The Ministry of Finance and Public Credit (SHCP) projects that Mexico‘s import revenue will increase at a year-on-year rate of 8% in 2025 in real terms.
In 2023, this collection was 100.71 billion pesos, which implies a growth of 1.9% at an annual rate and also in real terms.
In order to protect domestic industry and in line with the trade policies of its main partners, Mexico adjusted its import tax legislation, implementing tariffs on products from countries with which it does not have free trade agreements.
Mexico’s import revenue
Originally, the tariffs were announced in August 2023 and ranged from 15% to 25%. However, on April 23, 2024, the tariffs were modified to a range between 5% and 50% for 544 tariff items.
The tariffs cover sectors such as steel, aluminum, footwear, plastics, glass and ceramics, among others.
The tariffs became effective on August 16, 2023 and, considering the modification, will remain in effect until April 23, 2026.
As a result of these measures and a better-than-expected growth of the 2024 base, import revenue is expected to increase by 8.8% real annualized over the closing estimate.
The SHCP forecasts that total tax revenues will reach 5 trillion 296 billion pesos in 2025 and show a real growth of 3.0% with respect to the estimated closing of 2024.
This is Mexico’s import revenue, in billions of pesos:
- 2018: 65.5.
- 2019: 64.7.
- 2020: 57.9.
- 2021: 75.5.
- 2022: 93.7.
- 2023: 100.7
The dynamism in revenues has several explanations. On the one hand, it is due to the expected growth of the economy. On the other hand, it is influenced by the impact of measures against tax fraud. In addition, initiatives to encourage digitalization and simplify the payment of contributions also play an important role.
Tax collection is key to financing Mexican government programs and projects. For this reason, strategies to increase this revenue are constantly reviewed. However, we avoid raising current rates or creating new taxes. This ensures certainty for economic agents and promotes equity.