Macroeconomic trade context

Annual trade volume, 2024

• Total exports: US$651.0 billion (↑ 4.8% from 2023)
• Total imports: US$561.0 billion
• Merchandise trade balance: US$8.2 billion deficit (FocusEconomics data: −US$18.5 billion)
• Exports per capita: US$4,970 (64th globally)
• Imports per capita: US$4,280 (89th globally)
• Global export rank: 6th out of 226 (10th according to WTO data)
• Global import rank: 12th out of 226
• World export share: 2.5%
• GDP: US$1.86 trillion (13th globally)
• GDP per capita: US$14,500 (77th globally)
• Currency: Mexican peso (MXN), floating exchange rate
• Economic Complexity Index (trade): 26th out of 130 (ECI: 1.06, 2024)
• Economic Complexity Index (technology): 58th out of 96 (ECI: −0.25, 2021)
• Economic Complexity Index (research): 31st out of 138 (ECI: 0.65, 2024)

Key trade trends, 2024

Geographic distribution, 2024

Export markets (US$651.0 billion)

By geographic region

• North America (USMCA): about 81% (United States and Canada)
• Asia: about 5% (China, South Korea, Japan)
• Europe: about 3% (Germany, Spain, France)
• Latin America: about 5% (Brazil, Colombia, Chile)

Import origins (US$561.0 billion)

Trade balance by major partner, 2024

Sources: OEC · FocusEconomics · Mexico Business News · Trading Economics (UN Comtrade)

Detailed export product analysis

A. Global export leadership (2024)

Mexico is the world’s largest exporter of 8 products

B. Vehicles and transportation equipment (HS 87): the dominant export sector

Total exports: US$143.4 billion (23.2% of total exports)

• Global position: 6th largest vehicle producer worldwide
• USMCA integration: deeply integrated with the US and Canadian auto industry
• Major manufacturers: General Motors, Ford, Stellantis, Volkswagen, Nissan, Toyota, Kia, BMW, Mercedes-Benz
• Production clusters: Bajío region (Aguascalientes, Guanajuato, San Luis Potosí) and northern Mexico (Sonora, Chihuahua, Coahuila)
• Primary destinations: United States (75%+), Canada, Brazil, Germany

C. Electrical and electronic equipment (HS 85)

Total exports: US$104.6 billion (16.9% of total exports)

• Import value: US$123.6 billion (19.8% of imports)

• Net trade: deficit of US$18.98 billion
• Primary destinations: United States, Canada
• Major manufacturing: consumer electronics, computers, telecommunications equipment
• Key regions: Baja California (Tijuana, Mexicali), Chihuahua (Juárez), Jalisco (Guadalajara)

D. Machinery and mechanical appliances (HS 84)

Total exports: US$98.5 billion (15.9% of total exports)

• Import value: US$102.3 billion (16.3% of imports)
• Boilers, machinery, nuclear reactors: US$98.5 billion in exports
• Net trade: deficit of US$3.79 billion
• Primary destinations: United States, Canada, China, Germany
• Key products: engines, pumps, compressors, industrial machinery

E. Mineral fuels and petroleum products (HS 27)

Total exports: US$27.3 billion (4.4% of total exports)

• Import value: US$27.5 billion (4.4% of imports)

• Net trade: near balance (US$196 million deficit)
• Key company: Pemex (Petróleos Mexicanos), state-owned
• Production: 1.7 million barrels per day
• Primary destinations: United States, Spain, India, South Korea

F. Optical, medical and technical apparatus (HS 90)

Total exports: US$27.4 billion (4.4% of total exports)

• Import value: US$22.0 billion (3.5% of imports)
• Net trade: surplus of US$5.44 billion
• Primary destinations: United States, Germany, Canada
• Key products: medical instruments, surgical equipment, optical devices

G. Agricultural and food products

1. Beverages, spirits and vinegar (HS 22)

• Net trade: surplus of US$10.99 billion
• Primary destinations: United States, Canada, Europe

2. Edible vegetables and fruits

• Net trade: surplus of US$9.24 billion (vegetables) plus US$7.82 billion (fruits)
• Primary destinations: United States, Canada, Japan

H. Other major export categories

I. Mineral exports (2024)

J. Top exports (2024)

Sources: OEC (products) · ITC Trade Competitiveness Map (HS chapters) · UN Comtrade (minerals)

Detailed import product analysis

A. Electrical and electronic equipment (HS 85): the largest import category

Total imports: US$123.6 billion (19.8% of total imports)

