Mexico flag Mexico: Economic and Political Overview

Foreign trade figures of Mexico

Foreign Trade in Figures

Mexico is highly dependent on foreign trade, which represented 78% of its GDP in 2020 (World Bank, latest available data). The country mainly exports cars (11.1%), computers (6.7%), vehicle parts (6.5%), delivery trucks (5.5%), and crude petroleum (5.5%). As for imports, Mexico’s main purchases include integrated circuits (6.8%), refined petroleum (6.7%), vehicle parts (6.3%), office machine parts (3.8%), and cars (2.2%). According to IMF Foreign Trade Forecasts, the volume of exports of goods and services increased by 7.7% in 2021 and is expected to reach 5.6% in 2022, while the volume of imports of goods and services increased by 17.3% in 2021 and is expected to increase by 7.3% in 2022.

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 the EU (6.7%) and Canada (4.4%). As per imports, the main origins include the US (54.4%), China (14.4%), the EU (11.3%) and Japan (2.9%). 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 2020, exports of goods and services decreased by 7.3%, reaching USD 434.4 billion; while imports decreased by 14.8%, reaching USD 418.2 billion - taking trade balance to a surplus of USD 34.4 billion. That was largely due to the continued strength of the automotive industry - both motor vehicles and motor vehicle parts - and the impact on U.S.- China trade war, which increased Mexican exports to the United States.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 397,516432,179476,546467,342393,248
Exports of Goods (million USD) 373,930409,433450,713460,704417,670
Imports of Services (million USD) 31,92636,77537,43537,01825,043
Exports of Services (million USD) 24,09727,01228,57931,33616,803

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 76.177.180.677.978.0
Trade Balance (million USD) -13,070-10,984-13,7675,21434,445
Trade Balance (Including Service) (million USD) -22,031-20,743-24,956-3,05924,274
Imports of Goods and Services (Annual % Change) 2.96.46.4-0.7-14.8
Exports of Goods and Services (Annual % Change) 3.64.26.01.5-7.3
Imports of Goods and Services (in % of GDP) 39.039.541.339.137.9
Exports of Goods and Services (in % of GDP) 37.037.739.338.840.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 7.85.72.01.71.7
Volume of imports of goods and services (Annual % change) 17.37.32.22.02.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Mexico is a member of the following international economic organisations: IMF, North American Free Trade Agreement (NAFTA), OECD, Asia-Pacific Economic Cooperation (APEC), ICC, G-3, G-15, G-20, G-24, WTO, among others. For the full list of economic and other international organisations in which participates Mexico click here. International organisation membership of Mexico is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Mexico can be consulted here.
 
 
 
 
 

To go further, check out our service Import Export Flows.

 

Main Services

28.8 bn USD of services exported in 2018
78.36%
11.43%
7.61%
1.54%
0.65%
0.17%
0.14%
0.05%
0.03%
0.02%
51.2 bn USD of services imported in 2018
60.16%
21.92%
9.46%
5.70%
1.30%
0.59%
0.50%
0.22%
0.13%
0.01%

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: June 2022