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Economy of Mexico – Overview
Mexico is currently the thirteenth largest export economy in the world with annual exports of $373 billion, but it also has a negative trade balance of $6.62 billion in net imports. Two decades ago, they had a positive trade balance of $15 billion.
The GDP of Mexico is $1.05 trillion and that equates to a GDP per capita of $17,900.
Mexico has a $2.2 trillion economy and it has become increasingly geared toward being a manufacturing base since the North American Free Trade Agreement (NAFTA) was entered into in 1994.
Mexico’s Top 5 Commodity Exports
|Crude Petroleum ||$15.5 billion|
|Tropical Fruits||$2.48 billion|
Mexico’s Other Notable Exports
- Computers – $21.2 billion
- Cars – $31.4 billion
- Vehicle Parts – $26.2 billion
- Telephones – $15.7 billion
- Delivery Trucks – $23.4 billion
The United States is a highly significant export market for Mexico with $302 billion of its $374 billion exports ending up there. The remaining export destinations of the top five are Canada ($10.4 billion), China ($5.41 billion), Germany ($3.95 billion) and Japan $3.77 billion).
Mexico’s Top 5 Commodity Imports
|Refined Petroleum||$18 billion|
Mexico's Other Notable Imports
- Vehicle Parts – $22.6 billion
- Integrated Circuits – $13.7 billion
- Computers – $10.7 billion
- Telephones – $9.54 billion
- LCD’s – $3.32 billion
More Information About Mexico’s Commodities
The annual value of global crude petroleum is $275 billion and Mexico is the fifth largest exporter with a 5.6% share of the market, compared to Russia who is the primary exporter at 27%.
Although the United States is also a major destination for Mexico’s crude petroleum exports by taking 48% of the country’s output each year, other destinations such as Spain (14%), India (10%), and Japan (8.1%), are considered important export markets too.
Out of the top 15 gold-exporting countries, Mexico is among 11 nations who have less than 5% market share of the annual market worth $324.6 billion, with Switzerland leading the league table with 25.3%.
India has managed to increase their gold exports by 12,612% in the last five years, whereas, in contrast, Mexico has seen a decline of 38.8% in their export numbers.
Mexico is the leading exporter of tropical fruits with a 27% share of an annual global export market worth $9.32 billion, with its nearest rival, the Netherlands, enjoying an 11% market share, followed by Costa Rica on 9.8%.
Once again, the United States is a dominant destination for Mexico’s tropical fruits exports, taking 77% of their annual export output.
Mexico is the number one exporter of tomatoes with a 26% share of the global market, although the Netherlands is competing for that top spot with a 22% market share of the annual $8 billion market.
The United States almost exclusively receives all of Mexico’s tomato exports with 99.7% of their tomatoes heading across the border and Canada taking the remaining 0.3%.
The global silver export market is worth $18.2 billion per year and Mexico is the leading country for exporting the precious metal with a 10.5% share of the market.
Although Mexico is still the leading country for silver exports, it has posted a decline in the value of its exports of 55.8% in the last five years, causing the second largest exporter, South Korea (9.2%) to push for the number one position.
Interesting Facts About Mexico
- Mexico has the tenth largest population in the world with close to 110 million people
- The country is responsible for introducing chilies, corn and chocolate to the world
- Mexico has the largest pyramid in the world, the Great Pyramid of Cholula, which is considered to be the largest monument ever constructed
All figures based on OEC/IMF 2016 projections unless otherwise stated.