Dragon Sourcing Your Tailored Approach to Emerging Markets
Study on Sourcing Opportunities in Mexico
Dec, 2017 www.dragonsourcing.com
Table of Contents ▪ ▪
Executive Summary Mexico – An Overview
▪ ▪
Mexico – Country Overview
Trade Statistics
▪ ▪
Export & Import Trade Statistics Top Export Categories & Duty Rates
▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪
Vehicles, other than Railway Electrical Equipment Machinery Mineral Fuel
Optical Products, Watches & Medical instruments Furniture and Furnishings Plastics and Plastic Parts Precious Metals
Vegetables Fruits
Trade Agreements
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Executive Summary Annual Mexico’s Category‘s Growth of share of share of Exports Global Total Mexico Value Exports Exports (2012(2016) (2016) 2016)
Category
HS Code
2016 Export Value in USD Billion
Vehicles other than railway
87
88
6%
7%
24%
Electrical Equipment
85
76
1%
3%
20%
Machinery
84
62
4%
3%
16%
Mineral Fuel
27
18
-25%
1%
5%
Optical Products, watches & medical instruments
90
16
9%
3%
4%
Furniture and Furnishings
94
10
9%
4%
3%
Plastics and plastic parts
39
8
2%
2%
2%
Precious metals
71
7
-14%
1%
2%
Vegetables
07
7
7%
7%
2%
Fruits
08
6
16%
5%
1%
© 2017 Dragon Sourcing. All rights reserved.
Top Products
Cars Parts and accessories for tractors, motor vehicle Vehicles for goods transport Telephone sets Monitors and projectors Insulated wires and cables Automatic data-processing machines Refrigerators, freezers Spark-ignition reciprocating or rotary internal combustion piston engine Crude oil Petroleum oil Electrical energy Medical Instruments Regulating or controlling instruments Meters
Top Export Destinations
Import Duty into US
Import Duty into EU
USA, Canada, Germany
Free
Free
USA, Canada, China
Free
Free
USA, Canada, Germany
Free
Free
USA, Spain, India
Free
Free
USA, Netherlands, Ireland
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Seats Lamps and lighting fittings USA, Canada, Luxembourg Furniture parts Packaging products Other Plastic Articles USA, Belgium, China Plates, sheets, film, foil and strip Gold Silver USA, UK, Switzerland Jewelry Tomatoes USA, Canada, Guatemala Cucumbers and gherkins Dates, figs, pineapples, avocados, guavas, mangoes and mangosteens Strawberries, raspberries, blackberries, back, white USA, Canada, Japan or red currants, gooseberries Nuts (excluding coconuts, Brazil nuts & cashew nuts)
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MEXICO – AN OVERVIEW
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Mexico – Country Overview
Country Facts (2016) Population GDP
127.5 million USD 1.046 trillion
Annual GDP Growth
2.3 %
Country Indicators
Score/ Value
Global Competitiveness Index Score
4.4
Macroeconomic environment Score
5.2
Labor Market Efficiency Score
3.8
Domestic market size index
5.7
Business Sophistication Score
4.3
Country Indicators
Mexico Ranking (out of 190)
Ease of Doing Business
49
Starting a Business
90
Dealing with Construction Permits
87
Getting Electricity
92
Registering Property
99
Protecting Minority Investors
62
Paying Taxes
115
Trading across Borders
63
Enforcing Contracts
41
Resolving Insolvency
31
▪
Political Outlook: Mexico’s political outlook is faintly unstable due to pressing challenges such as nationwide protests against rising gas prices, the depreciation of the peso, and handling the relationship with the new U.S. administration.
▪
Economic Outlook: GDP growth is expected to decelerate modestly to 2.1% in 2017 and 1.9% in 2018
▪
Investment Outlook: FDI inflow was about 26.73 billion USD in 2016. USA is the major investor contributing about 44% of the total investments into Mexico. About 48% of the total investments is in the Manufacturing sector, followed by Commerce at 7%, Media and Telecom at 5%, Services at 15%, Mining at 6%, and Others 18%.
Note: Score reading: 1-7 (best)
Source: World Economic Forum, data.worldbank.org, promexico.mx © 2017 Dragon Sourcing. All rights reserved.
