Industries play a vital role in the development and growth of any country, and Mexico has certainly benefited considerably from trade liberalisation and manufacturing growth. For any business that makes and sells tangible products, Mexico is one of the best options for sourcing. This article gives you an overview of the top 10 industries in Mexico so that you can get an insight into its manufacturing potential.
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Over the last three decades, Mexico’s economy grew significantly due to transnational free trade agreements, foreign business investment from South Korea, Japan, Canadian, US, and European companies. The escalating trade and political tensions with China over the last few years also renewed interest in Mexico as a business location.
Mexico’s industries are extremely well-established, with many companies having years of experience with exporting to Europe, the US, Australia, and Canada. This offers product sourcers and procurement teams plenty of sourcing options. Some key industries include automotive, aerospace manufacturing, medical and health devices, electronics, appliance manufacturing, furniture, food and beverages (tequila, mezcal, and beer!), oil and gas, apparel & textile manufacturing, packaging, and consumer products. Automotive is probably the largest industry in Mexico, and did you know that the extremely well-loved Corona beer is from Mexico?
Read More: Manufacturing In Mexico vs China
Here we have provided you with the list of Mexico's top 10 manufacturing industries. Following is the Mexico industries list;
Mexico is the sixth-largest automobile producer in the world. Automotive industries in Mexico make their place all over the world. Cities where Mexico's automotive is popular:
In Mexico, 300 aerospace manufacturing companies such as OEMs, Tier 1, 2, and 3 suppliers are included. It has been growing rapidly since 1970. Queretaro, Sonora, Chihuahua, Nuevo Leon, and Baja California are renowned aerospace manufacturing industries in Mexico.
Almost 650 companies are involved in the manufacturing of Mexico's medical device industry in that export about $8 billion
Varies manufacturing industries include electronic manufacturing in Mexico, which provide
And any other manufacturing operation that implants electronic devices.
Mexico is the 5th largest exporter of appliances in the world. It also includes the furniture industry household manufacturing. Following are some of the main household manufacturing companies in Mexico
Trade landmarks of Mexico include maquiladoras. Maquiladoras can be defined as imported raw materials and goods taken in by manufacturing plants for domestic consumption and export on behalf of foreign companies. NAFTA benefited the maquiladora sector in Mexico.
Food manufacturing has become the biggest part of Mexico's industrial economy if we compare it to Western European countries and the US. However, some industries are still undeveloped such as the Mexican regional industry.
According to the country's constitution, mineral resources are taken as property of the nation. Mexico is the world's sixth-largest oil producer, producing about 3,700,000 barrels daily. One of the renowned oil industries of Mexico is Pemex.
As Mexico's fourth-largest manufacturing industry, apparel/clothing and textile manufacturing account for 3.7% (1.3% in textiles and 2.4% in apparel) of Mexico's manufacturing GDP.
Many consumer products are being manufactured in Mexico now as well. As manufacturing costs continue to rise in China, manufacturers are moving their operations to Mexico for various cost-efficient reasons.
This blog is a precise detail of the top 10 industries of Mexico. Automotive is on the top, and the rest of the industries include aerospace manufacturing, medical device manufacturing, electronics, appliance manufacturing and furniture manufacturing, maquiladora industry, food industry, oil industry, apparel & textile manufacturing industry, and consumer product manufacturing.