Mexico shipped US$373.9 billion worth of goods around the globe in 2016, up by 62.8% since 2009 when the Great Recession kicked in but down by -1.8% from 2015 to 2016.
Mexico’s top 10 exports accounted for four-fifths (79.9%) of the overall value of its global shipments.
Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Mexico’s total Gross Domestic Product amounted to $2.307 trillion during 2016. Therefore, exports accounted for about 16.2% of total Mexican economic output compared to 17.2% for 2015.
From a continental perspective, 83.8% of Mexican exports by value were delivered to the United States and Canada–fellow members of the North American Free Trade Agreement (NAFTA). In contrast, the value of Mexican shipments to European importers was 5.4%. Latin America and the Caribbean accounted for 5.2% of total Mexican exports compared to 5% for purchasers in Asia.
Given Mexico’s population of 123.2 million people, its total $373.9 billion in 2016 exports translates to roughly $3,000 per resident.
Mexico’s unemployment rate was 3.6% as of January 2016 down from 4.24% one year earlier, according to Trading Economics.
TOP TEN:
The following export product groups represent the highest dollar value in Mexican global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Mexico.
- Vehicles: US$88.1 billion (23.6% of total exports)
- Electrical machinery, equipment: $76.4 billion (20.4%)
- Machinery including computers: $61.7 billion (16.5%)
- Mineral fuels including oil: $18 billion (4.8%)
- Optical, technical, medical apparatus: $16.2 billion (4.3%)
- Furniture, bedding, lighting , signs, prefab buildings: $10.4 billion (2.8%)
- Plastics, plastic articles: $8.4 billion (2.2%)
- Gems, precious metals: $7.5 billion (2%)
- Vegetables: $6.7 billion (1.8%)
- Fruits, nuts: $5.5 billion (1.5%)
Vehicles was the fastest-growing among the top 10 export categories, up 160.9% in value over the 7-year period starting in 2009. The category was boosted by improved sales of Mexican-made cars, trucks and automobile parts and accessories.
In second place for improving export sales was furniture, bedding, lighting, signs and prefab buildings which rose 152.6% led by seats, other furniture and lighting products.
Exported fruits and nuts posted Mexico’s third-fastest gain in value up 151%. Notable gainers were avocados, lemons, watermelons, walnuts and strawberries.
ÇPosting the only decliner among the top categories was mineral fuels including oil, down -40.9% from 2009 to 2016. Exported crude oil has the biggest setback followed by refined petroleum.
Source: worldstopexports.com