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TRADE STATISTICS
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Export & Import Trade Statistics
Export and Import Statistics (in USD Trillion) 0.45
0.40
0.40
0.40
0.38
0.40
Top Importing Markets for products exported by Mexico (in USD Billion) 0.37
350
0.39
300
0.35 0.25
200
0.20
150
0.15
100
0.10 0.05
50
0.00
0 2014
2015
Total Exports from Mexico
▪
303
250
0.30
▪
319 309
2016
11 11 10 USA
Total Imports into Mexico
Canada
6
5
5
4
China 2014
2015
4
4
Germany
3
3
4
Japan
2016
About 80% of the total exports from Mexico is to the US. Canada, China, Germany and Japan contributes to about 1% and 5% of Mexico’s exports. There is lot of export potential for Motor Vehicles & Parts from Mexico. About USD 30 billion worth market for Motor Vehicles & Parts is still untapped. Machinery market worth of USD 11 billion is available to explore.
Source: World Economic Forum, data.worldbank.org © 2017 Dragon Sourcing. All rights reserved.
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Top Export Categories & Duty Rates Top 10 export categories contributes to about 80% of the total exports value from Mexico Top Export Categories from Mexico (Values in USD Billion) 6 5
Fruits
Vegetables
6
7 7 7 8 8
Precious metals Plastics and plastic parts
10 10
Furniture and Furnishings
16 15
Optical Products, watches & medical instruments
18
Mineral fuels and mineral oils
23
Machinery
59
62 76
Electrical machinery, equipment and parts
81 88
Vehicles other than railway 0
10
20
30 2016
40
50
60
70
80
90
90
2015
Import Duty into the US from Mexico
Import Duty into the EU from Mexico
Vehicles other than Railway (HS 87 series)
Free
Free
Mineral fuels and mineral oils (HS 27 series)
Free
Free
Electrical machinery, equipment and parts (HS 85 series)
Free
Free
Electronic Equipment (HS 84 series)
Free
Free
Furniture and Furnishings (HS 94 series)
Free
Free
Category (HS code)
100
Source: International Trade Centre, US International Trade Commission, European Commission Š 2017 Dragon Sourcing. All rights reserved.
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Vehicles, other than Railway (1/2) World Export of HS 87 series (Vehicles, other than Railway) in USD billion in 2016
Export of HS 87 series (Vehicles, other than Railway) from Mexico in USD billion 100
244, 18%
86 80
90
88
2015
2016
77
60
142, 10% 686, 51%
40 125, 9% 20 64, 5% Germany
Japan
USA
88, 7%
Mexico
Canada
0
Others
2013
Top Importers of HS 87 series (Vehicles, other than Railway) from Mexico in USD billion 80
70
2014
Top Exported Products in this Category
▪
76 74
70
▪
60 50 40
▪
30
Motor cars and other motor vehicles principally designed for the transport of persons Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles Motor vehicles for the transport of goods
20 10
4
4
5
2
2
2
2
1
1
2
1
1
0 USA
Canada
Germany 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
China
Brazil
2016
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Vehicles, other than Railway (2/2)
Baja California
▪
Sonora Chihuahua Coahuila
▪ Nuevo León San Luis Potosi
Jalisco
▪
Guanajuato Aguascalientes State of Mexico Queretaro Puebla
▪
About 21 of the major vehicle manufacturers in the world have presence in 14 Mexican states. Mexico ranks 7th in the production of vehicles globally producing about 3.6 million vehicles. Gross production value of automobile and light-duty motor vehicle manufacturing in Mexico peaked in March 2017 at a worth of USD 5.35 billion In May 2017, the value amounted to USD 5 billion, up from USD 4.2 billion a month earlier Recently, Ford has announced its plan to manufacture a new electric vehicle in Mexico
Major Vehicles Production Zones in Mexico
Source: statista.com, promexico.mx, usatoday.com © 2017 Dragon Sourcing. All rights reserved.
