However, the Latin American country's government and industrial leaders are now increasingly looking across the Pacific and Atlantic. Foreign trade is a key part of the Mexican economy and is currently supported by 12 free trade agreements covering a total of 46 countries. Mexico generates some 33 percent of its GDP from exports.
The country is currently seeking to negotiate a new, reformed free trade agreement with the European Union aimed at expanding trans-Atlantic trade and investment. Mexico also has its sights set on free trade agreements with several other countries, including Jordan, Paraguay and Turkey. It is also a member of the Pacific Alliance trade bloc, alongside Colombia, Peru and Chile, has plans to secure trade deals with Australia, New Zealand, Singapore, Vietnam, Malaysia and Brunei, and is extremely interested in developing closer economic relations with China.
Taking a more specifically German perspective, Mexico is by far the Federal Republic’s biggest export destination in Latin America. From 2014 to 2015, Germany's exports to Mexico increased by 24 percent to US$11.09 billion – more than it exported to countries like Brazil and India. By contrast, Germany has hitherto been a fairly unimportant export destination for Mexico – as can be seen from the fact that Germany accounts for only 0.9 percent of Mexico's total exports.
Mexico’s economic growth is very much export-led. For instance, in 2016, the country’s automobile and automotive subcontracting industries exported 3.46 million vehicles, an increase of just on two percent compared with 2015, not to mention an all-time record. Put simply, automobiles and auto parts make up half of Mexico’s exports.
Find out more about our Partner Country Mexico on the Homepage of ProMéxico .