In this page: Foreign Trade in Figures | Trade Compliance | Standards
Mexico is highly dependent on foreign trade, which represented 83.6% of its GDP in 2021 (World Bank, latest available data). The country mainly exports cars (14.3%), automatic data-processing machines (6.7%), vehicle parts (6.2%), petroleum oils (4.8%), and monitors and projectors (3.2%). As for imports, Mexico’s main purchases include parts and accessories for motor vehicles (5.1%), petroleum oils (4.9%), electronic integrated circuits (4.3%), petroleum gas (3.1%), and telephone sets (2.7%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 6.9% in 2022 and is expected to decrease by 0.5% in 2023, while the volume of imports of goods and services increased by 5.4% in 2022 and is expected to increase by 0.5% in 2023.
Mexico is heavily dependent on the commercial relations with its main trading partner – the United States – which account for more than three-quarters of the country’s exports. Other destinations for Mexican exports include Canada, China, Germany, and Japan. As per imports, the main origins include the US, China, South Korea, Germany, and Japan. Mexico has signed a dozen free-trade agreements with about forty different countries of the world. Other trade advantages of Mexico include the United States–Mexico–Canada Agreement (which replaced NAFTA in 2020), its free-trade agreement with the European Union since 2000, a trade agreement with Japan since 2005 and the 2012 foundation of the Pacific Alliance along with Colombia, Chile and Peru.
Although Mexico's trade balance is structurally negative, the country has been seeing a trade surplus in recent years. In 2021, exports of goods and services increased by 6.9%, reaching USD 522 billion; while imports decreased by 13.6%, reaching USD 561 billion - taking trade balance to a deficit of USD 22 billion. That was largely due to the continued strength of the automotive industry - both motor vehicles and motor vehicle parts - and the increase of Mexican exports to the United States.
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 476,835 | 467,118 | 393,278 | 522,455 | 626,324 |
Exports of Goods (million USD) | 450,713 | 460,604 | 417,171 | 494,765 | 578,193 |
Imports of Services (million USD) | 39,967 | 39,619 | 28,286 | 38,747 | 46,803 |
Exports of Services (million USD) | 29,028 | 31,717 | 17,043 | 27,146 | 36,027 |
Source: World Trade Organisation (WTO), Latest data available.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 80.6 | 77.9 | 76.9 | 83.9 | 89.5 |
Trade Balance (million USD) | -13,768 | 5,168 | 34,151 | -10,730 | -27,078 |
Trade Balance (Including Service) (million USD) | -26,654 | -5,129 | 18,679 | -25,750 | -42,292 |
Imports of Goods and Services (Annual % Change) | 6.4 | -0.7 | -13.7 | 15.6 | 8.9 |
Exports of Goods and Services (Annual % Change) | 6.0 | 1.5 | -7.3 | 7.1 | 7.5 |
Imports of Goods and Services (in % of GDP) | 41.3 | 39.1 | 37.4 | 42.8 | 46.1 |
Exports of Goods and Services (in % of GDP) | 39.3 | 38.8 | 39.5 | 41.1 | 43.4 |
Source: World Bank, Latest data available.
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -2.6 | 2.9 | 2.2 | 3.0 | 3.1 |
Volume of imports of goods and services (Annual % change) | 6.5 | 1.0 | 1.4 | 2.7 | 3.0 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
---|---|
United States | 78.3% |
Canada | 2.7% |
China | 1.9% |
Germany | 1.4% |
Japan | 0.8% |
See More Countries | 15.0% |
Main Suppliers (% of Imports) |
2022 |
---|---|
United States | 43.9% |
China | 19.6% |
South Korea | 3.7% |
Germany | 3.1% |
Japan | 3.0% |
See More Countries | 26.7% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import export flows.
17.0 bn USD of services exported in 2020 | |
---|---|
64.58% | |
18.13% | |
ReinsuranceReinsurance | 18.13% |
11.40% | |
Air transportAir transport | 3.92% |
PassengerPassenger | 2.64% |
OtherOther | 1.28% |
Sea transportSea transport | 0.33% |
OtherOther | 0.33% |
2.63% | |
1.77% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 0.03% |
Research and developmentResearch and development | 1.73% |
1.00% | |
0.27% | |
Telecommunications servicesTelecommunications services | 0.27% |
0.10% | |
0.07% | |
0.05% |
27.3 bn USD of services imported in 2020 | |
---|---|
40.67% | |
Sea transportSea transport | 27.65% |
FreightFreight | 27.65% |
Air transportAir transport | 12.75% |
FreightFreight | 9.13% |
PassengerPassenger | 2.78% |
OtherOther | 0.85% |
20.38% | |
ReinsuranceReinsurance | 19.45% |
Freight insuranceFreight insurance | 0.93% |
13.66% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 10.10% |
Research and developmentResearch and development | 3.55% |
12.73% | |
6.55% | |
2.23% | |
2.16% | |
0.90% | |
0.54% | |
0.19% | |
Telecommunications servicesTelecommunications services | 0.19% |
Source: United Nations Statistics Division, Latest data available.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
Mexican Peso (MXN) - Average Annual Exchange Rate For 1 EUR | 19.86 | 21.38 | 22.71 | 21.69 | 24.54 |
Source: World Bank, Latest data available.
Find out all the exchange rates daily on our service Currency converter.
- Single Administrative Document (DUA)
- Commercial invoice; three copies, written, in preference in Spanish
- A phytosanitary certificate for fruits, vegetables and seeds
- A sanitary certificate for meats
- Form EUR1 to benefit with a preferential rate; applied to European Union exports
- Certificate of radioactive contamination: mandatory especially for dairy products
- Free trade certificate for cosmetics, issued by the Ministry of Health of Mexico
- Documents related to the transportation and packaging lists
Mexican customs law is very strict regarding proper submission and preparation of customs documentation. Errors in paperwork can result in fines and even confiscation of merchandise as contraband.
To go further, check out our service Shipping documents.
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest update: November 2023