over-year.
What does this mean?
Mexican exports (northbound flows) continue to outpace Mexican imports (southbound flows). To put it in perspective, for every southbound shipment into Mexico, there are nearly double the amount flowing northbound to the U.S. In addition to your truckload freight, consider incorporating multiple modes into your cross-border strategy, such as shipping more freight northbound to the U.S. with intermodal.
Mexico's exports worth a record U.S. $593B in 2023
- Mexican exports were worth US $593.01 billion last year, a 2.6% increase compared to 2022, according to preliminary data published by the national statistics agency INEGI.
- The 2.6% gain was well short of the 18.6% and 16.7% increases in export revenue recorded in 2021 and 2022, respectively.
- INEGI data shows that 89% of Mexico’s export revenue last year ($528.83 billion) came from manufactured goods. About 36% of that came from automotive sector products including vehicles and parts, while 64% came from non-auto manufactured goods such as computers and machinery.
What shippers need to know to succeed in 2024
About the Market Update
Schneider publishes this regular transportation market update to keep you informed of freight market conditions, supply and demand influencers, and disruptions that may impact your supply chain.
This Market Review Update is intended to provide you with high-level macroeconomic and general industry data that may be relevant to your business. This update should not be used for any other purpose. This update does not state or imply anything about Schneider’s performance, results, operations, strategy, projections or plans. The purpose of this update is to relay statistical and relevant facts from various industry professionals. This update does not predict or forecast any economic or industry outcome or results. This update has been prepared on the basis of information made available by third parties; Schneider has not attempted to independently verify any such third-party information.
This report focuses overviews the Transportation Market. View the Market Update focusing on Mexico transportation here.
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