This guide provides an overview of Mexico’s economy, including the country’s primary imports and exports.
Mexico Economy Overview
Mexico is currently the fifteenth-largest economy in the world with a GDP of $1.2 trillion. Annual exports of $441 billion and imports of $416 billion are equating to a positive trade balance of $25.2 billion.
The Mexican economy 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 Exports
Here is a breakdown of the most important products exported by Mexico, both commodities and other notable exports.
- Crude petroleum – $9.78 billion
- Gold – $4.82 billion
- Refined petroleum – $2.82 billion
- Copper ore – $2.47 billion
- Silver – $1.81 billion
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Other Notable Exports
- Cars – $50.7 billion
- Vehicle parts – $30.1 billion
- Computers – $29.7 billion
- Delivery trucks – $25 billion
- Telephones – $16.7 billion
The United States is a highly significant export market for Mexico with $340 billion or 77% of its $441 billion exports ending up there.
Mexico’s Top Imports
Here is a breakdown of the most important products imported by Mexico, both commodities and other notable imports.
- Refined petroleum – $31.3 billion
- Petroleum gas – $7.06 billion
- Corn – $3.1 billion
- Raw aluminum – $2.28 billion
- Soybeans – $1.94 billion
Other Notable Imports
- Vehicle parts – $27.4 billion
- Office machine parts – $16.8 billion
- Cars – $10.5 billion
- Computers – $7.49 billion
- Insulated wire – $7.07 billion
GDP of Mexico
Mexico’s GDP of $1.22 trillion equates to a GDP per capita of $9,673. Between 2008 and 2013, the country’s GDP grew by 9.97%. During the same period, the GDP per capita showed negative growth of -3.43%.
Details About Mexico’s Exports/Imports
The annual value of the global refined petroleum trade is $753 billion and Mexico is the fourth-largest importer with a 4.16% share of the market, compared to the United States who is the primary importer at 7.44%.
More than half (55.3%) of Mexico’s refined petroleum exports of $2.82 billion is destined for the United States.
One of the top 15 gold-exporting countries, Mexico has a 1.58% market share of the annual market worth $305 billion, with Switzerland leading exports with a 20.9% share.
The majority of Mexico’s gold (65.5% or $3.16 billion) is destined for the United States.
Mexico is the leading exporter of tropical fruits with a 23% share of an annual global market worth $13.2 billion. Its nearest rival, Costa Rica, enjoys an 8.94%% market share, followed by the Netherlands with 8.5%.
Once again, the United States is a dominant destination for Mexico’s tropical fruits exports, taking 76.1% of their annual export output of $3.04 billion.
Mexico is the number one exporter of tomatoes with a 24.8% share of the global market, although the Netherlands is competing for that top spot with a 20% market share of the annual $9.26 billion market.
The United States almost exclusively receives almost all of Mexico’s tomato exports with 96% heading across the border. Canada takes the remaining 4%.
The global silver export market is worth $18.3 billion per year. Mexico is the leading exporter of this precious metal with a 9.89% share of the market, although China (8.71%) is pushing hard 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.
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Sources and Further Reading
- All figures are based on OEC 2018 calculations and projections unless otherwise stated.
- Learn more about the state of world government debt from our country debt clock pages.
- See our global economic indicator guide to more than 45 other countries.
- Get our full guide to trading commodities.
All currency is reported in US dollars.