Officially the United Mexican States, Mexico imported US$604.6 billion worth of goods from around the globe in 2022.

That dollar amount results from a 30.2% upturn compared to $464.3 billion during 2018.

From 2020 to 2021, the total value of Mexican import purchases accelerated by 19.4% from $506.6 billion.

Based on the average exchange rate for 2022, the Mexican peso depreciated by -4.6% against the US dollar since 2018 but gained 0.7% from 2021 to 2022. Mexico’s weaker local currency compared to 2018 makes its imports paid for in weaker US dollars after 2021 relatively more expensive when converted starting from the Mexican peso.

Where Mexico’s Imports Come From

The latest available country-specific data shows that 86.7% of products imported by Mexico were sold by exporters in: the United States of America (43.9% of the Mexican total), mainland China (19.6%), South Korea (3.7%), Germany (3.1%), Japan (3%), Taiwan (2.5%), Malaysia (2.4%), Canada (2.2%), Brazil (2%), Vietnam (1.7%), Thailand (1.32%) and Italy (1.29%).

From a continental perspective, approaching half (46.4%) of Mexico’s total imports by value in 2022 were purchased from fellow North American entities namely the United States of America and Canada. Trade partners in Asia satisfied 38.3% of Mexican import purchases while another 10.9% worth originated from Europe.

Smaller percentages came from suppliers in Latin America (3.9%) plus the Caribbean, Africa (0.3%), then Oceania (0.1%) led by Australia and New Zealand.

Given Mexico’s population of 130.1 million people, its total $604.6 billion in 2022 imports translates to roughly $4,600 in yearly product demand from every person in the southernmost North American country. That dollar metric exceeds the average $3,900 per capita for 2021.

Mexico’s Top 10 Imports

The following product groups represent the highest dollar value in Mexico’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Mexico.

1. Electrical machinery, equipment: US$117.3 billion (19.4% of total imports)
2. Machinery including computers: $94.2 billion (15.6%)
3. Mineral fuels including oil: $62.9 billion (10.4%)
4. Vehicles: $48.3 billion (8%)
5. Plastics, plastic articles: $32.7 billion (5.4%)
6. Iron, steel: $20.8 billion (3.4%)
7. Optical, technical, medical apparatus: $18.7 billion (3.1%)
8. Organic chemicals: $13.3 billion (2.2%)
9. Articles of iron or steel: $12.7 billion (2.1%)
10. Aluminum: $11.6 billion (1.9%)

Mexico’s top 10 imports approached three-quarters (71.6%) of the overall value of its product purchases from other countries.

The strongest growth among Mexico’s leading imported product categories belonged to mineral fuels including oil (up 46.1% from 2021), aluminum (up 31.3%) and organic chemicals (up 24.2%).

The lone decliner was the optical, technical and medical apparatus category, dragged down by a -9.3% reduction.

Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level.

The research below presents a more detailed view of imported goods at the four-digit HTS code level.

From the four-digit HTS code perspective, Mexican buyers spent the most on imported processed petroleum oils (6.9% of Mexico’s total imports), automobile parts or accessories (4.9%), electronic integrated circuits (4.4%), petroleum gases (2.9%), phone devices including smartphones (2.7%), computer parts or accessories (2.3%), computers including optical readers (2%), cars (1.8%), lower-voltage switches or fuses (1.4%) then insulated wire or cable (1.3%).

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$26.3 billion (up 20.5% from 2021)
2. Phone devices including smartphones: $16.5 billion (up 20.9%)
3. Lower-voltage switches, fuses: $8.2 billion (up 15.4%)
4. Insulated wire/cable: $8.1 billion (up 23%)
5. Electrical converters/power units: $5.6 billion (up 23.2%)
6. Electric circuit parts, fuses, switches: $4.9 billion (up 11.1%)
7. Solar power diodes/semi-conductors: $4.6 billion (up 36.1%)
8. TV/radio/radar device parts: $3.9 billion (down -21.3%)
9. Unrecorded sound media: $3.8 billion (up 17%)
10. Printed circuits: $3.5 billion (up 19.2%)

Among these import subcategories, Mexican purchases of solar power diodes or semi-conductors (up 36.1%), electrical converters and power units (up 23.2%), then insulated wire or cable (up 23%) grew at the fastest pace from 2021 to 2022.

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$14.1 billion (up 26.4% from 2021)
2. Computers, optical readers: $11.8 billion (up 8.5%)
3. Engines (diesel): $6.4 billion (up 16.5%)
4. Air or vacuum pumps: $4.6 billion (up 22.4%)
5. Taps, valves, similar appliances: $4.2 billion (up 14.2%)
6. Piston engine parts: $4.1 billion (up 9.8%)
7. Miscellaneous machinery: $4.1 billion (up 30.5%)
8. Transmission shafts, gears, clutches: $3.8 billion (up 8.7%)
9. Centrifuges, filters and purifiers: $3.4 billion (up 20.6%)
10. Piston engines: $3.2 billion (up 11.6%)

Among these import subcategories, Mexican purchases of miscellaneous machinery (up 30.5%), computer parts or accessories (up 26.4%), then air or vacuum pumps (up 22.4%) grew at the fastest pace from 2021 to 2022.

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$41.8 billion (up 68.6% from 2021)
2. Petroleum gases: $17.3 billion (up 9.9%)
3. Petroleum oil residues: $891.7 million (up 19.4%)
4. Petroleum jelly, mineral waxes: $409.7 million (up 14.6%)
5. Electrical energy: $265 million (up 133.3%)
6. Coke, semi-coke: $227 million (down -41.6%)
7. Coal tar oils (high temperature distillation): $116.6 million (up 60.5%)
8. Coal, solid fuels made from coal: $108.1 million (up 70%)
9. Peat: $41.4 million (up 42.2%)
10. Asphalt/petroleum bitumen mixes: $4.2 million (down -4.7%)

Among these import subcategories, Mexican purchases of electrical energy (up 133.3%), coal including solid fuels made from coal (up 70%), then processed petroleum oils (up 68.6%) grew at the fastest pace from 2021 to 2022.

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$29.5 billion (up 13.5% from 2021)
2. Cars: $11 billion (up 45.7%)
3. Trucks: $2.5 billion (up 96.9%)
4. Trailers: $1.4 billion (up 47.9%)
5. Motorcycle parts/accessories: $676.5 million (up 0.6%)
6. Motorcycles: $542.7 million (up 15.2%)
7. Tractors: $393.6 million (up 40.9%)
8. Special purpose vehicles: $137.8 million (up 30.9%)
9. Public-transport vehicles: $100.5 million (up 488.8%)
10. Bicycles, other non-motorized cycles: $98.4 million (down -20.7%)

Among these import subcategories, Mexican purchases of public-transport vehicles (up 488.8%), trucks (up 96.9%), then trailers (up 47.9%) grew at the fastest pace from 2021 to 2022.

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 22, 2023

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 22, 2023

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 22, 2023

International Trade Centre, Trade Map. Accessed on May 22, 2023