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
If you’re interested in trading some of these commodities, you can jump to our list of recommended regulated brokers in at the end of the page.
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.
Interested in Trading Commodities?
Interested in trading gold, copper, silver, and other important Mexican commodities? Start your research with reviews of these regulated brokers available in .
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. <b>Between 53.00%-89.00% of retail investor accounts lose money when trading CFDs.</b> You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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.
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