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.
Source:World Bank- Latest available data.
FAQs
Trade of Mexico. The United States is Mexico's most important trading partner, and U.S.-based companies account for more than half of Mexico's foreign investment.
Who is Mexico's #1 trading partner? ›
Trade of Mexico. The United States is Mexico's most important trading partner, and U.S.-based companies account for more than half of Mexico's foreign investment.
What percentage of Mexico's GDP is trade? ›
Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product. Mexico trade to gdp ratio for 2022 was 88.11%, a 4.81% increase from 2021. Mexico trade to gdp ratio for 2021 was 83.31%, a 6.43% increase from 2020.
What percent of Mexico's trade is with the US? ›
Top five countries to which Mexico exported in 2021 are below, along with the percent of total exports that went to that country: Mexico exports to United States worth US$ 386,087 million, with a partner share of 78.06 percent.
What are Mexico's top 3 exports? ›
Exports
- Oil. One of the major destinations for Mexican oil is the United States, accounting for 48% of the oil produced in by the nation. ...
- Vehicles. Exportation of cars in Mexico has gone up with the industry accounting for 11% of all of Mexico's exports. ...
- Minerals. ...
- Corn. ...
- Electrical machinery. ...
- Refined oil. ...
- Medical equipment.
The United States is Mexico's top source of foreign direct investment (FDI) with a stock of USD 207 billion (2021 per the International Monetary Fund's Coordinated Direct Investment Survey, table 3).
What is Mexico's foreign trade? ›
Mexico Trade & Investment Summary
Exports were $362.0 billion; imports were $493.1 billion. The U.S. goods and services trade deficit with Mexico was $131.1 billion in 2022. U.S. goods exports to Mexico in 2022 were $324.3 billion, up 17.0 percent ($47.2 billion) from 2021 and up 50 percent from 2012.
What country are 80% of Mexico's exports shipped to? ›
Mexico exports 80% of its products to the United States, and the three important parts of Mexico's economy are agriculture, manufacturing, and tourism.
What is Mexico's largest industry? ›
What are the largest industries in Mexico?
- Mining industry. There are 3 main mining areas. ...
- Petrochemical industry. ...
- Metallurgical industry. ...
- Mechanical Engineering. ...
- Aerospace industry. ...
- Construction materials. ...
- Wood industry. ...
- Food industry.
For the first time in 20 years, annual US imports from Mexico surpassed China. The shift stems from ongoing US-China tensions and Mexico's growing economic significance.
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.
What does Mexico produce the most? ›
Mexico is among the world's largest producers of oil, silver, copper, gold, lead, zinc, natural gas and wood. Other minerals, such as mercury, cadmium, antimony, manganese, iron and coal are also found. Mexico borders the Pacific Ocean, the Caribbean Sea, and the Gulf of Mexico.
What is Mexico best at producing? ›
Mexico is the world's largest exporter of avocados and tomatoes, the two most in-demand fresh produce products in international markets. In 2021, Mexico exported more than 1.4 million metric tons of avocados, valued at $3,546 million, and over 1.7 million metric tons of tomato, valued at $1,965 million.
Who is Mexico in a major trade agreement with? ›
The United States-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020. The USMCA, which substituted the North America Free Trade Agreement (NAFTA) is a mutually beneficial win for North American workers, farmers, ranchers, and businesses.
Is Mexico a U.S. trading partner? ›
These figures do not include services or foreign direct investment. In 2023, Mexico is still the second largest trading partner of the United States after Canada.
Who is Mexico alliance with? ›
Mexico and the United States has built an unshakable alliance for the benefit of their citizens”: Eduardo Sánchez Hernández. The United States has become Mexico's main trading partner. Mexico is the United States' second largest trading partner.
Who are Mexico City's trade partners? ›
Yearly Trade
The most common destination for the exports of Mexico are United States ($421B), Canada ($22.2B), China ($12.7B), Chinese Taipei ($7.86B), and South Korea ($7.29B).
