The contribution of foreign trade to Mexico‘s tax revenues decreased from 28.3% in 2022 to 24.7% in 2023, according to data from the Ministry of Finance and Public Credit (SHCP).

With free trade agreements with 50 countries, Mexico is known for having an open economy and actively participates in international trade, with growing integration in North America.

In 2023, Mexican foreign sales of goods were US$593 billion, an amount 2.6% higher at an annual rate.

Foreign trade

In general, Mexico’s foreign trade is influenced by the country’s geographic location, the production of goods and services, and global economic conditions.

Conversely, Mexico imported products with a customs value of US$598.5 billion, a 1% decline over 2022.

Foreign trade contributions were 1 trillion 117.6 billion pesos in 2023, a year-over-year decline of 1.9 percent.

It includes the collection reported by the Customs Auxiliary, plus foreign trade taxes (ICE) recorded by the Decentralized Collection Administrations and Federal Entities.

On the other hand, in 2023, domestic contributions comprised 75% of tax revenues, with 3 trillion 400,130 million pesos.

Energy prices

Compared to the same period of the previous year, these increased by 17.9%, mainly due to a greater dynamism of ISR for payments of this tax by corporations, which nominally increased collections by 233,392 million pesos.

In terms of foreign trade taxes, the performance of the IEPS stands out, with a significant percentage increase of 229.2% in real terms, that is, 116,529 million pesos more than in the same period of the previous year.