The Mexican Business Council for Foreign Trade, Investment and Technology (Comce) released its projected exports and FDI for Mexico in 2024.
Comce estimates a 3% increase in exports and an 8% increase in FDI at annual rates.
Considering its forecast, the trend of Mexican exports of products would be as follows:
- 2020: 461,116 million dollars.
- 2021: 494,225 million dollars.
- 2022: 578,193 million dollars.
- 2023: US$593,012 million.
- 2024: US$610,000 million.
Projected exports
From January to May 2024, Mexican foreign merchandise sales accumulated 250,517 million dollars, an increase of 4.4% year-on-year.
Mexico is the second largest economy in Latin America and has a population of 128 million, making it the most populous Spanish-speaking country in the world and the third most populous in the Western Hemisphere.
Mexico’s Gross Domestic Product (GDP) was $1.8 trillion in 2023, equivalent to approximately 6% of the U.S. GDP of $28.8 trillion.
FDI
Foreign Direct Investment arrivals to Mexico in the first quarter of 2024 were US$20.313 billion, up 9% year-over-year, considering preliminary figures.
With Comce’s projections, FDI flows would be as follows:
- 2020: US$28.211 billion.
- 2021: US$33.467 billion.
- 2022: US$36,316 million.
- 2023: US$36.058 billion.
- 2024: US$39 billion.
Mexico’s GDP per capita was US$13,927 in 2023, compared with US$80,474 in the United States.
Mexico’s GDP growth generally follows U.S. economic trends, with greater fluctuations.
The Comce noted that Mexico ranked ninth in the world in both global exports and FDI destination, which implies record levels.