Imports of consumer goods to Mexico, excluding the oil sector, have grown at double-digit rates since 2021.

For example, these products include cell phones, computers, clothing, footwear, televisions, refrigerators, washing machines, hygiene and beauty products, furniture, toys and medicines.

From January to July 2024, these foreign purchases grew 23% over the same period of the previous year, to US$46.335 billion.

Foreign purchases

According to Inegi figures, during 2023, total imports, to Mexico excluding services, experienced a 1.0% decrease compared to 2022. 

This decrease can be mainly attributed to two factors: on the one hand, there was a 3.1% increase in non-oil imports; on the other hand, there was a notable decrease of 30.2% in oil imports compared to the previous year.

In detail, of the imports made in 2023, a significant 75.7% corresponded to intermediate goods. 

Likewise, 14.6% of imports corresponded to consumer goods, while 9.7% were for capital goods. 

These data reflect the composition of imports and offer a detailed view of the types of goods that predominate in Mexico’s international trade.

Imports of consumer goods

External purchases of consumer goods, excluding the oil sector, showed a strong dynamism after the Covid-19 pandemic.

In 2020, these imports of consumer goods fell 21.3% at an annual rate.

Previously, these same purchases had low growth rates.

Below is the trend of non-oil imports of consumer goods to Mexico, in millions of dollars and year-over-year growth rates:

• 2018: 43,610 (3.1 percent).
• 2019: 43,852 (0.5 percent).
• 2020: 34,510 (-21.3 percent).
• 2021: 46,269 (30.9 percent).
• 2022: 56,517 (21.1 percent).
• 2023: 70,685 (25.1 percent).

Mexican economy

Mexico is the second largest economy in Latin America and has a population of 128 million. 

This not only makes it the most populous Spanish-speaking country in the world, but also the third most populous in the Western Hemisphere. 

In economic terms, Mexico’s Gross Domestic Product (GDP) reached US$1.8 trillion in 2023. 

In addition, Mexico’s GDP per capita was US$13,927 in 2023.