• Net trade: deficit of US$18.98 billion
• Primary sources: China, United States, South Korea, Japan, Taiwan
• Purpose: components for assembly and re-export (electronics manufacturing)

B. Machinery and mechanical appliances (HS 84)

Total imports: US$102.3 billion (16.3% of total imports)

• Boilers, machinery, nuclear reactors: US$102.3 billion in imports
• Net trade: deficit of US$3.79 billion
• Primary sources: United States, China, Germany, Japan, South Korea
• Products: industrial machinery, construction equipment, agricultural machinery, power generation equipment

C. Motor vehicles and parts (HS 87)

Total imports: US$57.6 billion (9.2% of total imports)

• Net trade: surplus of US$85.78 billion
• Primary sources: United States, China, Germany, Japan, South Korea
• Purpose: parts for assembly, complementing the vehicle line-up, intra-industry trade

D. Mineral fuels and petroleum products (HS 27)

Total imports: US$27.5 billion (4.4% of total imports)

• Refined petroleum: US$30.1 billion (No. 2 import)
• Net trade: near balance (US$196 million deficit)
• Primary sources: United States (dominant), Saudi Arabia, Iraq, Kuwait
• Purpose: domestic consumption (Mexico imports refined products despite being an oil producer)

E. Plastics and chemical products

F. Iron and steel products

G. Optical and medical apparatus (HS 90)

Total imports: US$22.0 billion (3.5% of total imports)

• Net trade: surplus of US$5.44 billion
• Primary sources: United States, Germany, China

H. Top imports (2024)

Sources: OEC (products) · ITC Trade Competitiveness Map (HS chapters)

Trade procedures and regulations: deep dive

A. Customs legal framework

1. Primary authorities

• Agencia Nacional de Aduanas de México (ANAM): the National Customs Agency (independent since 2022)
• Servicio de Administración Tributaria (SAT): the Tax Administration Service (works with customs)
• Secretaría de Economía: the Ministry of Economy (trade policy, FTAs)
• Secretaría de Hacienda y Crédito Público (SHCP): the Ministry of Finance

2. Legal basis

• Ley Aduanera: Customs Law (primary legislation)
• Reglamento de la Ley Aduanera: Customs Law Regulations
• Reglas Generales de Comercio Exterior (RGCE): Foreign Trade General Rules (updated annually)
• Código Fiscal de la Federación (CFF): Federal Tax Code
• Decretos de Tratados de Libre Comercio: Free Trade Agreement Decrees

3. International memberships

• WTO member: since 1995
• USMCA (United States–Mexico–Canada Agreement): effective 1 July 2020 (replacing NAFTA)
• Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP): member
• Pacific Alliance: founding member with Colombia, Chile and Peru
• European Union FTA: modernised agreement in force
• EFTA FTA: with Switzerland, Norway, Iceland and Liechtenstein
• Japan FTA: Economic Partnership Agreement
• Israel FTA: effective 2000
• Central America FTAs: with all Central American countries

4. Key trade agreements

B. Major regulatory reforms of 2024

1. Second Resolution of Amendments to the Foreign Trade General Rules (14 October 2024)

Effective date: 15 October 2024 (Annex 24 provisions: 14 November 2024; courier provisions: 1 January 2025)

2. Inventory control system (Annex 24) requirements

For RECE-certified companies (IMMEX+VAT, IEPS, OEA):

• 48-hour electronic submission: all inventory information must be submitted within 48 hours of the import or export operation
• Real-time access: the customs authority (SAT) must have online access to automated inventory systems through a username and password
• Formal commitment: companies must submit a free-form letter to AGACE (General Administration of Foreign Trade Audit) with the access credentials
• Continuous monitoring: SAT can monitor goods movements in real time for quick audits

3. Company Certification Scheme (RECE) updates

Registration requirements:

• Minimum 80% exports of sensitive goods imported under the IMMEX programme (increased from 60%)
• Companies must have personnel involved in the production process or export services
• Companies must comply with labour contribution payments
• The applicant must not be listed by SAT as a taxpayer improperly transferring tax losses
• Access for AGACE personnel for the initial inspection and supervision audits
• Legal representatives must not be related to companies with a cancelled RECE registration

Causes for cancellation or suspension:

• Failure to return abroad 60% of the goods temporarily imported under the IMMEX services modality in the last 12 months
• For imports of sensitive goods: failure to achieve 80% export value

4. Courier and parcel delivery companies

Requirements in effect since 1 January 2025:

