Mexico Trade Overview 2023

The United Mexican States in the southern portion of North America has been famous for several years for its diversified culture and ancient traditions. Beyond this, the incredible natural beauty of the nation ranging from the dazzling beaches and valleys has done no less in grabbing the attention of people. The nation is home to more than 128 million people and is between the Caribbean Sea and the Pacific Ocean. The nation is spread over an area of 1,972,550 square kilometers with 35 UNESCO World Heritage sites and the largest coral reefs in the world.

The trade rates of the countries are the in-depth information of how much the country is going on an exponential rate. The trade analysis of a particular country gives a detailed knowledge of the manufacturing, production, and consumption rate of the population out there. Exported and imported products are dependent on the production and consumption rate, the export and import of goods made Mexico one of the largest global exporters. Both the national and international trade of the country has boosted the GDP of the nation in 2023 to a greater extent with a value of 2.9 trillion US dollars in 2023.

Imports of trade showcase the consumption rate of products by the industrial sectors and the population residing there. As per the Mexico Import Data, the top 10 products that the country used to import from its closed geographical proximities with its trade value of 2023 are mentioned below,

• Cars and automobiles (HS code - 29) – Total Import trade value of 2023 – 60 billion US dollars.

• Electrical machinery (HS code - 85) – Total Import trade value of 2023 – 40 billion US dollars.

• Medical equipment (HS code - 90) – Total Import trade value of 2023 – 30 billion US dollars.

• Plastics (HS code - 95) – Total Import trade value of 2023 – 25 billion US dollars.

• Pharmaceuticals (HS code - 30) – Total Import trade value of 2023 – 20 billion US dollars.

• Organic chemicals (HS code - 29) – Total Import trade value of 2023 – 15 billion US dollars.

• Iron and steel (HS code - 73) – Total Import trade value of 2023 – 10 billion US dollars.

• Optical, Photographic, and medical equipment (HS code -90) – Total Import trade value of 2023 –  8 billion US dollars.

• Mineral fuels (HS code - 27) – Total Import trade value of 2023 – 6 billion US dollars.

• Industrial machinery (HS code - 52) – Total Import trade value of 2023 – 5 billion US dollars.

As per the Mexico Trade Data, the top 10 import partners of the nation with its annual revenue and trade share are mentioned below,

• United States – Annual import trade revenue of 2023 – 300 billion US dollars, Total share in trade – 47%

• China – Annual import trade revenue of 2023 – 80 billion US dollars, Total share in trade – 13%

• Germany – Annual import trade revenue of 2023 – 53 billion US dollars, Total share in trade – 12%

• Japan – Annual import trade revenue of 2023 – 25 billion US dollars, Total share in trade – 4-5%

• South Korea – Annual import trade revenue of 2023 – 22 billion US dollars, Total share in trade – 4%

• Canada – Annual import trade revenue of 2023 – 20 billion US dollars, Total share in trade – 3%

• France – Annual import trade revenue of 2023 – 15 billion US dollars, Total share in trade – 3-2%

• Italy – Annual import trade revenue of 2023 – 12 billion US dollars, Total share in trade – 2%

• Spain – Annual import trade revenue of 2023 – 10 billion US dollars, Total share in trade – 2%

• United Kingdom – Annual import trade revenue of 2023 – 8 billion US dollars, Total share in trade – 1%

Depending on the rate of manufacturing and productivity the export trade rate of the country keeps on increasing per year. The exported products hold a huge share in the economic growth of the nation, the top 10 products according to the Mexico Export Data with a trade value of 2023 are mentioned below,

• Vehicles (HS code – 87) – Total Export Trade Value of 2023 – 90 billion US dollars.

• Electrical equipment (HS code – 85) – Total Export Trade Value of 2023 – 85 billion US dollars.

• Nuclear reactors and mechanical appliances (HS code – 84) – Total Export Trade Value of 2023 – 70 billion US dollars.

• Mineral fuels (HS code – 27) – Total Export Trade Value of 2023 – 60 billion US dollars.

• Optical instruments (HS code – 90) – Total Export Trade Value of 2023 – 35 billion US dollars.

• Fruits and nuts (HS code – 08) – Total Export Trade Value of 2023 – 30 billion US dollars.

• Plastics (HS code – 94) – Total Export Trade Value of 2023 – 25 billion US dollars.

• Precious stones and metals (HS code – 71) – Total Export Trade Value of 2023 – 20 billion US dollars.

• Organic chemicals (HS code – 29) – Total Export Trade Value of 2023 – 15 billion US dollars.

• Meat and seafood (HS code – 16) – Total Export Trade Value of 2023 – 10 billion US dollars.

The export destination leads the other top key factors of trade growth by contributing a major share of the economy. As per the Mexico Customs Data, the top 10 export destinations of the nation with its annual revenue and trade share are discussed below,

• United States – Annual export trade revenue of 2023 – 344 billion US dollars, Total share in trade – 85%

• Canada – Annual export trade revenue of 2023 – 20 billion US dollars, Total share in trade – 25%

• China – Annual export trade revenue of 2023 – 18 billion US dollars, Total share in trade – 20%

• Germany – Annual export trade revenue of 2023 – 12 billion US dollars, Total share in trade – 11%

• Japan – Annual export trade revenue of 2023 – 10 billion US dollars, Total share in trade – 9%

• Spain – Annual export trade revenue of 2023 – 9 billion US dollars, Total share in trade – 7%

• Jamaica – Annual export trade revenue of 2023 – 8 billion US dollars, Total share in trade – 6%

• Columbia – Annual export trade revenue of 2023 – 7 billion US dollars, Total share in trade – 5-6%

• South Korea  – Annual export trade revenue of 2023 – 6 billion US dollars, Total share in trade – 4%

• Brazil – Annual export trade revenue of 2023 – 5 billion US dollars, Total share in trade – 3%