The top five U.S.-Mexico trade stories in 2024

U.S.-Mexico trade will exceed $800 billion in 2024

Mexico is once again the United States’ top trading partner, surpassing China and Canada in mutual trade in 2024. It was the second year in a row that Mexico held this spot.

According to the latest data from the Census Bureau, U.S.-Mexico trade totaled $706.9 billion from January to October, up 5% from the same period last year.

Mexico is on track to surpass the $799 billion in two-way trade it achieved with the United States in 2023, boosted by exports of gasoline and other fuels and imports of commercial vehicles, passenger cars and auto parts. (Read two FreightWaves articles here and here.)

According to the SONAR Northbound Mexico Truckload Volume Index (MEXVOL.MEXUSA), truckload volumes moved from Mexico to the U.S. increased 9% year-over-year on October 29, but were down year-over-year through November 6 down about 19%.

Trump’s tariff threat creates trade uncertainty

Trump said he would impose 25% tariffs on imports from Mexico and Canada on his first day back on Jan. 20.

The tariffs are aimed at pressuring these countries to prevent drugs and illegal migrants from entering the United States, Trump said. He has also announced plans to impose an additional 10% tariff on Chinese imports to combat drugs from that country. (Read two FreightWaves articles here and here.)

While it remains to be seen whether Trump will enforce the tariffs on imports from Mexico and Canada, trade and supply chain experts said shippers are concerned about how the tariffs could affect global freight flows.

Sri Laxmana, vice president of the Americas at freight broker and 3PL giant CH Robinson, said the company began hearing from concerned customers as soon as Trump made the announcement.

“We have been involved in countless customer conversations to explore risk scenarios for the imposition of tariffs in Canada and Mexico,” Laxmana told FreightWaves in an email. “Many of our customers – particularly in the automotive space – view North America as an integrated supply chain, with some of their freight actually crossing both the Mexican and Canadian borders.”

Mexican President Claudia Sheinbaum warned that Mexico could retaliate and increase taxes on U.S. imports into the country.

“In response, one tariff was followed by another, and so on, until joint ventures are jeopardized,” Sheinbaum said during a Nov. 27 news conference.

Cargo theft increased across Mexico in 2024

Cargo theft in Mexico continues to burden commercial trucking companies across the country.

From January to November, Mexico-based security firm AI27 recorded 15,937 cargo theft incidents against trucking companies, a 9% increase compared to the same period in 2023.

According to supply chain visibility firm Overhaul, a whopping 83% of cargo thefts in Mexico involved some type of violence against truck drivers.

According to Overhaul, the main tactic used by criminals in Mexico is intercepting trucks while they are in motion, which accounted for 72% in the third quarter. 27% of incidents involved thefts from trucks in unsecured parking lots.

Mexican authorities said efforts to increase security on the country’s highways, known as the Balam strategy, have helped reduce cargo theft in recent months.

Protests and blockades disrupt trade at border bridges

There have been a number of protests and blockades at border bridges in Mexico throughout the year. The organizations sought to draw attention to everything from violence against drivers and low wages to poor working conditions and social issues affecting citizens.

In February, several Mexican transportation associations—including members of the United Federal Drivers Association, the Mexican Transport Alliance, and the Mexican American Transport Federation—threatened a nationwide strike to draw attention to the threat of cargo theft facing drivers in the country.

Organizers said they are calling for more Mexican National Guard patrols on high-theft roads, tougher penalties against cargo thieves and more support for the families of truck drivers injured or killed by thieves.

Truckers in Mexico blocked the Pharr-Reynosa International Bridge in April, stopping traffic and the flow of goods in response to Texas Gov. Greg Abbott’s order that state troopers search commercial vehicles entering the U.S. through Texas.

In November, protesters in Nuevo Laredo, Mexico, began blocking the road on the Mexican side of the World Trade Bridge, which connects to Laredo, Texas. The protests, which lasted nearly two days, reportedly targeted victims of the Mexican army and the country’s National Guard.

Cargado launches the first loading board for Mexican cargo

In September, FreightTech company Cargado introduced a unique, invitation-only loading platform for freight to and from Mexico.

On Cargado’s platform, more than 50 logistics customers (brokers, 3PLs and freight forwarders) publish their cross-border loads to receive offers from more than 300 cross-border freight forwarders.

Freight brokers can book cross-border Mexico freight on the Cagado platform, whether it is from Mexico to the US, Mexico to Canada, or vice versa.

Matt Silver, CEO and co-founder of Cargado, said customers can use the platform to book cross-border freight more quickly and transparently.

“Our goal with what we created is to create something that allows people to collaborate, communicate and do business,” Silver said in an interview with FreightWaves. “We hope that with what we bring to market with Cargado, people can redefine the way they think about the load board concept. It only concerns cross-border freight traffic.”