• Generic tax ID eliminated: each import operation must declare a specific tax ID
• If the tax ID is not declared or identified, the courier company must declare its own tax ID
• Zero-value imports prohibited: goods with an unidentified value cannot be imported
• Generic descriptions prohibited: “miscellaneous articles”, “gift”, “donation”, “courtesy” and other non-identifying descriptions cannot be used (in any language)

Causes for cancellation:

• Being listed under articles 69, 69-B or 69-Bis of the Federal Tax Code
• Not having valid digital keys or certifications
• Not being located at the tax domicile

5. Guarantee for VAT-STPS tax interest

• Term increased: from 12–24 months to 30 months
• Renewal timing: the application must be submitted during the first 10 days following twelve months (previously 20 days before expiry)
• Extension period: 12 months in addition to the accepted term
• Fixed assets guarantee: 30-month term (previously 12–24 months)

Sources: International Trade Compliance Update · Estrategia Aduanera

C. Import procedures

1. Importer registration requirements

Prerequisites:

• RFC (Registro Federal de Contribuyentes): Federal Taxpayer Registry number
• FIEL (Firma Electrónica): advanced electronic signature
• Tax compliance certificate
• Verified tax domicile (domicilio fiscal)
• Tax email account (buzón tributario)
• Customs broker information

Sector-specific registrations (for regulated industries): chemical products; cigars and tobacco; footwear; textiles and apparel; steel products; hydrocarbon products; automotive goods.

2. Import documentation requirements

3. Import licensing categories

4. Prohibited goods

• Narcotic drugs (except authorised medical use)
• Used vehicles exceeding age limits
• Certain hazardous waste
• Products infringing intellectual property rights
• Materials for weapons of mass destruction
• Items threatening public health or morality

5. Customs clearance process

1. Pre-arrival processing: electronic submission through the SAT system; risk assessment by customs
2. Document submission: submit all required documentation; pay estimated duties and taxes
3. Channel selection: green channel, with no physical inspection (fast release), or red channel, with physical inspection (document verification and goods examination)
4. Duty payment: customs duties calculated; VAT (16%) and other taxes paid; electronic payment through authorised banks
5. Release: customs release order issued; goods delivered to the importer

6. Import taxes and duties

USMCA preferential rate: 0% for qualifying goods of US and Canadian origin

7. Record retention

• Import-related documents must be kept for a minimum of 5 years

D. Export procedures

1. Exporter registration

• Registration in the Exporters’ Official Registry
• Sector-specific registration for regulated products (alcohol, processed tobacco)

2. Export documentation

• Pedimento de exportación (export declaration)
• Certificate of origin (for preferential claims)
• Commercial invoice
• Packing list
• Bill of lading or air waybill
• Carta Porte (for land transport)

3. Export taxes

• No general export duties currently
• Export processing fee may apply
• Prohibited exports: some marine species, certain chemicals

E. Special trade regimes

1. IMMEX programme (Manufacturing, Maquiladora and Export Services Industry)

• Purpose: temporarily import goods for manufacturing, processing or repair and subsequent export
• Benefits: duty-free temporary imports; VAT and IEPS suspension; simplified procedures; programme validity of 1 year (renewable)
• 2024 updates: minimum 80% export requirement for imports of sensitive goods; Annex 24 inventory control requirements for certified companies

2. Company Certification Scheme (RECE)

• Modalities: VAT and IEPS certification; Certified Business Partner
• Benefits: expedited customs clearance; reduced inspections; simplified procedures
• 2024 requirements: 80% export requirement for sensitive goods; personnel involved in the production process; labour contribution compliance; access for AGACE inspections

3. Free trade zones and strategic sectors

Major industrial corridors:

• Bajío region: Aguascalientes, Guanajuato, Querétaro, San Luis Potosí (automotive, aerospace)
• Northern border: Tijuana, Mexicali, Ciudad Juárez, Reynosa (electronics, medical devices)
• Baja California: Tijuana, Mexicali (electronics, medical)
• Chihuahua: Ciudad Juárez (maquiladoras)
• Jalisco: Guadalajara (electronics, software)
• Nuevo León: Monterrey (industrial, automotive, steel)

4. Temporary admission

• Goods imported for a specific purpose and re-export
• Exhibitions, professional equipment, samples
• Time limit: usually 6–18 months
• Security: bond or guarantee

5. Drawback programme

• Refund of import duties on goods subsequently exported
• Eligible goods: inputs used in exported products
• Application within 1 year

