There is a lot that the import statistics of a country can tell you about its economic status. It lets you know their position in the world economy and what sort of bargaining power they have at the price of commodities. But most importantly, it tells you what the country wants that they cannot produce by themselves.
Most people treat import statistics as data, but good business people can spot opportunities while looking at Mexico import statistics. Furthermore, when analyzing this data on a micro level, you can find a business for your firm on the international level. Therefore, here are a few statistics and facts about Mexico’s imports:
What Are Mexico’s Top Imports?
In this list, we will be focusing on Mexico’s highest dollar value imports. It can either be because of the high value per unit or mass ordering, but this has been calculated based on the gross USD spent on the items.
- Electrical machinery
- Machinery including computers
- Mineral fuels
- Medical and technical apparatus
- Iron and steel
- Products made of iron and steel
- Organic chemicals
Asper the Mexico import data, these are the big earners, proving that these sectors hold the perfect opportunities for businesses falling under the same categories and looking to expand globally.
Most of these products require a considerable amount of fixed capital to get off the ground. So unless you are starting production for domestic sales first and then the excess for international sales, the numbers don’t add up. However, if you are a secondary seller of these goods, then you will find a very ripe market waiting for you in Mexico.
Mexico also has a large population and sometimes does not produce enough staples to keep them sufficiently fed. This is why they also import large amounts of corn and soybeans, two food ingredients that are essential to all their dishes.
Which Countries Does Mexico Import From?
According to Mexico import statistics, the United States has the highest export rates to Mexico; the US is the biggest exporter and Mexico imports about 45.28% of its total imports.
This is understandable considering the US is right next to Mexico, leading to fewer shipping and transportation charges. In addition, the proximity makes the products much cheaper than they would have been coming from another country.
Following the US, China has the next biggest stake in the Mexican economy, contributing to 18.24% of the imports. The countries to follow are Japan, Germany, and Korea, all with less than 4% each.
Knowing this information gives you an idea as to which country Mexico’s import policies are partial towards. In addition, it helps you plan your route if you are thinking about exporting products to Mexico.
What Types Of Goods Does Mexico Import?
The types of goods that Mexico imports will give you insight into what sort of economy they have and what they cannot produce enough at home that they would need to import.
For example, suppose they have a high import value of raw materials. In that case, that means that either the country’s agricultural sector isn’t very advanced or that they cannot produce these raw materials domestically.
In the same way, if their consumer goods import value is high, that means that their industrial sector is underdeveloped and cannot currently produce enough to sustain the population.
High capital goods imports mean that the country is developing and is importing machinery from foreign countries to help them do it, or it may be cheaper to import machinery than to make it themselves.
Given below are Mexico’s import percentages for various types of goods:
- Capital goods- 44.29%
- Consumer goods- 26.80%
- Intermediate goods- 16.54%
- Raw materials- 3.94%
By analyzing the above Mexico import data, we can tell that it is a developing country importing machinery to help itself become economically stable and advanced faster. It can produce its raw material, which means that the agricultural sector is booming and the industries are fairly competent.
What Are Mexico’s Top Exports?
To fully understand the economic situation of a country, you cannot just look at its imports; you must also look at its exports. For example, Mexico and the US have a reciprocal relationship. Given below are some of the top exports for Mexico:
- Machinery and transportation equipment and products
- Electrical components
- Food products
- Products made from petroleum
With Mexico being one of the largest producers of petroleum globally, it is no shock that they would be exporting it in such large quantities. It will be hard to find a Mexico importer name that is looking to import petroleum, but there is always a market, be it small then.
Moreover, Mexico is also one of the largest producers of silver, oil, gold, copper, lead, zinc, wood, and natural. In addition, other minerals such as antimony, iron, coal, mercury, cadmium, and manganese are found in large numbers. It is also the 10th largest producer of food in the world.
How Do I Use This Data?
Data is just numbers and facts until you figure out how to apply it and how it can benefit you. This is where trade data companies come in; they understand and analyze data making it easier for you to perform international trade.
Their services don’t stop there; world-renowned trade data companies like Trademo will give you the best Mexico importer name as per your requirement. Their web of contacts is extremely large, and you can take advantage of premium features with a membership.