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Electrical Equipment (1/2) World Export of HS 85 series (Electrical Equipment) in USD billion in 2016
Export of HS 85 series (Electrical Equipment) from Mexico in USD billion 100 80
856, 37%
78
80
81
2013
2014
2015
76
937, 41% 60 40
76, 3% 134, 6% China
USA
20 167, 7%
138, 6%
Germany
South Korea
Mexico
0
Others
Top Importers of HS 85 series (Electrical Equipment) from Mexico in USD billion 80 70
2016
Top Exported Products in this Category
▪
70 72 67
60
▪ ▪
50 40
Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data Monitors and projectors Insulated wires and cables
30 20 10
2
2
2
0
0
1
1
1
1
1
1
1
0 USA
Canada
China 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
France
Colombia
2016
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Electrical Equipment (2/2)
▪ Baja California
Sonora
▪
Chihuahua
▪ Nuevo León
▪ Jalisco State of Mexico
Gross production value of small household appliances manufacturing in Mexico peaked to USD 20 million in March, 2017 Mexico is the leading exporter of the electronics industry in Latin America The cost of electronics assembly in Mexico is 11.9% lower than in the United States. In addition, Mexico has significantly lower operating costs for the manufacture of electronics equipment and components compared to nine other leading countries in the industry. Mexico’s costs are 13.8% lower than the United States for the manufacture of telecommunications equipment. Mexico also stands out as the country with the lowest operating costs in the manufacture of telecommunications equipment compared to nine other leading countries in the industry.
Major Industrial Zones in Mexico
Source: statista.com, promexico.mx © 2017 Dragon Sourcing. All rights reserved.
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Machinery (1/2) World Export of HS 84 series (Machinery) in USD billion in 2016
Export of HS 84 series (Machinery) from Mexico in USD billion 80
344, 18% 60
2014
2015
62
40
191, 10% 62, 3% Germany
USA
20
124, 7%
Japan
Mexico
0
Others
2013
Top Importers of HS 84 series (Machinery) from Mexico in USD billion 60
59
223, 12%
938, 50%
China
60 54
2016
Top Exported Products in this Category
▪ ▪
53 51
50
▪
40 30
Automatic data-processing machines Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps Spark-ignition reciprocating or rotary internal combustion piston engine
20 10 0
1
1
1
0
0
1
0
0
0
0
0
0
0 USA
Canada
Germany 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
China
France
2016
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Machinery (2/2)
▪
▪
▪
Michoacán
Veracruz
▪
Guerrero
Mexico is one of the largest electronics production hubs other than Asia Pacific. Electronics industry in Mexico grew at a CAGR of 4% between 2010 and 2015. Over 2010-2015, production of computers and office machinery in Mexico jumped by 27%, communications equipment – by 17%, followed by a 29% surge in electronic components fabrication. A significant share of product output, ranging from 4% in electronic components to 79% of communication equipment, was exported Growth drivers: Increasing Foreign Investments , Joint Ventures with local manufacturers
Chiapas Major Industrial Zones in Mexico
Source: euromonitor.com, statista.com, lexology.com © 2017 Dragon Sourcing. All rights reserved.
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Mineral Fuel (1/2) World Export of HS 27 series (Mineral Fuel) in USD billion in 2016
Export of HS 27 series (Mineral Fuel) from Mexico in USD billion 60
164, 11%
49 135, 9%
42
40 94, 7% 23
62, 4% 18, 1%
Saudi Arabia
Russia
USA
Canada
Mexico
0
Others
2013
Top Importers of HS 27 series (Mineral Fuel) from Mexico in USD billion 35
18
20
1,015, 68%
2014
2015
2016
Top Exported Products in this Category
▪ ▪ ▪
30
30 25
Crude oil Petroleum oil Electrical energy
20 15
14 9
10
5 5
2
2
2
1
2
0
1
1
0
1
1
0 USA
Spain
India 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
Japan
South Korea
2016
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Mineral Fuel (2/2)
▪
Coahuila
▪
▪
Tamaulipas
▪ Veracruz
▪
Mexico is one of the largest oil producers in the world (2.1 million barrels per day in 2016), and the third-largest in the Americas after the United States and Canada Oil is a crucial component of Mexico's economy and earnings from the oil industry accounted for about 32% of total government revenues in 2016. Mexico is likely to keep its production target at 1.944 million barrels per day in 2017. PEMEX is the national oil company (now termed a "state productive enterprise") with a 75-year long monopoly over the oil and gas industry Mexico is likely to continue as one of the largest crude producers due to more foreign investment and expertise in the oil sector
Major Mineral Fuel Zones in Mexico
Source: export.gov, oilprice.com, forbes.com, mxoil.com © 2017 Dragon Sourcing. All rights reserved.
