Global Trade Mission: Mexico

A robust and varied trade relationship

Mexico is the second-largest economy in Latin America and the 12^th-largest in the world in terms of nominal GDP, accounting for 7.3% of global GDP. A large, diversified economy with deep trade and investment relations with the U.S., it is also the second-largest export market for U.S.-produced goods ($323 billion in 2023), as well as for Wisconsin exports (which reached an all-time high of $4.3 billion in 2023). Although the U.S. imports more from Mexico ($480 billion in 2023), many products assembled in Mexico are made from U.S. parts, so even imports from Mexico often benefit U.S. companies that originally produced the component parts. With GDP growth projected at 2% for 2024, Mexico is a major player in the region, and the U.S.-Mexico-Canada (USMCA) trade agreement enacted in 2020 has opened new opportunities in Mexico for U.S. companies. Benefits include improved labor and environmental standards, intellectual property protections, and streamlined trade procedures.

Business connections

In early 2025, the Wisconsin Economic Development Corporation (WEDC) will be leading a Global Trade Venture to Mexico. Wisconsin companies, whether new to exporting or looking to expand their exports into Mexico, are invited to participate in this program, which will travel to Guadalajara and Mexico City—the second-largest and largest cities in Mexico, respectively, and both cities with promising opportunities for Wisconsin exporters.

In each city, participants will be scheduled for one-on-one meetings with potential partners in the market. These partners are chosen for each participating company based on the company’s needs, growth strategy, and product or service offerings. Each participant will also receive a Mexico market assessment specific to their company, detailing considerations they should keep in mind when introducing their product or service into the market. WEDC has eyes and ears on the ground in Mexico in the form of Wisconsin’s authorized trade representatives—thus making it easier for Wisconsin companies to find local partners they can trust and taking some of the guesswork out of launching in a new market or growing exports within the market. With all your appointments arranged for you, you can focus on business rather than logistics and scheduling.

Mexico outlook

Mexico’s diverse economy includes industry strengths such as automotive manufacturing, aerospace, petroleum, mining, and electronics. The automotive industry is particularly significant, along with food, electronics, and oil. Key U.S. exports to Mexico include electrical equipment, machinery, and mineral fuels. Wisconsin exports to Mexico have increased dramatically over the last decade, and they now account for approximately one-sixth of total Wisconsin exports. Leading export categories from Wisconsin to Mexico include industrial machinery, electrical machinery, plastics, and non-rail vehicles, parts among other products and services.

Mexico City is one of the world’s largest cities, with 22 million people in the greater metropolitan area. A key economic driver for the country, the metropolitan area is home to many corporations’ worldwide or regional headquarters, and in particular is a hub for aerospace manufacturing. Wisconsin companies’ meetings in the area may take place in nearby cities, such as Puebla, Toluca, Queretaro, and Guanajuato.

With a population of 5.3 million in the city and surrounding metro area, Guadalajara contributes 37% of total gross production for the state of Jalisco. Its economic base is strong and diversified, with a focus on manufacturing as well as commerce and services.

Companies across many industries can find opportunities in Mexico’s diversified economy, but firms in the following sectors are especially encouraged to participate: