Mexico, Belgium Strengthen Trade and Investment Ties

Relations between Mexico and Belgium have a rich history dating back to 1838, when independent Belgium sent a Minister Plenipotentiary to Mexico. The Latin American country reciprocated in 1842, and by 1954, both nations had opened their respective embassies. In 1960, the Mexican Embassy in Belgium also assumed the role of Mission to the European Economic Community, today’s European Union.

Over the decades, high-level visits have reinforced this relationship. King Philippe, during his tenure as Crown Prince, visited Mexico multiple times between 1998 and 2010, meeting with Mexican presidents, government officials, and business leaders. In February 2019, Princess Astrid led an Economic Mission to Mexico City and Monterrey, underlining the countries’ shared interest in strengthening bilateral economic ties.

Expanding Bilateral Trade

Bilateral trade between Mexico and Belgium reflects a diverse portfolio of goods and services. In 2024, Mexico’s primary export to Belgium was Other Coloring Matter and Luminophores (US$133 million), while Belgium’s top export to Mexico was Blood Fractions and Immunological Products (US$136 million).

Trade flows show a dynamic and complementary relationship. Mexican exports to Belgium reached US$1.37 billion, representing 0.22% of Mexico’s total exports. Imports from Belgium resulted in a net trade balance of negative US$292 million for Mexico. The Mexican states leading trade with Belgium in 2024 were Chihuahua (US$88.2 million), Tamaulipas (US$68.1 million), and Sonora (US$59.2 million).

According to Belgian data, chemical products dominate Belgian exports to Mexico, accounting for 29.1% of total sales, followed by base metals (20.2%) and machinery (19.3%). Other relevant sectors include plastics, transport equipment, food products, optical instruments, and agricultural goods.

Conversely, Mexican exports to Belgium are led by optical instruments (31.4%), chemical products (17.2%), and transport equipment (17%), with machinery, mineral products, and plastics also playing important roles.

Belgium also stands out as a service trade partner: in 2024, Belgian service exports to Mexico grew 82.9% year-on-year, while service imports from Mexico increased 19.1%.

Belgium’s Footprint in Mexican Investment

Foreign direct investment (FDI) continues to strengthen the bilateral relationship. In 2024, Belgian FDI in Mexico reached US$1.54 billion, distributed across inter-company debts (US$959 million), reinvestment of earnings (US$577 million), and equity capital (US$1.39 million).

Historically, from 1999 to 2024, Belgium has invested US$27.5 billion in Mexico. Key recipient states include Mexico City (US$5.53 billion), State of Mexico (US$3.46 billion), and Zacatecas (US$2.21 billion). In 2024, investments primarily targeted manufacturing, including the beverage and tobacco industries.

A flagship Belgian investment remains AB InBev’s 50% stake in Grupo Modelo, owner of the iconic Corona brand. In April, Grupo Modelo announced a US$183.6 million investment to modernize breweries and strengthen local supply chains. Other Belgian companies with operations in Mexico include Agfa-Gevaert, Janssen Pharmaceutica, and Katoen Natie.

Belgium’s Economic Strengths and Outlook

Belgium’s economic profile underpins its global trade capacity. According to the World Bank, in 2024, the country’s population reached 11.87 million with a GDP of US$664.56 billion. Its key industrial sectors include pharmaceuticals (20.4%), food and beverages (15.3%), chemicals (15%), basic and fabricated metals (11%), rubber and plastics (8.6%), and machinery and equipment (5.8%).

These strengths align with Mexico’s growing demand for healthcare, industrial, and manufacturing inputs, making Belgium a strategic partner.

Mexico is Belgium’s 35th largest client and 24th largest supplier globally, while Belgium ranks as Mexico’s seventh trading partner in the European Union and fifth largest investor. Belgium is Mexico’s seventh-largest trading partner within the European Union and the fifth-largest investor in the country. With 1,132 Belgian companies exporting to Mexico and 2,310 showing interest in the market, bilateral relations are poised for continued expansion.