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Optical Products, Watches & Medical instruments (1/2) World Export of HS 90 series (Optical Products, Watches & Medical Instruments) in USD billion in 2016
Export of HS 90 series (Optical Products, Watches & Medical Instruments) from Mexico in USD billion 20
82, 15%
14
16
15
13 67, 13% 268, 50%
65, 12% 16, 3%36, 7% USA
China
Germany
Japan
Mexico
0
Others
2013
Top Importers of HS 90 series (Optical Products, Watches & Medical Instruments) from Mexico in USD billion 16 14
13
14
2014
2015
2016
Top Exported Products in this Category
▪
15
▪ ▪
12 10
Medical Instruments (medical, surgical, dental or veterinary sciences) Regulating or controlling instruments and apparatus Revolution counters, production counters, taximeters, milometers, pedometers
8 6 4 2
0.1 0.2 0.2
0.2 0.2 0.2
0.2 0.2 0.1
0.1 0.1 0.1
Netherlands
Ireland
Canada
France
0 USA
2014
2015
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2016
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Optical Products, Watches & Medical instruments (2/2)
Baja California
▪
Chihuahua
▪
▪
Total production of medical device manufacturing in Mexico was about USD 8.6 billion in 2011 and is expected to reach USD 15 billion by 2020, according to Mexico’s National Institute of Statistics and Geography (INEGI) Mexico’s optical sensors market is expected to grow to USD 0.64 billion by 2018 at a CAGR of 7.89% over the period 2016-2021. Optical sensors business is witnessing innovative progression, and market players have come up with exceptionally power-efficient optical sensors.
Major Optical Products, Watches and Medical Device Production Zones in Mexico
Source: tecma.com, offshoregroup.com, todaysmedicaldevelopments.com, mordorintelligence.com © 2017 Dragon Sourcing. All rights reserved.
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Furniture and Furnishings (1/2) World Export of HS 94 series (Furniture and Furnishings) in USD billion in 2016
Export of HS 94 series (Furniture and Furnishings) from Mexico in USD billion 20
88, 38%
94, 40%
10
10, 4% 12, 5% China
Germany
10
2014
2015
2016
8
17, 7%
Italy
Poland
Mexico
0
Others
2013
Top Exported Products in this Category
▪ ▪ ▪
12.0 9.0 9.3
10
13, 6%
Top Importers of HS 94 series (Furniture and Furnishings) from Mexico in USD billion 10.0
10
9.7
Seats, whether or not convertible into beds Lamps and lighting fittings Furniture parts
8.0 6.0
4.0 2.0 0.3 0.3 0.3
0.1 0.1 0.1
Canada
Luxembourg
0.1 0.10.05 0.04 0.03 0.03
0.0 USA
2014
2015
© 2017 Dragon Sourcing. All rights reserved.
Japan
Brazil
2016
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Furniture and Furnishings (2/2)
▪
▪ Zacatecas
▪ Jalisco State of Mexico
Total furniture production is about USD 16.5 billion in countries of Latin America and the Caribbean. Brazil and Mexico alone contributes to about 70% of the production in that region. Mexico is the 2nd largest producer and 2nd largest consumer of furniture in the Latin American and Caribbean area accounting about 18% of the total production in the region Revenue in the "Furniture & Homeware" segment in Mexico is about USD 708 million in 2017. It is expected to reach USD 1,484 million in 2022 and resulting in a CAGR of 16%.
Major Furniture Production Zones in Mexico
Source: statista.com, furnitureandfurnishing.com, worldfurnitureonline.com © 2017 Dragon Sourcing. All rights reserved.
