Officially the United Mexican States, Mexico imported US$506.6 billion worth of goods from around the globe in 2021.

That dollar amount results from a 20.5% increase since 2017 and a 32.3% downturn from 2020 to 2021.

Based on the average exchange rate for 2021, the Mexican peso depreciated by -7.1% against the US dollar since 2017 but gained 5.6% from 2020 to 2021. Mexico’s stronger local currency compared to 2020 makes its imports paid for in weaker US dollars after 2020 relatively less expensive when converted starting from the Mexican peso.

Where Mexico’s Imports Come From

The latest available country-specific data shows that 87% of products imported by Mexico were sold by exporters in: United States (43.7% of the overall Mexican total), mainland China (19.9%), South Korea (3.7%), Germany (3.4%), Japan (3.37%), Malaysia (2.4%), Taiwan (2.32%), Canada (2.2%), Brazil (1.72%), Vietnam (1.7%), Thailand (1.3%) and Italy (1.2%).

From a continental perspective, approaching half (46.2%) of Mexico’s total imports by value in 2021 were purchased from fellow North American entities namely the United States of America and Canada. Trade partners in Asia satisfied 38.6% of Mexican import purchases while 11.3% worth originated from Europe.

Smaller percentages came from Latin America plus the Caribbean (3.5%), Africa (0.3%) and Oceania (also 0.1%) led by Australia and New Zealand.

Given Mexico’s population of 129 million people, its total $506.6 billion in 2021 imports translates to roughly $3,900 in yearly product demand from every person in the southernmost North American country. That dollar metric exceeds the average $3,000 per capita for 2020.

Mexico’s Top 10 Imports

The following product groups represent the highest dollar value in Mexico’s import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into Mexico.

1. Electrical machinery, equipment: US$82.9 billion (21.6% of total imports)
2. Machinery including computers: $65.9 billion (17.2%)
3. Vehicles: $32.1 billion (8.4%)
4. Mineral fuels including oil: $25.1 billion (6.6%)
5. Plastics, plastic articles: $21.9 billion (5.7%)
6. Optical, technical, medical apparatus: $15.7 billion (4.1%)
7. Iron, steel: $8.8 billion (2.3%)
8. Articles of iron or steel: $8.2 billion (2.1%)
9. Organic chemicals: $7.5 billion (1.9%)
10. Aluminum: $5.9 billion (1.5%)

Mexico’s top 10 imports approached three-quarters (71.5%) of the overall value of its product purchases from other countries.

All top product categories declined in the value of imports from 2020 to 2021.

Declines ranged from -3% for optical, technical and medical apparatus to -38.7% for the mineral fuels including oil product category.

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more detailed view of imported goods at the four-digit HTS code level, see the adjacent folders labeled with product groupings.

Mexico’s Imports of Electrical Products

Mexican importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.

1. Integrated circuits/microassemblies: US$21.9 billion (up 16.2% from 2020)
2. Phone devices including smartphones: $13.7 billion (up 16.5%)
3. Lower-voltage switches, fuses: $7.1 billion (up 26.3%)
4. Insulated wire/cable: $6.6 billion (up 36.3%)
5. TV/radio/radar device parts: $4.9 billion (up 25.2%)
6. Electrical converters/power units: $4.6 billion (up 21%)
7. Electric circuit parts, fuses, switches: $4.4 billion (up 29.5%)
8. Solar power diodes/semi-conductors: $3.4 billion (up 14.4%)
9. Unrecorded sound media: $3.3 billion (up 22.2%)
10. Electric motors, generators: $3.2 billion (up 14%)

Among these import subcategories, Mexican purchases of insulated wire or cable (up 36.3%), electric circuit parts, fuses and switches (up 29.5%) then lower-voltage switches and fuses (up 26.3%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Mexican businesses and consumers.

Mexico’s Imports of Machinery Including Computers

Mexican importers spent the most on the following 10 subcategories of machinery including computers.

1. Computer parts, accessories: US$11.1 billion (up 19.2% from 2020)
2. Computers, optical readers: $10.9 billion (up 12.1%)
3. Engines (diesel): $5.5 billion (up 29.9%)
4. Air or vacuum pumps: $3.78 billion (up 21.8%)
5. Piston engine parts: $3.76 billion (up 14.4%)
6. Taps, valves, similar appliances: $3.7 billion (up 20.4%)
7. Transmission shafts, gears, clutches: $3.5 billion (up 21%)
8. Miscellaneous machinery: $3.2 billion (up 38.5%)
9. Piston engines: $2.9 billion (up 4.2%)
10. Centrifuges, filters and purifiers: $2.8 billion (up 17.8%)

Among these import subcategories, Mexican purchases of miscellaneous machinery (up 38.5%), diesel engines (up 29.9%) then air or vacuum pumps (up 21.8%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Mexican businesses and consumers.

Mexico’s Imports of Mineral Fuels and Related Products

Mexican importers spent the most on the following 10 subcategories of mineral fuels-related products.

1. Processed petroleum oils: US$24.8 billion (up 45.5% from 2020)
2. Petroleum gases: $15.8 billion (up 136.3%)
3. Petroleum oil residues: $747 million (up 49.9%)
4. Coke, semi-coke: $388.6 million (up 126.5%)
5. Petroleum jelly, mineral waxes: $357.7 million (up 77.5%)
6. Electrical energy: $113.6 million (up 9.1%)
7. Coal tar oils (high temperature distillation): $72.6 million (up 52.2%)
8. Coal, solid fuels made from coal: $63.6 million (down -9.6%)
9. Peat: $29.1 million (up 32.8%)
10. Asphalt/petroleum bitumen mixes: $4.4 million (down -15%)

Among these import subcategories, Mexican purchases of petroleum gases (up 136.3%), coke or semi-coke (up 126.5%) then petroleum jelly and mineral waxes (up 77.5%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Mexican businesses and consumers.

Mexico’s Imports of Vehicles and Related Products

Mexican importers spent the most on the following 10 subcategories of vehicles.

1. Automobile parts/accessories: US$26 billion (up 18.4% from 2020)
2. Cars: $7.6 billion (up 21.2%)
3. Trucks: $1.3 billion (down -7.5%)
4. Trailers: $945.8 million (up 47.5%)
5. Motorcycle parts/accessories: $672.4 million (up 74.8%)
6. Motorcycles: $471.3 million (up 68.8%)
7. Tractors: $279.3 million (down -3.9%)
8. Bicycles, other non-motorized cycles: $124.2 million (up 106.8%)
9. Special purpose vehicles: $105.3 million (down -4.4%)
10. Automobile bodies: $58.8 million (up 0.5%)

Among these import subcategories, Mexican purchases of bicycles plus other non-motorized cycles (up 106.8%), motorcycle parts or accessories (up 74.8%) then motorcycles themselves (up 68.8%) grew at the fastest pace from 2020 to 2021.

These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles among Mexican businesses and consumers.
 

 

See also Mexico’s Top 10 Exports, Mexico’s Top Trading Partners, Mexico’s Top 10 Major Export Companies and United States Top 10 Imports

Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 17, 2022

International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 17, 2022

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 17, 2022

International Trade Centre, Trade Map. Accessed on May 17, 2022