Mexico2020 Economic Complexity : 1.15, Rank 21 of 127
2020 Product Exports | Imports: $427B | $368B, 9 of 226 | 13 of 226
2020 Per Capita Product Exports | Imports: $3.31k | $2.86k, 39 of 219 | 93 of 219
2020 Service Exports | Imports : $16.7B | $26.3B, 28 of 65 | 25 of 65
Overview In 2020, Mexico was the number 15 economy in the world in terms of GDP (current US$), the number 9 in total exports, the number 13 in total imports, the number 80 economy in terms of GDP per capita (current US$) and the number 21 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Mexico are Cars ($41.6B), Computers ($31.5B), Motor vehicles; parts and accessories (8701 to 8705) ($27.1B), Delivery Trucks ($23.8B), and Crude Petroleum ($17.8B), exporting mostly to United States ($326B), Canada ($16.1B), China ($8.82B), Germany ($8.21B), and South Korea ($5.86B).
In 2020, Mexico was the world's biggest exporter of Delivery Trucks ($23.8B), Beer ($4.89B), Tropical Fruits ($3.34B), Other Vegetables ($3.12B), and Tomatoes ($2.62B)
Imports The top imports of Mexico are Integrated Circuits ($28.3B), Motor vehicles; parts and accessories (8701 to 8705) ($21.6B), Refined Petroleum ($18.1B), Office Machine Parts ($14.9B), and Telephones ($7.85B), importing mostly from United States ($196B), China ($59.8B), Germany ($13B), South Korea ($10.7B), and Malaysia ($10.2B).
In 2020, Mexico was the world's biggest importer of Corn ($2.91B), Corrugated Paper ($285M), Aluminium Pipes ($230M), Stranded Copper Wire ($142M), and Cyanides ($131M)
Location Mexico borders Belize, Guatemala, and United States by land and Cuba and Honduras by sea.
The following section uses the most recent trade data from partners of Mexico.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Cars, $41.6B
Top Destination (2020): United States, $196B
In 2020, Mexico exported a total of $427B, making it the number 9 exporter in the world. During the last five reported years the exports of Mexico have changed by $39.8B from $387B in 2015 to $427B in 2020.
The most recent exports are led by Cars ($41.6B), Computers ($31.5B), Motor vehicles; parts and accessories (8701 to 8705) ($27.1B), Delivery Trucks ($23.8B), and Crude Petroleum ($17.8B). The most common destination for the exports of Mexico are United States ($326B), Canada ($16.1B), China ($8.82B), Germany ($8.21B), and South Korea ($5.86B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
Mexico Exports Services (2020): $16.7B
Mexico Imports Services (2020): $26.3B
In 2020, Mexico exported $16.7B worth of services. The top services exported by Mexico in 2020 were Travel ($11B), Reinsurance ($3.09B), Other transport ($1.22B), Air transport ($668M), and Financial services ($448M).
The top services imported by Mexico in 2020 were Sea transport ($7.55B), Reinsurance ($5.31B), Air transport ($3.48B), Travel ($3.47B), and Miscellaneous business, professional, and technical services ($2.76B).
Mexico has a high level of specialization in Beer (12.4), Lead Ore (10.7), Tomatoes (10.5), Tropical Fruits (8.76), and Cucumbers (8.69). Specialization is measured using RCA, an index that takes the ratio between Mexico observed and expected exports in each product.
The highest complexity exports of Mexico according to the product complexity index (PCI) are Air or vacuum pumps, air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan whether or not fitted with filters (1.5), Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, including pressure-reducing valves and thermostatically controlled valves (1.41), Vacuum cleaners (1.37), Electrical machines and apparatus; having individual functions, not specified or included elsewhere in this chapter (1.35), and Machinery (not of heading no. 8450) for washing, cleaning, wringing, drying, ironing, pressing, bleaching, dyeing, dressing, finishing, coating or impregnating textile yarn, fabrics or made up articles (1.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Mexico according to the relatedness index, are Scrap Iron (0.2), Cement (0.2), Raw Iron Bars (0.2), Bananas (0.2), and Rolled Tobacco (0.2). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 20 years Mexico's economy has become relatively more complex, moving from the 33rd to the 21st 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.
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