In this page: Foreign Trade in Figures | Trade Compliance | Standards
Mexico is highly open to foreign trade, which represented 88% of its GDP in 2022 (World Bank, latest available data). The country mainly exports cars (8.1%), automatic data-processing machines (7.4%), vehicle parts (6.6%), vehicles for the transport of goods (5.7%), and petroleum oils (5.5%). As for imports, Mexico’s main purchases include petroleum oils (6.9%), parts and accessories for motor vehicles (4.9%), electronic integrated circuits (4.4%), petroleum gas (2.9%), and telephone sets (2.7% - data Comtrade).
Mexico is heavily dependent on commercial relations with its main trading partner – the United States – which accounts for more than three-quarters of the country’s exports (78.1% in 2022). Other destinations for Mexican exports include Canada (2.7%), China (1.9%), Germany (1.4%), Brazil and Japan (0.9% each). As per imports, the main origins include the U.S. (43.8%), China (19.6%), South Korea (3.7%), Germany (3.1%), and Japan (3% - data INEGI). 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.
The country's trade balance is structurally negative. In 2022, exports of goods reached USD 578.1 billion against USD 626.3 billion in imports (-7.6% and +19.8%, respectively). Concerning services, exports stood at USD 36 billion (+32.7%, mostly due to the positive performance of the tourism sector), whereas imports totalled USD 46.8 billion (+20.8% y-o-y). According to preliminary data from INEGI, merchandise exports stood at USD 577.7 billion in 2023, against USD 604.6 billion in imports.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 467,118 | 393,278 | 522,455 | 626,324 | 621,476 |
Exports of Goods (million USD) | 460,604 | 417,171 | 494,949 | 577,735 | 593,012 |
Imports of Services (million USD) | 39,619 | 41,724 | 52,965 | 63,289 | 69,545 |
Exports of Services (million USD) | 31,717 | 26,252 | 37,945 | 48,075 | 52,158 |
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 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -6.9 | -0.5 | 2.3 | 2.9 | 3.1 |
Volume of imports of goods and services (Annual % change) | 5.7 | 1.7 | 2.7 | 2.8 | 3.1 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
---|---|
United States | 79.6% |
Canada | 3.0% |
China | 1.5% |
Germany | 1.5% |
Brazil | 0.7% |
See More Countries | 13.6% |
Main Suppliers (% of Imports) |
2023 |
---|---|
United States | 42.8% |
China | 19.1% |
Germany | 3.5% |
Japan | 3.4% |
South Korea | 3.3% |
See More Countries | 27.9% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import export flows.
55.3 bn USD of services exported in 2023 | |
---|---|
55.47% | |
Personal travelPersonal travel | 53.75% |
OtherOther | 52.57% |
Health-related expenditureHealth-related expenditure | 1.11% |
Education-related expenditureEducation-related expenditure | 0.08% |
Business travelBusiness travel | 1.72% |
OtherOther | 1.66% |
Expenditure by seasonal and...Expenditure by seasonal and border workers | 0.06% |
15.34% | |
Air transportAir transport | 8.58% |
PassengerPassenger | 5.06% |
OtherOther | 3.52% |
Sea transportSea transport | 0.59% |
OtherOther | 0.59% |
14.66% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 11.79% |
Research and developmentResearch and development | 2.87% |
8.24% | |
ReinsuranceReinsurance | 8.24% |
1.85% | |
Telecommunications servicesTelecommunications services | 1.85% |
1.19% | |
Other personal, cultural, and...Other personal, cultural, and recreational services | 1.19% |
1.12% | |
1.00% | |
0.78% | |
0.35% |
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.
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Latest update: November 2024