F. USMCA origin rules

1. Origin criteria for Mexico–US–Canada trade

A product qualifies for USMCA preferential treatment if it meets one of these criteria:

2. Regional value content (RVC) requirements

3. Key rules

• De minimis: non-originating materials of up to 10% of the transaction value or total cost may be permitted
• Cumulation: materials from the US, Mexico and Canada can be cumulated
• Self-certification: importers, exporters or producers may certify

G. Compliance and enforcement

1. Penalties for violations

2. Customs audits

• Risk-based selection
• Valuation verification
• Classification review
• Origin verification (especially USMCA)
• Inventory control verification (Annex 24)

3. Appeals process

• Administrative appeal to SAT/ANAM
• Judicial review by the federal tax courts

4. Record retention

• Minimum 5 years for all import and export documentation

Source for customs framework, import and export procedures, origin rules and penalties: Fangda Partners

Trade agreements network

A. Multilateral agreements

B. Bilateral and regional FTAs (14 agreements, 50+ countries)

C. Rules of origin

General criteria

• Change in tariff classification (CTC) at the HS 2, 4 or 6-digit level
• Regional value content (RVC) of 30–60%, depending on the agreement
• Specific processes for certain products

Documentation

• Certificate of origin issued by authorised entities (Secretaría de Economía, chambers)
• Self-certification available for approved exporters

Major trade infrastructure

A. Ports (118 maritime ports and terminals)

Pacific coast

Gulf of Mexico and Caribbean

B. Airports

C. Land border crossings (21 border crossings with the US)

D. Transportation infrastructure

Highways

• Mexican federal highway system: 116,000+ km
• Key corridors: Mexico City – Nuevo Laredo (to Laredo, Texas), Mexico City – Veracruz, Guadalajara – Manzanillo

Railways

• Ferromex: the largest rail network (Mexico City – Chihuahua – Ciudad Juárez)
• Kansas City Southern de México: Lázaro Cárdenas – Monterrey – Nuevo Laredo
• Ferrosur: Mexico City – Veracruz – Coatzacoalcos

Intermodal corridors

• Pacific coast corridor: Manzanillo – Guadalajara – Monterrey – Nuevo Laredo
• Gulf coast corridor: Veracruz – Mexico City – Querétaro
• Trans-isthmic corridor: Salina Cruz – Coatzacoalcos (Tehuantepec Isthmus development)

E. Logistics and industrial parks

Source for port and border-crossing counts: Fangda Partners

Emerging trends and future developments

A. Trade balance dynamics

2024 performance

• Export growth: +4.8%
• Global export rank: 6th (OEC), 10th (WTO)
• Latin America: No. 1 exporter
• Americas: No. 2 exporter after the United States

B. Nearshoring boom

• USMCA-driven investment: companies relocating from Asia to Mexico
• 2024 record: monthly exports to the US reached US$47.98 billion (March)
• Key sectors: automotive, electronics, medical devices, aerospace
• Industrial real estate: record demand in the northern and Bajío regions
• Foreign direct investment: increasing from the US, China, Germany and South Korea

C. Regulatory modernisation, 2024–2025

Second Resolution of Amendments (October 2024)

• Annex 24 inventory control requirements
• RECE certification export thresholds increased
• Courier and e-commerce identification requirements
• Extended guarantee periods (30 months)

Compliance impact

• Enhanced monitoring by the customs authority
• Real-time inventory access for SAT
• Stricter requirements for certified companies
• Improved traceability for e-commerce imports

D. USMCA implementation and enforcement

• Stricter origin rules: higher RVC requirements (60–75% for automotive)
• Labour provisions: enhanced enforcement of workers’ rights
• Sunset clause: six-year joint review, scheduled for 2026
• Trade disputes: active dispute resolution mechanisms
• Cross-border facilitation: coordinated customs procedures

E. E-commerce growth and regulation

• Courier rules (in effect since 1 January 2025): a specific tax ID is required for each import
• Generic descriptions prohibited: specific goods must be identified
• Zero-value imports prohibited: goods of unidentified value cannot be imported
• Digital platforms: growing cross-border e-commerce

F. Energy transition

• Renewable energy investments: solar (Sonora), wind (Oaxaca, Tamaulipas)
• Electric vehicle manufacturing: Tesla (Nuevo León), BMW (San Luis Potosí), Ford (Sonora)
• Green hydrogen potential: northern Mexico
• Pemex transformation: refinery modernisation (Dos Bocas)

