Flag Mexico

Econ Complexity (2018): 1.13, Rank 21 of 137

Product Exports (2018): $441B, Rank 11 of 222

Exports Per Capita (2018): $3.5k, Rank 160 of 219

Product Imports (2018): $416B, Rank 13 of 221

Imports Per Capita (2018): $3.3k, Rank 180 of 219

Service Exports (2018): $28.7B, Rank 19 of 88

Service Imports (2018): $35.2B, Rank 16 of 88

GDP (2018): $1.22T, CURRENT US$
Rank 15 of 196

GDP growth (2008 - 2018): 9.97%, CURRENT US$
Rank 144 of 196

GDP PC (2018): $9,673, CURRENT US$
Rank 79 of 196

GDP PC GROWTH (2008 - 2018): -3.43%, CURRENT US$
Rank 159 of 196

Overview: In 2018 Mexico was the number 15 economy in the world in terms of GDP (current US$), the number 11 in total exports, the number 13 in total imports, and the number 21 most complex economy according to the Economic Complexity Index (ECI). In 2018, Mexico exported $441B and imported $416B, resulting in a positive trade balance of $25.2B. In 2018, Mexico's exports per capita were $3.5k and its imports per capita were $3.3k.

Trade: The top exports of Mexico are Cars ($50.7B), Vehicle Parts ($30.1B), Computers ($29.7B), Delivery Trucks ($25B), and Telephones ($16.7B). The top imports of Mexico are Refined Petroleum ($31.3B), Vehicle Parts ($27.4B), Office Machine Parts ($16.8B), Cars ($10.5B), and Computers ($7.49B).

Destinations: Mexico exports mostly to United States ($340B), Canada ($18.3B), Germany ($7.83B), China ($7.65B), and Japan ($4.75B), and imports mostly from United States ($237B), China ($54.7B), Germany ($17B), Japan ($12.8B), and South Korea ($12B).

Location: Mexico borders Belize, Guatemala, and United States by land and Cuba and Honduras by sea.

Product Exports

#permalink to section
Value
Depth

Top Export (2018): Cars, $50.7B

Top Destination (2018): United States, $340B

In 2018 Mexico exported a total of $441B, making it the number 11 exporter in the world. During the last five reported years the exports of Mexico have changed by $53.7B from $388B in 2013 to $441B in 2018.

The most recent exports are led by Cars ($50.7B), Vehicle Parts ($30.1B), Computers ($29.7B), Delivery Trucks ($25B), and Telephones ($16.7B). The most common destination for the exports of Mexico are United States ($340B), Canada ($18.3B), Germany ($7.83B), China ($7.65B), and Japan ($4.75B).

Explore Visualizations

Product Imports

#permalink to section
Value
Depth

Top Import (2018): Refined Petroleum, $31.3B

Top Origin (2018): United States, $237B

In 2018 Mexico imported $416B, making it the number 13 trade destination in the world. During the last five reported years the imports of Mexico changed by $50.1B from $366B in 2013 to $416B in 2018.

The most recent imports of Mexico are led by Refined Petroleum ($31.3B), Vehicle Parts ($27.4B), Office Machine Parts ($16.8B), Cars ($10.5B), and Computers ($7.49B). The most common import partners for Mexico are United States ($237B), China ($54.7B), Germany ($17B), Japan ($12.8B), and South Korea ($12B).

Explore Visualizations

Flow

Fastest Growing Export Markets (2017 - 2018)

Fastest Growing Import Markets (2017 - 2018)

Mexico Exports Services (2018): $28.7B

Mexico Imports Services (2018): $35.2B

In 2018, Mexico exported $28.7B worth of services. The top services exported by Mexico in 2018 were Personal travel ($20.8B), Reinsurance ($3.28B), Air transport ($1.71B), Business travel ($1.68B), and Financial services ($443M).

The top services imported by Mexico in 2018 were Sea transport ($9.24B), Personal travel ($9.07B), Air transport ($6.15B), Reinsurance ($4.63B), and Miscellaneous business, professional, and technical services ($2.33B).

Trade Forecasts

#permalink to section

This section shows forecasts for total product exports and imports for Mexico. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.

