Mexico Drops to 10th Place Among World’s Top Exporters in 2024

In 2024, Mexico slipped one position in the global ranking of the Top 10 exporting countries, according to Sergio Contreras, CEO, Mexican Business Council for Foreign Trade, Investment, and Technology (COMCE). The country dropped from ninth to tenth place after Hong Kong climbed to eighth, reaching exports worth US$646 billion, a 12% increase compared to the previous year, surpassing both France and Mexico.

Mexican exports, meanwhile, grew by 4% to US$617.1 billion, up from US$593 billion the prior year, as reported by Contreras, based on the World Trade Organization’s (WTO) Trade Outlook and Statistics report. Despite this, Mexico remains the tenth-largest exporter by value, accounting for 2.5% of global trade.

Contreras emphasized that in 2024, Mexico sustained its regional leadership as Latin America’s top exporter and ranked second in the Americas, only behind the United States.

On the import side, Mexico also holds the tenth spot, with a 2.6% share and 4% growth. Imports reached US$625.3 billion from Asia, the United States, and Europe, compared to US$598.5 billion the previous year. Contreras highlighted that Mexican exports to the United States hit a record monthly high of US$47.98 billion in March, reaffirming Mexico’s status as United States’ main trading partner.

Looking ahead, 2025 is expected to be an atypical year for international trade, with the WTO projecting a 0.2% contraction in global merchandise trade volume, contrasting with the 2.9% growth recorded in 2024. “This slowdown is attributed to the impact of new tariffs, weaker external demand, and adjustments in global supply chains,” Contreras Pérez noted. A moderate recovery of 2.5% is forecast for 2026.

Given this global context, COMCE stressed the importance of strategic dialogue platforms to identify opportunities, anticipate risks, and enhance Mexico’s competitiveness in international markets.