Mexico–Norway Trade: Building Strategic Value Across Oceans

Mexico and Norway have cultivated a growing and mutually beneficial trade relationship. Both countries are open economies with strong institutional frameworks, deeply engaged in global commerce and energy markets. Their bilateral trade reflects not only their economic complementarities but also a shared interest in sustainable development, innovation, and rules-based international cooperation.

Mexico and Norway established diplomatic relations in 1906. Their trade relationship operates under the framework of the Free Trade Agreement between Mexico and the European Free Trade Association (EFTA), which includes Norway, Switzerland, Iceland, and Liechtenstein. Signed in 2000 and expanded in subsequent years, this agreement has significantly lowered trade barriers, increased legal certainty, and promoted investment flows.

Both nations are also members of global multilateral institutions such as the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), and the United Nations, providing a stable environment for cooperation on trade, climate policy, and human rights.

Trade Volume, Key Sectors

Although trade between Mexico and Norway remains modest compared to Mexico’s commerce with the United States or Norway’s trade within the European Economic Area, it has shown steady growth in recent years. Bilateral exchanges are diverse, covering energy technologies, maritime services, manufactured goods, and agricultural products.

Mexico’s exports to Norway include automotive components, electrical equipment, food products such as avocados and processed fruits, and medical devices. Norwegian exports to Mexico are dominated by advanced machinery, subsea technology, chemical products, and seafood, particularly high-value fish such as salmon. Norwegian maritime and offshore engineering capabilities hold strategic importance for Mexico’s oil and gas sector, especially in the Gulf of Mexico, where Norwegian firms have contributed to subsea installations, floating production systems, and safety technologies.

In 2024, Mexico’s leading exports to Norway were tubes and pipes of iron or steel, valued at US$49.8 million. The main points of origin for these sales were Veracruz (US$50.2 million), Nuevo Leon (US$22 million), and Jalisco (US$7.2 million). Mexico’s main import from Norway in the same year consisted of mineral or chemical products containing two or three of the fertilizing elements nitrogen, phosphorus, and potassium, in packages weighing no more than 10kg gross, valued at US$119 million. These imports were primarily destined for Jalisco (US$153 million), Mexico City (US$69.1 million), and Nuevo Leon (US$13.4 million).

In terms of commercial balance in 2024, the states with the highest net trade surplus with Norway were Veracruz (US$48.4 million), Nuevo Leon (US$8.57 million), and Yucatan (US$5.91 million).

Investment relations complement the trade flows. From January to December 2024, foreign direct investment (FDI) from Norway into Mexico totaled US$98.6 million, composed of US$104 million in reinvestment of earnings, US$455,000 in equity capital, and a net reduction of US$5.96 million in inter-company debt. Over the longer term, from January 1999 to December 2024, Mexico received a cumulative US$1.06 billion in FDI from Norway: US$592 million in inter-company debt, US$327 million in equity capital, and US$140 million in reinvestment of earnings.

Energy as a Strategic Link

One of the most strategic areas of collaboration between Mexico and Norway is energy. Norway is a global leader in offshore oil production, energy technology, and environmental regulation, while Mexico is seeking to modernize its energy infrastructure and increase efficiency. Opportunities for technical cooperation and knowledge transfer are substantial, especially as Mexico attempts to balance its oil production goals with environmental and climate commitments.

Norway’s oil and gas industry developed in one of the most challenging deepwater environments in the world, which fostered a culture of innovation, cost efficiency, and safety from the very beginning. This expertise is highly relevant to Mexico, where operators face the dual challenge of maximizing efficiency while managing operational risks. As Sven Feldhaus, Country Manager, Norwegian Energy Partners (NORWEP) notes, “Translating these technologies to the Mexican market, where conditions may be different but the drive to do more with less is equally important, is actually not that complicated.”

Norway’s experience in managing its sovereign wealth fund through oil revenues and promoting sustainable energy practices could serve as a model for Mexico as it seeks to improve governance, diversify its energy matrix, and expand its capacity in areas such as wind, hydrogen, and carbon capture. Initiatives like Norway’s Northern Lights carbon capture facility, operating for over a decade, offer tangible examples of how long-term vision and technological investment can align economic growth with environmental responsibility.

Outlook, Future Opportunities

Although Mexico–Norway trade volumes remain relatively modest, the relationship holds significant potential. Future growth will likely depend on expanded cooperation in strategic sectors such as clean energy, maritime logistics, digital technologies, and sustainable resource management. The modernization of the EFTA–Mexico Free Trade Agreement, currently under discussion, may unlock additional opportunities for investment, services, and regulatory harmonization.