Explore Forecasts

Tariffs by Product

#permalink to section

The top product import tariffs by their MFN Ad Valorem value for Mexico are Fructose, chemically pure (75%) and Fructose, syrup > 50% fructose, not pure fructose (75%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

Explore Tariff Data

*The tariffs applied to imports for Mexico are:
5: AAP.A25TM - 37 Acuerdo N┬║37 Suscrito al Amparo del Art├şculo 25 del TM80 celebrado entre la Rep├║blica de Guatemala y los Estados Unidos Mexicanos
6: AAP.A25TM N° 14 Acuerdo de Alcance Parcial entre los Estados Unidos Mexicanos y la República de Panamá
34: AAP.CE N┬░ 33 Acuerdo de Complementaci├│n Econ├│mica N┬░ 33 Colombia M├ęxico Venezuela
40: AAP.CE N┬░ 41 Tratado de Libre Comercio
47: AAP.CE N┬░ 51 Acuerdo de Complementaci├│n Econ├│mica N┬░ 51 Celebrado entre los Estados Unidos Mexicanos y la Rep├║blica de Cuba
49: AAP.CE N┬░ 53 Acuerdo de Complementaci├│n Econ├│mica N┬░ 53 entre la Rep├║blica Federativa del Brasil y los Estados Unidos Mexicanos
50: AAP.CE N┬░ 55 Acuerdo de Complementaci├│n Econ├│mica N┬░ 55 celebrado entre el MERCOSUR y los Estados Unidos Mexicanos
62: AAP.CE N┬░ 6 Acuerdo de Complementaci├│n Econ├│mica N┬░ 6
63: AAP.CE N┬░ 60 Acuerdo de Complementaci├│n Econ├│mica N┬░ 60 Suscrito entre la Rep├║blica Oriental del Uruguay y los Estados Unidos Mexicanos
66: AAP.CE N┬░ 66 Acuerdo de Complementaci├│n Econ├│mica No. 66 Celebrado entre los Estados Unidos Mexicanos y el Estado Plurinacional de Bolivia
69: AAP.CE N┬║ 67 Acuerdo de integraci├│n Comercial entre los Estados Unidos Mexicanos y la Rep├║blica del Per├║
72: AAP.R N┬░ 29 Acuerdo de Alcance Parcial de Renegociaci├│n N┬░ 29 Celebrado entre la Rep├║blica del Ecuador y los Estados Unidos Mexicanos
73: AAP.R N┬░ 38 Acuerdo de Alcance Parcial de Renegociaci├│n N┬░ 38 Celebrado entre la Rep├║blica de M├ęxico y la Rep├║blica del Paraguay
79: AR.AM N┬░ 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia
80: AR.AM N┬░ 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador
81: AR.AM N┬░ 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay
82: AR.CEYC N┬░ 7 Acuerdo de Cooperaci├│n e Intercambio en las ├üreas Cultural, Educacional y Cient├şfica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, M├ęxico, Panam├í, Paraguay, Per├║, Uruguay)
83: AR.PAR N┬░ 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador M├ęxico Panam├í Paraguay Per├║ Uruguay Venezuela)
136: Most Favoured Nation duty rate treatement
142: North American Free Trade Agreement (NAFTA)
182: Preferential tariff for Chile
189: Preferential tariff for Colombia
192: Preferential tariff for Costa Rica
207: Preferential tariff for El Salvador
219: Preferential tariff for European Union countries (AA) Association Agreement
233: Preferential tariff for Honduras
238: Preferential tariff for Iceland
244: Preferential tariff for Israel
246: Preferential tariff for Japan
279: Preferential tariff for Nicaragua
281: Preferential tariff for Norway
289: Preferential tariff for Peru
306: Preferential tariff for Switzerland

Economic Complexity

#permalink to section

Economic Complexity Ranking

#permalink to section
Scale

During the last 20 years Mexico'sÔüę ÔüĘeconomy has become relatively more complex, moving from the ÔüęÔüĘ32nd to the 21stÔüę position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

Explore Rankings

Most Specialized Products by RCA Index

#permalink to section

Mexico has a high level of specialization in Railway Freight Cars (14), Beer (12.1), Tomatoes (10.3), Tropical Fruits (9.57), and Glazed Ceramics (8.75). Specialization is measured using RCA, an index that takes the ratio between Mexico observed and expected exports in each product.

Most Complex Products by PCI

#permalink to section

The highest complexity exports of Mexico according to the product complexity index (PCI) are Gaskets and similar joints of metal sheet (1.86), Taps, cocks, valves for pipes, tanks, boilers, etc (1.49), Machinery, non-domestic, involving heating or cooling (1.43), Hand tools incorporating electric motors (1.42), and Equipment to measure fluid flow, level, pressure, etc (1.4). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

#permalink to section

The top export opportunities for Mexico according to the relatedness index, are Scrap Iron (0.22), Raw Iron Bars (0.22), Locust beans, seaweed, sugar beet, cane, for food (0.22), Molasses (0.22), and Cement (0.22). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Mexico is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

#permalink to section
Filter
Depth

The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.