G. Challenges and opportunities

Challenges

• Trade deficit: US$18.5 billion
• China dependence: US$90.9 billion deficit with China
• Infrastructure gaps: port congestion, rail capacity
• Security concerns: impact on logistics in some regions
• USMCA compliance: ongoing origin verification requirements
• Regulatory complexity: multiple certifications and registrations

Opportunities

• Nearshoring: manufacturing relocation from Asia
• USMCA advantage: preferential access to the world’s largest market
• Automotive leadership: EV production expansion
• Medical device growth: expanding global leadership
• Aerospace development: growing supplier base
• Agricultural exports: counter-seasonal supply to the US and Canada
• Digital economy: e-commerce and services growth

Sources: FocusEconomics · Trading Economics · Mexico Business News · International Trade Compliance Update

Key contacts and resources

A. Government agencies

1. Agencia Nacional de Aduanas de México (ANAM), the National Customs Agency: gob.mx/anam · customs procedures, declarations, tariffs
2. Servicio de Administración Tributaria (SAT), the Tax Administration Service: sat.gob.mx · tax compliance, electronic signature, RFC registration
3. Secretaría de Economía: gob.mx/se · trade policy, FTAs, export promotion, import regulations
4. Secretaría de Hacienda y Crédito Público (SHCP): gob.mx/hacienda · customs policy, tariff policy
5. Instituto Mexicano de la Propiedad Industrial (IMPI): gob.mx/impi · intellectual property, trademarks, patents
6. COFEPRIS (Comisión Federal para la Protección contra Riesgos Sanitarios): gob.mx/cofepris · pharmaceutical, medical device and cosmetic approvals
7. Secretaría de Agricultura y Desarrollo Rural (SADER): gob.mx/sader · agricultural imports and exports, SAGARPA certificates
8. Secretaría de Medio Ambiente y Recursos Naturales (SEMARNAT): gob.mx/semarnat · environmental permits, wildlife trade
9. Secretaría de la Defensa Nacional (SEDENA): gob.mx/sedena · firearms and explosives control
10. Instituto Nacional de Estadística y Geografía (INEGI): inegi.org.mx · trade statistics, economic data

B. Business organisations

1. Consejo Empresarial Mexicano de Comercio Exterior, Inversión y Tecnología (COMCE): comce.org.mx · foreign trade council
2. Confederación de Cámaras Industriales (CONCAMIN): concamin.org.mx · confederation of industrial chambers
3. Cámara Nacional de la Industria de Transformación (CANACINTRA): canacintra.org.mx · manufacturing industry chamber
4. Consejo Nacional de la Industria Maquiladora y Manufacturera de Exportación (INDEX): index.org.mx · maquiladora and export manufacturing industry
5. Asociación Nacional de Importadores y Exportadores de la República Mexicana (ANIERM): anierm.org.mx · importers and exporters association
6. Cámara de Comercio de México (CANACO): canaco.com.mx · chamber of commerce

C. Trade portals and digital platforms

D. Practical guidance for traders

For exporters to Mexico

1. RFC required: obtain a Federal Taxpayer Registry number through a legal representative
2. FIEL required: advanced electronic signature for all customs procedures
3. NOM compliance: many products require certification under mandatory Mexican official standards (NOM)
4. COFEPRIS approvals: pharmaceuticals, medical devices and cosmetics require prior registration (allow 6–12 months)
5. SADER permits: agricultural products require phytosanitary or veterinary certificates
6. HS code accuracy: essential for correct duty calculation and NOM applicability
7. USMCA preferences: qualifying US and Canadian goods can claim 0% duty with a certificate of origin
8. Courier and e-commerce rules (2025): a specific tax ID is required; no generic descriptions
9. Spanish labelling: mandatory for all consumer products (NOM-050-SCFI-2004)
10. Record retention: all documents must be kept for a minimum of 5 years

For importers from Mexico

1. Certificate of origin: obtain it from the Secretaría de Economía or authorised chambers for USMCA, Pacific Alliance and EU preferences
2. USMCA self-certification: importers, exporters or producers may certify
3. NOM certificates: available from Mexican manufacturers for regulated products
4. COFEPRIS certificates: for pharmaceutical and medical device exports
5. Agricultural certificates: SADER phytosanitary certificates
6. Logistics planning: consider Manzanillo (Pacific) or Veracruz (Gulf), depending on the destination

