Mexico Rises in Global Manufacturing Exports in 2022

The value of Mexican exports of manufactured goods experienced a significant increase last year, reaching a total of $444 billion, a 17% increase.

This outstanding performance positioned Mexico as the seventh-largest global manufacturing exporter in 2022, up from the eighth position, according to data provided by the World Trade Organization (WTO).

The improvement in the ranking was achieved through a year-on-year growth of 17%, surpassing Taiwan, whose increase was 6%, reaching $440 billion. Mexico, with its dynamic performance, led among the top 10 manufacturing exporting economies globally.

High Degree of Diversification

The manufacturing sector continues to play a crucial role in the Mexican economy, contributing both to the Gross Domestic Product (GDP) and international trade. Additionally, it stands out for its high degree of diversification.

In terms of contribution to the manufacturing GDP, the food industry and the production of transportation equipment stand out, with the latter being Mexico's main export category. The computer and communication equipment industry follows, also significant in exports.

Globally, the European Union held the top position with $5.38 trillion and a year-on-year growth of 4%, surpassing China ($3.32 trillion with a 6% increase) and the United States ($1.19 trillion with an 11% increase).

Export Promotion

Looking back from 2010 to 2022, Mexico achieved the third-highest average annual growth rate in manufacturing exports among the top 10 leading economies, with 6%, trailing behind Vietnam (17%) and China (7%).

The country has continued to implement export promotion programs, such as the IMMEX and the Program of Refund of Import Taxes to Exporters (drawback), to promote productivity, increase competitiveness, and facilitate the inclusion of Mexican products in the global market.

Beneficiary Companies

Over the last four years, Mexico has notified the WTO of various export subsidy programs, with the IMMEX program being crucial for Mexican trade. In the period from 2016 to 2021, on average, more than half of the exports and 43.3% of imports were carried out by companies benefiting from IMMEX, primarily in machinery, appliances, and electrical equipment.

In 2022, Mexican exports totaled $578.193.4 billion, with a year-on-year increase of 16.9%. However, imports also experienced growth of 19.6%, reaching $604.614.6 billion, resulting in a deficit of $26.421.2 billion, a 141.5% increase compared to the negative balance of 2021.