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20-10-2023
In 2022, Mexico imported $604.6 billion worth of goods from the world. This represents an increase of 19.4% compared to the 2021 figure of $506.6 billion.
Mexico's top 10 imports
1. electrical machinery and equipment: $117.3 billion (19.4% of total imports)
2. Machinery, including computers: $94.2 billion (15.6%)
3. Mineral fuels including oil: $62.9 billion (10.4%)
4. Vehicles: $48.3 billion (8%)
5. Plastics, plastic products: $32.7 billion (5.4%)
6. Steel: $20.8 billion (3.4%)
7. Optical, technical, medical equipment: $18.7 billion (3.1%)
8. Organic chemicals: $13.3 billion (2.2%)
9. Iron and steel products: $12.7 billion (2.1%)
10. Aluminum: $11.6 billion (1.9%)
The strongest growth in Mexico's major import product categories was in mineral fuels, including petroleum (up 46.1% from 2021), aluminum (up 31.3%), and organic chemicals (up 24.2%).
The only decline was in the Optical, Technical and Medical Devices category, down -9.3%.
Looking at the four-digit HTS codes, Mexican buyers imported the most when they imported the following products: processed petroleum (6.9% of Mexico's total imports), automotive parts or accessories (4.9%), electronic integrated circuits (4.4%), liquefied petroleum gas (2.9%), telephone equipment (2.7%), computer parts or accessories (2.3%), computers (2%), automobiles (1.8%), Low-voltage switches or fuses (1.4%), insulated wire or cable (1.3%).
Mexico's Top Ten Import Sources
86.7% of Mexico's imports originate from: the United States (43.9% of Mexico's total), China (19.6%), South Korea (3.7%), Germany (3.1%), Japan (3%), Taiwan (2.5%), Malaysia (2.4%), Canada (2.2%), Brazil (2%), Vietnam (1.7%), Thailand (1.32%), and Italy (1.29%).
Mexico is the world's leading exporter of trucks and has one of the highest global sales of computers, automobiles, and auto parts.
In 2022, Mexico exported US$578.3 billion worth of products to the world. Compared to $494.6 billion in 2021, Mexico's total exports increased by 16.9% year-over-year.
Mexico's Top 10 Exports
1. automobiles: $136.1 billion (23.5% of total exports)
2. Machinery, including computers: $103 billion (17.8%)
3. Electrical machinery and equipment: $97.3 billion (16.8%)
4. Mineral fuels including oil: $37.8 billion (6.5%)
5. Optical, technical, medical equipment: $22.8 billion (3.9%)
6. plastics, plastic products: $13.1 billion (2.3%)
7. Furniture, bedding, lighting, signage, prefabricated buildings: $12.8 billion (2.2%)
8. Beverages, spirits, vinegar: $11.6 billion (2%)
9. iron and steel products: $107 billion (1.7%)
10. fruits, nuts: $9.22 billion (1.6%)
Mineral fuels, including petroleum, are the fastest growing of the top 10 export categories, growing 37.2% from 2021 to 2022. The second highest improvement in export sales was in iron and steel products, which grew by 24.8%. Mexico's machinery shipments, including computers, ranked third in terms of growth, up 20.8 percent.
In terms of specific HTS codes, the top products exported by Mexican exporters were specifically: automobiles, computers, automotive parts/accessories, trucks, crude oil, insulated wire/cable, television receivers/monitors/projectors, telephone system equipment, tractors, and electro-medical equipment (e.g., X-rays).
Mexico's Top 10 Export Destinations
89.6% of Mexico's exports were destined for the following countries: the United States (78.3% of Mexico's total global exports), Canada (2.7%), China (1.9%), Germany (1.4%), Taiwan (1.3%), Japan (0.75%), Brazil (0.74%), South Korea (0.64%), Colombia (0.62%), Guatemala ( 0.52%), the United Kingdom (0.5%) and the Netherlands (0.4%).
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