Economic impact and strategic position

A. Trade balance dynamics

2024 performance

• Global export rank: 6th (OEC), 10th (WTO)
• Export growth: +4.8%
• Latin America: No. 1 exporter
• Americas: No. 2 exporter after the US

B. Global strategic position

1. USMCA powerhouse: integration with the US and Canada in the world’s largest trade bloc
2. Automotive leader: 6th largest vehicle producer and the world’s largest exporter of delivery trucks
3. Manufacturing hub: deep integration with US supply chains
4. Agricultural giant: the world’s largest beer exporter and a leader in tropical fruits
5. Pacific Alliance member: a platform for Latin American and Asia-Pacific trade
6. Nearshoring destination: a leading beneficiary of supply chain diversification from Asia
7. Energy producer: a major oil producer (Pemex), with growing renewables
8. Digital economy: a growing e-commerce and services sector

C. Competitiveness indicators

D. Challenges

1. Trade deficit: US$18.5 billion, largely driven by imports from China
2. China dependence: US$90.9 billion deficit with China
3. Infrastructure gaps: port capacity, rail connectivity
4. Security concerns: impact on logistics and investment
5. USMCA compliance: strict origin verification and labour provisions
6. Regulatory complexity: multiple certifications and registrations
7. Oil dependency: Pemex production challenges

E. Opportunities

1. Nearshoring: supply chain relocation from Asia to Mexico
2. USMCA advantage: preferential access to the US and Canadian markets
3. EV manufacturing: Tesla, BMW and Ford electric vehicle production
4. Medical device growth: expanding global leadership
5. Aerospace development: a growing supplier base for Boeing and Airbus
6. Agricultural exports: counter-seasonal supply to the US and Canada
7. Renewable energy: solar and wind potential
8. Pacific Alliance integration: a platform for Latin American trade
9. CPTPP access: Asia-Pacific market access
10. Digital economy: e-commerce and services growth

Sources: OEC · FocusEconomics · Mexico Business News

Summary of Mexico’s trade characteristics

1. USMCA powerhouse: 75.9% of exports go to the United States (US$494 billion) and 5.0% to Canada (US$32.6 billion)
2. Global export champion: the world’s largest exporter of delivery trucks (US$37.2 billion), tractors (US$11.3 billion), beer (US$6.82 billion) and tropical fruits (US$4.81 billion)
3. Automotive dominance: 23.2% of exports come from vehicles (US$143.4 billion); 6th largest producer globally
4. Manufacturing powerhouse: computers (US$56.7 billion), vehicle parts (US$42.4 billion) and electrical equipment (US$104.6 billion) are among the top exports
5. Record exports: US$651 billion in total exports, 6th globally (OEC) or 10th (WTO)
6. Trade deficit: US$18.5 billion deficit (FocusEconomics), with a US$90.9 billion deficit with China
7. China import dependence: 18.9% of imports come from China (US$106 billion), the largest deficit partner
8. 2024 regulatory reform: the Second Resolution of Amendments (October 2024) strengthens inventory control (Annex 24), RECE certification and courier rules
9. USMCA origin rules: 60% RVC (transaction value) or 50% (net cost), with strict enforcement
10. Nearshoring boom: record exports to the US (US$47.98 billion monthly peak), attracting global manufacturing investment

Mexico is North America’s manufacturing powerhouse and the world’s 6th largest exporter, deeply integrated with the United States through USMCA. With 75.9% of exports destined for the US market (US$494 billion) and global leadership in vehicles, trucks, beer and tropical fruits, Mexico has used its strategic location and trade agreements to become a top-10 global exporter and Latin America’s undisputed leader.

The 2024 regulatory landscape saw significant modernisation. The Second Resolution of Amendments (October 2024) strengthened inventory control requirements (Annex 24) with 48-hour electronic submission and real-time customs access, raised export thresholds for RECE-certified companies, and improved e-commerce traceability with specific tax ID requirements for courier imports. These reforms align Mexico with global best practice while supporting nearshoring growth.

Mexico’s USMCA membership provides preferential access to the world’s largest market, with strict origin rules requiring 60% regional value content. The country’s automotive leadership (6th largest producer), growing EV manufacturing and nearshoring boom position it for continued trade growth, despite challenges that include a US$90.9 billion deficit with China and infrastructure gaps. Mexico’s future depends on using its USMCA advantages, expanding manufacturing sophistication and capturing the full potential of supply chain diversification from Asia.

Need more detail? For more detailed information or a specific market intelligence question, contact us.

Sources: OEC · ITC · FocusEconomics · Mexico Business News · Fangda Partners