Mexico represents, along with Brazil, the main destination market for Italian companies that want to sell abroad, with special focus Latin America.
Currently, these two countries offer the most attractive demand prospects in the Latam region.
Dwelling on Mexico, the reasons for this trend stem from GDP growth and manufacturing activity, along with inflation control, as indicated by the’IMF In his report last October.
The strengthening of its international position is also due to the recent phenomenon of nearshoring, which is providing the nation with important development opportunities.
Also noteworthy is the increase in foreign investment in the country: it reached $35 billion in 2022, returning to pre-pandemic levels in 2019. A figure that differs from the global trend, characterized in the same period by a 12% decline in investment flows, influenced by multiple crises worldwide, including the war in Ukraine, inflationary pressures, the risk of recession, and the debt burden of the world's major economies.
With a population of 130 million, Mexico is the second largest country in Latin America in both population and economic size.
By virtue of its strategic geographic location and the many free trade agreements in place (such as the USMCA with the United States and Canada), the country represents an advantageous market for many Italian companies that decide to sell abroad.
In particular, exports to the nation are also favored by the’agreement of Economic Association, Political Consultation and Cooperation between the European Union and Mexico, which in addition to promoting tariff-free trade between the two sides, offers protection for European products, facilities for financial services and facilitates participation in tenders.
Thank you to these factors, Italian merchandise exports to Mexico have grown significantly over the past decade.
In 2022, with an all-time record of 5.5 billion euros in exported goods, Mexico again became the leading destination of the’Italian export in Latin America, an increase of 44.2% over the previous year.
At the sector level, the main products exported from Italy to Mexico include machinery, metallurgical, chemical and plastic products, and electrical appliances, accounting for 80% of the total. The remaining 20% includes products such as clothing, jewelry, furniture and food products, whose demand is supported by economic growth and the rise of Mexico's middle class.
In detail, here is the commodity composition of Italian exports to the country:
Exports of intermediate goods, particularly in chemicals, rubber and plastics, and metals, are expected to increase in 2023-2024, in line with the expected strengthening of the local manufacturing sector. The mechanical equipment sector also shows good growth, registering +3.7%.
Let's take a closer look at additional elements that make the idea of penetrating the Mexican market particularly advantageous for those wishing to sell abroad:
Economic stability
As we mentioned earlier, the Mexican economy is distinguished by GDP growth and financial strength, supported by increased domestic consumption and rising investment and exports.
Young population and skilled labor
Mexico boasts a young population, with an average age under 28. The labor force is skilled and competitive, with low costs.
Industrial and technological infrastructure
Industrial parks and highly specialized technology centers are present in the country, giving infrastructure to support businesses. In addition, local institutions offer incentives for investment and development of projects related to the area.
These factors combined make Mexico an attractive destination for investment, offering ample opportunities for Italian companies looking to expand their business beyond its borders.
Important manufacturing hub of Latin America
Mexico is proving to be the alternative to China for the United States. Due to its geographic proximity, more and more U.S. companies are seeking partners or investing in Mexico in order to redesign their global supply chains, dividing themselves more from China.
Looking forward, Mexico will continue to be an important outlet market, offering numerous business opportunities for Italian companies.
Specifically, we discuss:
In particular, it should be noted that the food and beverage sector provides particularly promising prospects, especially when considering the update of the’EU-Mexico Free Trade Agreement.
This act further boosted Italian exports by safeguarding typical geographical indications and reducing tariffs on imports.
If you wish to undertake internationalization in the country, please feel free to contact us.
Thanks to the experience and knowledge of our professional team, Octagona can provide you with information on how to sell abroad successfully, and give you support in any activities needed to expand your business significantly.
Nel 2022 l’export italiano di merci verso il Messico ha raggiunto il record storico di 5,5 miliardi di euro, con un aumento del 44,2% rispetto all’anno precedente. Il Messico è tornato così la principale destinazione dell’export italiano in America Latina, dopo una crescita costante negli ultimi dieci anni.
I prodotti italiani più esportati in Messico sono macchinari, prodotti metallurgici, chimici e plastici e apparecchi elettrici, che pesano insieme l’80% dell’export. Il restante 20% comprende abbigliamento, gioielli, arredamento e alimentari, sostenuti dalla crescita della classe media. Tra le voci principali ci sono materiali e apparecchi n.c.a. (36,2%) e metalli di base (33,4%).
L’export verso il Messico è facilitato dall’accordo di associazione tra Unione Europea e Messico, che promuove il commercio senza dazi, protegge i prodotti europei, agevola i servizi finanziari e la partecipazione alle gare d’appalto. Il Messico aderisce anche all’USMCA con Stati Uniti e Canada, che ne rafforza la posizione commerciale strategica.
Il nearshoring rende il Messico interessante perché per gli Stati Uniti è l’alternativa alla Cina. Grazie alla vicinanza geografica, sempre più aziende statunitensi cercano partner o investono in Messico per ridisegnare la catena di fornitura globale. Questo attira investimenti esteri, cresciuti a 35 miliardi di dollari nel 2022, e domanda di macchinari e beni intermedi.
The sectors with the best prospects for Italian companies in Mexico are metalworking machinery, in demand from the automotive and aerospace sectors, luxury apparel, food and beverage, and the shipbuilding and transportation sectors. For intermediate goods such as chemicals, rubber, plastics, and metals, growth is expected in the 2023-2024 biennium.
The Mexican market offers a population of 130 million inhabitants with an average age below 28 years, skilled labor at low costs, and economic stability, with growing GDP and controlled inflation. It also has industrial parks, specialized technology centers, and local incentives for investment.
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