According to the World Bank, Mexico is the second-largest economy in Latin America. In 2021, its GDP reached US$1.29 trillion, a growth rate of 4.8 percent.
Mexico has a large diverse economy and is currently the US’ second-largest trading partner, accounting for 14.5 percent of total trade in the first quarter of 2022.
Top US product exports include electronics, vehicles, fuels, minerals, plastics, and machinery. In addition, Mexico is the second-largest agricultural export market for the US and imported US$19.5 billion worth of US agricultural products in 2018.
Mexico is also a member of the World Trade Organization (WTO) and has 13 free trade agreements (FTAs) that cover 50 countries, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the United States-Mexico-Canada Agreement (USMCA). Due to these FTAs, Mexico’s market is one of the most competitive and open in the world.
The advantage of investing in Mexico is that Mexican companies and suppliers are familiar with the US.. products, and services. U.S. businesses typically find it straightforward to market their products in Mexico. Promising industries for U.S. businesses in Mexico are agriculture, auto parts and services, aerospace, education services, energy, environment technology, information technology, transport infrastructure, and tourism, among others.
Source: El Financiero