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Plastics and Plastic Parts (1/2) World Export of HS 39 series (Plastics & Plastic Parts) in USD billion in 2016
Export of HS 39 series (Plastics & Plastic Parts) from Mexico in USD billion 10
62, 11%
8
9
8
8
2015
2016
62, 11%
59, 11%
326, 60%
28, 5% 8, 2%
China
Germany
USA
South Korea
Mexico
0
Others
2013
Top Importers of HS 39 series (Plastics & Plastic Parts) from Mexico in USD billion
Top Exported Products in this Category
▪
8 6
6
6
▪ ▪
6
4
2 0.2 0.2 0.2
0.1 0.1 0.2
0.3 0.2 0.2
0.1 0.1 0.1
Belgium
China
Colombia
Guatemala
2014
Articles for the conveyance or packaging of goods, of plastics; stoppers, lids, caps and other closures, of plastics Other plastic articles Plates, sheets, film, foil and strip, of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials, without backing, unworked or merely surfaceworked or merely cut into squares or rectangles
0 USA
2014
2015
© 2017 Dragon Sourcing. All rights reserved.
2016
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Plastics and Plastic Parts (2/2)
▪
▪ Nuevo León
▪
San Luis Potosi
▪
Guanajuato Jalisco State of Mexico Queretaro Puebla
Total Local Production of Plastics and Plastic Articles: ▪ 2014: 17.6 billion USD ▪ 2015: 18.3 billion USD ▪ 2016: 19.1 billion USD Plastics industry witnessed a growth of 5.7% in 2016 Guanajuato is the major producer of plastics and plastic products in Mexico Though the current state of the industry is stable, manufacturers are expecting higher growth rates in the near future as Mexico continues to negotiate additional free trade agreements with key economies.
Major Plastics Production Zones in Mexico
Source: plasticnews.com, export.gov © 2017 Dragon Sourcing. All rights reserved.
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Precious Metals (1/2) World Export of HS 71 series (Precious Metals) in USD billion in 2016
Export of HS 71 series (Precious Metals) from Mexico in USD billion 15
99, 15%
10
10
106, 16%
8
341, 52%
7
7
2015
2016
5 57, 9% 7, 1%42, 7% Switzerland
China
USA
India
Mexico
0
Others
2013
Top Importers of HS 71 series (Precious Metals) from Mexico in USD billion
Top Exported Products in this Category
▪ ▪ ▪
8 6 6
5
2014
6
Gold Silver Jewelry
4
2
1.3
0.8 0.9
0.3 0.3
0.3
0.0 0.0 0.1
0 USA
UK
Switzerland 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
India
0.30.04
0.04
Canada
2016
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Precious Metals (2/2)
Sonora
▪
Chihuahua
▪ Durango
▪ Zacatecas
▪
▪
Mexico ranks 8th in global gold production Mexico witnessed five times increase in growth is gold production from 2001 reaching 14.4% In 2015, the gold production was about 4.3 million ounces. 3 states (Sonora, Zacatecas and Chihuahua) contribute to about 70% of the country’s gold production. Mexico contributes to about 20% of the global silver production which is higher than China and Peru.
Major Gold and Silver Production Zones in Mexico
Source: issuu.com/mexicobusinesspublishing © 2017 Dragon Sourcing. All rights reserved.
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Vegetables (1/2) World Export of HS 07 series (Vegetables) in USD billion in 2016
Export of HS 07 series (Vegetables) from Mexico in USD billion 10
11, 15%
7 7, 10% 34, 49%
5
5
2013
2014
6
7, 10%
7, 9% 5, 7% China
Netherlands
Mexico
Spain
Canada
0
Others
Top Importers of HS 07 series (Vegetables) from Mexico in USD billion
▪ 6 5
6
4
▪ ▪
2 0.06 0.04
0.05
2016
Top Exported Products in this Category
8
6
2015
Other vegetables, fresh or chilled (excluding potatoes, tomatoes, alliaceous vegetables, edible brassicas, lettuce "Lactuca sativa" and chicory "Cichorium spp.", carrots, turnips, salad beetroot, salsify, celeriac, radishes and similar edible roots, cucumbers and gherkins, and leguminous vegetables) Tomatoes Cucumbers and gherkins
0.05 0.05 0.05 0.03 0.01 0.03 0.03 0.03 0.02
0 USA
Canada
Guatemala 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
Algeria
Spain
2016
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Vegetables (2/2)
Baja California
Sonora
▪ ▪ Baja California Sur
Sinaloa
▪ ▪
▪
Sales volume of vegetables reached 6 million tons in 2016. Sales of vegetables is estimated to reach a volume CAGR of 1% by 2021. Tomatoes and Maize are the major vegetables produced in 2016 Tomatoes, Maize and Onions constitutes about 24%, 22% and 12% of sales volume among other vegetables produced. Yellow maize is commonly used to feed livestock, white maize is mostly for human consumption.
