Mexico flag Mexico: Economic and Political Overview

Foreign trade figures of Mexico

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.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 467,118393,278522,455626,324621,476
Exports of Goods (million USD) 460,604417,171494,949577,735593,012
Imports of Services (million USD) 39,61941,72452,96563,28969,545
Exports of Services (million USD) 31,71726,25237,94548,07552,158

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

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 77.576.983.188.473.2
Trade Balance (million USD) 5,16834,151-10,730-27,116-5,549
Trade Balance (Including Service) (million USD) -4,26621,712-23,128-42,568-24,966
Imports of Goods and Services (Annual % Change) -1.1-12.015.77.65.0
Exports of Goods and Services (Annual % Change) 1.2-7.07.18.9-7.4
Imports of Goods and Services (in % of GDP) 38.937.642.545.737.2
Exports of Goods and Services (in % of GDP) 38.539.240.642.736.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) -0.53.32.53.53.5
Volume of imports of goods and services (Annual % change) 1.12.43.23.33.1

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.
 

Main Partner Countries

Main Customers
(% of Exports)
2023
United States 79.6%
Canada 3.0%
China 1.5%
Germany 1.5%
Brazil 0.7%
See More Countries 13.6%
Main Suppliers
(% of Imports)
2023
United States 42.8%
China 19.1%
Germany 3.5%
Japan 3.4%
South Korea 3.3%
See More Countries 27.9%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

593.0 bn USD of products exported in 2023
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 9.7%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 6.8%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 6.4%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 5.0%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 4.7%
See More Products 67.5%
598.5 bn USD of products imported in 2023
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s. 5.4%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.1%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 4.0%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 3.5%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 3.0%
See More Products 79.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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

 

Main Services

55.3 bn USD of services exported in 2023
55.47%
15.34%
14.66%
8.24%
1.85%
1.19%
1.12%
1.00%
0.78%
0.35%
74.5 bn USD of services imported in 2023
38.46%
15.12%
12.42%
11.83%
8.32%
7.26%
4.07%
1.17%
1.12%
0.24%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: March 2025