Being mostly oriented on exports, Mexico is the 15th largest exporter worldwide. It is also the second largest export market of the U.S. After signing the North American Free Trade Agreement (NAFTA) in 1994 with the U.S., the trade market in Mexico started to be greatly connected to the U.S., with more than 80% of the exports from the country being sent to the U.S.
In this article, our company formation advisors in Mexico present a brief overview of the trade sector in this country. We also offer help for entrepreneurs who are interested to open a company in Mexico.
Exports in Mexico
Mexico shipped USD 373.9 billion worth of goods around the world in 2016, which represents an increase of 62.8% since 2009.
The top 10 exports of the country accounted for 79.9% of the total value of its global shipments.
According to the statistics of the International Monetary Fund’s World Economic Outlook Database, the GDP (Gross Domestic Product) of Mexico equaled USD 2.307 trillion during 2016.
As a result, the exports in Mexico equaled around 16.2% of the entire local economy output in the same year.
Our Mexico company formation consultants can assist you to open a company in the export industry in this country.
The top exports in Mexico in 2016 were:
• Automobiles: USD 88.1 billion, 23.6% of the total exports of the country;
• Electrical equipment and machinery: USD 76.4 billion, 20.4% of the total exports;
• Machinery, such as computers: USD 61.7 billion, 61.5% of the total exports.
Imports in Mexico
In 2016, Mexico imported USD 387.1 billion worth of products worldwide, which means an increase of 65.1% since 2009.
The top 10 imports in Mexico accounted for more than 72% of the total value of its product purchases from other jurisdictions.
The imports in Mexico represent 2.3% of the overall global imports, which were worth USD 16.473 trillion in 2015.
Our company registration agents in Mexico can help you open a business in this sector here.
The top imports in this country in 2016 were:
• Electrical machinery and equipment: USD 84.2 billion, which represents 21.8% of the total imports in Mexico;
• Machinery, such as computers: USD 67.1 billion, representing 17.3% of the overall imports;
• Vehicles: USD 37.2 billion, which accounts for 9.6% of the total imports in the country.
If you would like to know more about the trade industry in Mexico, or for help in setting up a company in Mexico, please contact us.
If you will develop import-export activities as a company, you will have to calculate various taxes, such as the VAT or the other customs duties. For this, you can rely on the professional services of our CPA in Mexico.
Our accountant has the necessary expertise to handle a wide range of tax matters, including complex accounting procedures as it can be the case for large companies.