Xifres de comerç exterior de Mèxic

Foreign Trade in Figures

Mexico is highly open to foreign trade, which represented 73% of its GDP in 2023 (World Bank, latest available data). The country mainly exports motor cars and other motor vehicles (9.7%), parts and accessories for motor vehicles (6.8%), motor vehicles for the transport of goods (6.4%), automatic data-processing machines (5.0%), and petroleum oils (4.7%); whereas imports are led by parts and accessories for motor vehicles (5.4%), petroleum oils (5.1%), electronic integrated circuits (4.0%), telephone sets (3.5%), and motor vehicles (3.0% - 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 (79.6% in 2023). Other destinations for Mexican exports include Canada (3.0%), China (1.5%), Germany (1.5%), Brazil (0.7%), and Japan (0.6%). As per imports, the main origins include the United States (42.8%), China (19.1%), Germany (3.5%), Japan (3.4%), and South Korea (3.3% - data Comtrade). 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. Mexican and U.S. industries are deeply integrated through duty-free trade under USMCA, with an effective U.S. tariff rate of just 0.3%. However, the Trump administration’s proposed 25% tariff on all Mexican imports poses a major risk, potentially triggering a Mexican recession in 2025 and cutting output by 3.0pp by 2026 (Fitch Ratings). The full impact remains uncertain due to complex supply chains and possible secondary effects.

The country's trade balance is structurally negative. In 2023, exports of goods reached USD 593 billion against USD 621.4 billion in imports (+2.6% and -0.7%, respectively). Concerning services, exports stood at USD 52.1 billion (+8.5%, thanks to the positive performance of the tourism sector), whereas imports totalled USD 69.5 billion (+9.8% y-o-y). The World Bank estimated the country’s trade deficit at 1.2% of GDP for the year. According to preliminary data from INEGI, in 2024, the trade balance showed a deficit of USD 8.21 billion, compared to a deficit of USD 5.47 billion in 2023. The increase in the deficit between 2023 and 2024 was due to a reduced surplus in non-petroleum products—falling from USD 13.09 billion in 2023 to USD 1.83 billion in 2024—and a smaller deficit in petroleum products, which decreased from USD 18.56 billion in 2023 to USD 10.04 billion in 2024. Exports and imports totalled USD 617.1 billion and USD 625.3 billion, respectively.