Major Vegetables Production Zones in Mexico
Source: euromonitor.com, digitalcommons.calpoly.edu © 2017 Dragon Sourcing. All rights reserved.
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Fruits (1/2) World Export of HS 08 series (Fruits) in USD billion in 2016
Export of HS 08 series (Fruits) from Mexico in USD billion 10
14, 13% 9, 8%
6 6, 6% 4 6, 5%
68, 63%
5
3
6, 5%
USA
Spain
Chile
Netherlands
Mexico
0
Others
2013
Top Importers of HS 08 series (Fruits) from Mexico in USD billion
▪
6
▪ 5 3
4
2 0.14 0.180.22
0.14 0.14 0.19 0.03 0.04 0.08 0.02 0.03
▪
0.06
0 USA
Canada
Japan 2014
2015
© 2017 Dragon Sourcing. All rights reserved.
Netherlands
2015
2016
Top Exported Products in this Category
8
4
2014
Vietnam
Dates, figs, pineapples, avocados, guavas, mangoes and mangosteens Fresh strawberries, raspberries, blackberries, back, white or red currants, gooseberries and other edible fruits (excluding nuts, bananas, dates, figs, pineapples, avocados, guavas, mangoes, mangosteens, papaws "papayas", citrus fruit, grapes, melons, apples, pears, quinces, apricots, cherries, peaches, plums and sloes) Other nuts, whether or not shelled or peeled (excluding coconuts, Brazil nuts and cashew nuts)
2016
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Fruits (2/2)
▪ Sonora
▪ Nuevo Leon Tamaulipas
San Luis Potosi
▪ Yucatan
Veracruz Tabasco
Puebla Oaxaca
▪
Mexico is the 5th largest producer of Oranges in the world with an average annual production volume of 4.2 million tons Top categories (Mexican consumers’ favorite fruits) - overall volume sales in 2016: ▪ Oranges, tangerines and mandarins: 21% ▪ Banana: 17% Sales of fruits are estimated to reach about 10.5 million tons by 2021 thus attaining a volume CAGR of 1%. Population growth and increase in awareness about the healthy eating habits are the major drivers for the growth in volume.
Major Fruits Production Zones in Mexico
Source: euromonitor.com, theyucatantimes.com © 2017 Dragon Sourcing. All rights reserved.
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TRADE AGREEMENTS
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Trade Agreements México has signed 32 Reciprocal Promotion and Protection of Investments Agreements with 33 countries, 12 free trade agreements spanning 46 countries, 9 agreements of limited scope and economic complementation agreements within the framework of the LatinAmerican Integration Association (ALADI) and it is a member of the Trans-Pacific Partnership Agreement (TPP) Agreements
Region/ Countries Involved
Asia
Israel – Mexico, Japan – Mexico
Europe
EEFTA – Mexico, EU – Mexico
North America
NAFTA (North American Free Trade Agreement)
Central America
Mexico – Central America, Mexico – Panama
South America
Chile – Mexico, Colombia – Mexico, LAIA (Latin American Integration Association), Mexico – Uruguay, Peru – Mexico, Pacific Alliance, Southern Common Market (MERCOSUR) - Mexico Other Trade Agreements Global System of Trade Preferences among Developing Countries (GSTP)
Other Agreements Protocol on Trade Negotiations (PTN)
Source: World Trade Organization, promexico.mx, gob.mx © 2017 Dragon Sourcing. All rights reserved.
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