At $1.1 trillion annual GDP, Mexico is the 15th largest economy in the world. Mexico has the world’s the 11th largest population with 124.5 million people. Under NAFTA, Mexico has become one of the U.S.’s top trading partners. It is the second largest export market for U.S. goods and fourth largest for Utah goods with approximately $850 million in exports each year.

Economic growth in Mexico is closely connected to the United States and has enjoyed stable growth at or over two percent since 2010. Mexico has diversified its trade partners, establishing free trade agreements with 46 countries, establishing the country as a trade hub for the Americas and into the Pacific. More than 90 percent of Mexican trade is transacted under those agreements. Mexico ranks 49th out of 193 qualifying countries in the World Bank’s Ease of Doing Business Index, and has beat the Latin American average for economic freedom since 2000.

Mexico’s economic outlook is positive as a young labor force bolsters its manufacturing sector. In addition, major liberalizing reforms in the energy and telecommunications sector are opening new, exciting opportunities for private investment.

WTC Utah Contact:

Meg Garfield (801) 867-4700

U.S. Commercial Service (Gold Key) Contact:

Shelby Peterson (801) 524-3091

Mexico Top Imports Globally 2016 by $ Value:
Electrical Equipment and Components ($84 billion)
Machinery ($67 billion)
Vehicles and Vehicle Parts ($37 billion)
Mineral Fuels ($22 billion)
Plastics ($14.5 billion)

Fastest Growing Imports to Mexico (Average Growth Y.O.Y. 2014-2016)
Artwork, Collector’s Pieces and Antiques ($117 million in 2016, 108.4% growth)
Coffee, Tea, and Spices ($390 million in 2016, 23.5% growth)
Waste and Scrap ($12.7 billion in 2016)

Top Utah Exports to Mexico 2016 by $ value:
Transportation Equipment ($243 million)
Textiles & Fabrics ($70 million)
Food ($67 million)
Chemicals ($63 million)
Electrical Equipment, Appliances, and Components ($51 million)

Top U.S. Exports to Mexico 2016 by $ Value:
Computers & Electronic Products ($43 billion)
Transportation Equipment ($32 billion)
Chemicals ($21 billion)
Machinery ($19 billion)
Electrical Equipment, Appliances and Components ($16 billion)

Fastest Growing U.S. exports to Mexico (Average Growth Y.O.Y. 2014-2016)
Waste and Scrap ($1.2 billion in 2016, 10.6% growth)
Fish and other Marine Products ($94 million in 2016, 7.9% growth)
Nonmetallic Minerals ($1,7 billion in 2016, 7.2% growth)
Miscellaneous manufactures, inc. Medical Equipment and Supplies ($5 billion in 2016, 5.4% growth)
Furniture and Fixtures ($735 million in 2016, 5.2%)

Fastest Growing Utah exports to Mexico (Average Growth Y.O.Y. 2014-2016)
Petroleum and Coal Products ($472,000 in 2016, 524% Growth)
Wood Products ($1.2 million in 2016, 500% growth)
Textiles and Fabrics ($70 million in 2016, 263% growth)
Beverages and Tobacco Products ($11.7 million in 2016, 231% growth)
Paper ($4.8 million in 2016, 78% Growth)