Export economy Mexico
Mexico is an export economy. The country’s geographical size corresponds approximately to that of Saudi Arabia. Nevertheless, as the eighth largest oil producer in the world, the country exports almost a quarter of its oil and supplies five times as many people.
Since the signing of the former NAFTA (North American Free Trade Agreement) in 1994, international trade with Canada and the USA has tripled. Since then, Mexico has signed free trade agreements with 46 countries, which is more than any other nation. Based on estimates from the Central Intelligence Agency´s World Factbook, Mexico’s exported goods and services account for nearly 37.8% of its total gross domestic product.
12th place among the world’s top exporters
In 2018, Mexico moved up to 12th place in the ranking of the world’s top exporters. This was the first time that Mexican exports exceeded Canada’s value. According to the National Institute of Statistics and Geography, the value of exports from Mexico rose to USD 450.92 billion, an increase of 10.1% compared to the previous year. In contrast to that, Canadian exports rose by only 6.9% compared to 2017, according to Statistics Canada
4th place in global automotive exports
Statistics show that Mexico reached 4th place among global automobile exporters in 2018. The country thus overtook both Great Britain and Canada. At USD 49 billion, Mexican vehicle exports rose by almost 19% compared with 2017.
More Tequila for China
In 2018, China increasingly developed a taste for Mexican tequila. Almost one million liters were shipped and exports increased by 38% compared to the previous year.
After the Chinese and Mexican governments signed an agreement in 2013 to allow Mexico to export tequila, the typical Mexican liquor had already gained popularity in the Chinese market. Around 525,000 liters were exported at that time. However, not only China discovered its preference for the drink: In 2018 Mexico exported 224 million liters of tequila to 120 countries, 82% of which went to the USA.
