Mexico is the world’s 13th largest exporting nation and its 12th largest importing nation. In terms of industry, the country’s main strengths lie in automobile and automotive parts manufacturing, aerospace, electrical engineering, oil and chemicals. It is a major producer of automobiles and is, in fact, the world’s fourth largest exporter in the automobile sector. Mexico traditionally has close economic ties with the USA. North America accounts for some 80 percent of Mexico’s foreign trade.
Mexico is Latin America’s second-largest economy, achieving a GDP of USD 1,043 billion in 2016 – an increase of 2.3 percent on 2015. The country’s GDP comes primarily from the services sector, industry and commerce and in 2016 worked out at about USD 8,623 per capita. About one-third of Mexico’s GDP comes from industry, which generates some 35 percent of the country’s exports.
The energy market reform process, which began in 2013, has breathed new life into the country’s oil, gas and electricity sectors. The reforms have brought various private investors into the energy market alongside the country’s big state-owned companies PEMEX and CFE. Over the past seven years, Mexico’s overall energy requirement has grown by 25 percent. This growth includes a 50 percent increase in the country’s electricity requirement. While this energy requirement is currently met primarily from oil and gas, the government now has a diversification strategy aimed at generating 35 percent of the country’s total energy requirement from a mix of renewables, such as wind and hydropower, and nuclear by 2024.
The growth areas of the Mexican economy include renewable energy, mechanical engineering, healthcare and logistics. Of particular interest is the logistics industry, which currently generates about 15 percent of Mexico’s GDP. The bulk of this relates to transportation. Mexico is currently working on improving its logistics performance, a score on which it aims to join the ranks of the global top 20 by 2030.