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Introduction
Mexico, a global economic player, relies significantly on foreign trade, constituting a substantial 83.6% of its GDP in 2021, as reported by the World Bank. In this blog post, we delve into Mexico’s trade dynamics, examining its primary exports and imports, as well as the nation’s trade relations with key partners. Furthermore, we explore recent trade trends and forecasts for Mexico’s trade performance.
Mexico’s Trade Profile: Exports and Imports
- Exports: Mexico’s exports are diverse, with key categories including cars (14.3%), automatic data-processing machines (6.7%), vehicle parts (6.2%), petroleum oils (4.8%), and monitors and projectors (3.2%).
- Imports: Notable imports to Mexico comprise 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%).
Trade Partners and Agreements
Mexico’s commercial ties are pivotal to its economic success, with the United States being its primary trading partner, accounting for over three-quarters of the nation’s exports. Additionally, Mexico conducts trade with Canada, China, Germany, and Japan. In terms of imports, Mexico sources goods from the US, China, South Korea, Germany, and Japan.
Mexico’s proactive approach to international trade includes signing numerous free-trade agreements, such as the United States–Mexico–Canada Agreement (replacing NAFTA in 2020), a long-standing trade accord with the European Union since 2000, an agreement with Japan since 2005, and the foundation of the Pacific Alliance in 2012, alongside Colombia, Chile, and Peru.
Trade Surplus and Recent Performance
Mexico’s trade balance has historically been negative; however, recent years have seen a shift towards a trade surplus. In 2021, exports of goods and services grew by 6.9%, totaling USD 522 billion, while imports decreased by 13.6%, amounting to USD 561 billion. This brought the trade balance to a deficit of USD 22 billion, driven in large part by the robust performance of the automotive industry and increased Mexican exports to the United States.
Trade Statistics (2017-2021)
| Year | Imports of Goods (million USD) | Exports of Goods (million USD) | Imports of Services (million USD) | Exports of Services (million USD) |
|---|---|---|---|---|
| 2017 | 432,179 | 409,433 | 36,775 | 27,012 |
| 2018 | 476,546 | 450,713 | 37,435 | 28,579 |
| 2019 | 467,342 | 460,704 | 37,018 | 31,336 |
| 2020 | 393,248 | 417,670 | 25,043 | 16,803 |
| 2021 | 522,455 | 494,765 | 38,656 | 27,312 |
Trade Indicators (2017-2021)
| Year | Foreign Trade (% of GDP) | Trade Balance (million USD) | Trade Balance (Including Service) (million USD) | Imports of Goods and Services (% of GDP) | Exports of Goods and Services (% of GDP) |
|---|---|---|---|---|---|
| 2017 | 77.1 | -10,984 | -20,460 | 39.5 | 37.7 |
| 2018 | 80.6 | -13,768 | -24,707 | 41.3 | 39.3 |
| 2019 | 77.9 | 5,168 | -2,735 | 39.1 | 38.8 |
| 2020 | 76.9 | 34,151 | 22,908 | 37.4 | 39.5 |
| 2021 | 83.6 | -10,915 | -22,516 | 42.6 | 41.1 |
Trade Forecasts (2022-2026)
| Year | Volume of exports of goods and services (Annual % change) | Volume of imports of goods and services (Annual % change) |
|---|---|---|
| 2022 | 9.6 | 10.2 |
| 2023 (e) | 1.3 | 3.4 |
| 2024 (e) | 0.2 | 2.6 |
| 2025 (e) | 2.5 | 2.6 |
| 2026 (e) | 3.0 | 2.7 |
International Economic Cooperation and Free Trade Agreements
Mexico actively participates in various international economic organizations, including the IMF, NAFTA, OECD, APEC, ICC, G-3, G-15, G-20, G-24, and WTO, among others. Mexico has signed numerous free-trade agreements with a wide range of countries, fostering international economic collaboration.
Main Partner Countries (2022)
Main Customers
| Country | % of Exports |
|---|---|
| United States | 78.3% |
| Canada | 2.7% |
| China | 1.9% |
| Germany | 1.4% |
| Japan | 0.8% |
Main Suppliers
| Country | % of Imports |
|---|---|
| United States | 43.9% |
| China | 19.6% |
| South Korea | 3.7% |
| Germany | 3.1% |
| Japan | 3.0% |
Main Products (2022)
| Product | % of Exports |
|---|---|
| Motor cars and other motor vehicles principally… | 8.1% |
| Automatic data-processing machines and units… | 7.4% |
| Parts and accessories for tractors, motor vehicles… | 6.6% |
| Motor vehicles for the transport of goods, incl…. | 5.7% |
| Petroleum oils and oils obtained from bituminous… | 5.5% |
Main Services (2020)
| Service | % of Services Exported (2020) | % of Services Imported (2020) |
|---|---|---|
| Travel | 64.58% | 12.73% |
| Insurance services + | 18.13% | 20.38% |
| Transportation + | 11.40% | 40.67% |
| Financial services | 2.63% | 6.55% |
| Other business services + | 1.77% | 13.66% |
| Government services | 1.00% | 0.90% |
| Communications services + | 0.27% | 0.19% |
| Royalties and license fees | 0.10% | 2.23% |
| Cultural and recreational services | 0.07% | 0.54% |
| Computer and information services | 0.05% | 2.16% |
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