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.
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.
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.
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).
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.
*The tariffs applied to imports for Mexico are:5: AAP.A25TM - 37 Acuerdo Nº37 Suscrito al Amparo del Artículo 25 del TM80 celebrado entre la República de Guatemala y los Estados Unidos Mexicanos6: AAP.A25TM N° 14 Acuerdo de Alcance Parcial entre los Estados Unidos Mexicanos y la República de Panamá34: AAP.CE N° 33 Acuerdo de Complementación Económica N° 33 Colombia México Venezuela40: AAP.CE N° 41 Tratado de Libre Comercio47: AAP.CE N° 51 Acuerdo de Complementación Económica N° 51 Celebrado entre los Estados Unidos Mexicanos y la República de Cuba49: AAP.CE N° 53 Acuerdo de Complementación Económica N° 53 entre la República Federativa del Brasil y los Estados Unidos Mexicanos50: AAP.CE N° 55 Acuerdo de Complementación Económica N° 55 celebrado entre el MERCOSUR y los Estados Unidos Mexicanos62: AAP.CE N° 6 Acuerdo de Complementación Económica N° 663: AAP.CE N° 60 Acuerdo de Complementación Económica N° 60 Suscrito entre la República Oriental del Uruguay y los Estados Unidos Mexicanos66: AAP.CE N° 66 Acuerdo de Complementación Económica No. 66 Celebrado entre los Estados Unidos Mexicanos y el Estado Plurinacional de Bolivia69: AAP.CE Nº 67 Acuerdo de integración Comercial entre los Estados Unidos Mexicanos y la República del Perú72: AAP.R N° 29 Acuerdo de Alcance Parcial de Renegociación N° 29 Celebrado entre la República del Ecuador y los Estados Unidos Mexicanos73: AAP.R N° 38 Acuerdo de Alcance Parcial de Renegociación N° 38 Celebrado entre la República de México y la República del Paraguay79: AR.AM N° 01 - Acuerdo Regional de Apertura de Mercados en Favor de Bolivia80: AR.AM N° 02 - Acuerdo Regional de Apertura de Mercados en favor de Ecuador81: AR.AM N° 03 - Acuerdo Regional de Apertura de Mercados en Favor de Paraguay82: AR.CEYC N° 7 Acuerdo de Cooperación e Intercambio en las Áreas Cultural, Educacional y Científica (Argentina, Bolivia, Brasil, Chile, Colombia, Cuba, Ecuador, México, Panamá, Paraguay, Perú, Uruguay)83: AR.PAR N° 04 - Preferencia Arancelaria Regional (Argentina Bolivia Brasil Chile Colombia Cuba Ecuador México Panamá Paraguay Perú Uruguay Venezuela)136: Most Favoured Nation duty rate treatement142: North American Free Trade Agreement (NAFTA)182: Preferential tariff for Chile189: Preferential tariff for Colombia192: Preferential tariff for Costa Rica207: Preferential tariff for El Salvador219: Preferential tariff for European Union countries (AA) Association Agreement233: Preferential tariff for Honduras238: Preferential tariff for Iceland244: Preferential tariff for Israel246: Preferential tariff for Japan279: Preferential tariff for Nicaragua281: Preferential tariff for Norway289: Preferential tariff for Peru306: Preferential tariff for Switzerland
During the last 20 years Mexico's economy has become relatively more complex, moving from the 32nd 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.
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.
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.
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.
Mexico
