As per the Custom Import Export Data, Mexico’s foreign trade represents 83.6% of its GDP in 2021 and the country is very much dependent on foreign trade. The United States of America is the most important trading partner of the country.
Mexico has extensive networks of trade agreement in the world and the country is strengthening its trade alliances to become more competitive in the international arena. Mexico ranked 60th among 190 countries in the ease of doing business and has thirteen free trade agreements with fifty countries, making it one of the most open and competitive markets in the world.
As per Mexico Import Data, the country’s main imports are machinery and transport equipment, chemicals and consumer goods. The top importers are machinery, transport equipment, chemicals and consumer goods.
As per Mexico Export Data, the country’s main exports are cars, motor vehicles, parts and accessories, computers, delivery trucks and crude petroleum. The top exporters are United States, Canada, China, Chinese Taipei and Germany.
The country is the 7th largest exporter of gold and has been in mining and mineral business for centuries. The mining industry in Mexico is a major player in the revenue generation the Mexico’s government. Canada, Germany, United States, Japan and Spain have large mining investments in the country giving them priority as export business destinations for minerals from Mexico.
How to start an import export business with Mexico?
Starting a Mexican Company is important for importing or exporting in the country. Here are some of the steps to consider when starting import export business with Mexico.
- Incorporation: Starting a Mexican Company or a business in Mexico is to rely on customs broker to import or export products for the company under the broker’s company with steep fees.
- Company must obtain import permit: The Company that wish to start import business in Mexico must obtain import permit. The process takes place in fifteen days. The import permit requires the following registration with the tax authorities, pre-designated custom broker, local corporate signatory in Mexico, Mexican company’s electronic tax signature. After the completion of the incorporation process, the Mexican Company has obtained its registration with the tax authorities. The Company must also have its electronic tax signature. The company must have Mexican account name with limited corporate authority for powers of administration for processing the company’s electronic tax signature. After the processing of this tax signature, the company is ready to apply for an import permit.
- Documents required for importing/exporting goods in Mexico: The whole suite of documents are required for importing or exporting goods in Mexico. The custom broker needs these documents for import and export in Mexico.
a. Copy of Articles of Association for Mexican Company.
b. Copy of power of attorney of company representative, attorney or accountant.
c. Address proof.
d. Copy of Mexican representative identification- Passport, residence card or Mexican voter registration card.
e. Original signed custom broker or power of attorney.
f. Mexican Company’s Tax ID registration.
g. Mexican Company’s electronic tax signature certificate.
h. Photos of the interiors and exteriors of the registered office of the company.
i. Mexican company’s electronic tax signature certificate.
Licensing procedure for import/export in Mexico
Importing goods to Mexico
A tax registered company looking to import goods into Mexico will b required to register with the Secretariat of Finance and Public Credit and should be listed on the official register of importers – pardon de importadores. Large companies engaged in the importation of multiple products including chemicals, auto parts and agricultural products must apply to the listed on the Specific Sectoral Importers Registry by the Secretariat. The importer must obtain an import requisition that includes bill of lading, commercial invoice, an exemption permit and certificate showcasing compliance with Mexican product safety regulations.
For all those importers who are importing controlled products like healthcare products and medical devices must appoint Mexico resident distributor or legal representative who is registered with Mexico Secretariat of Health.
Exporting goods out of Mexico
Companies must register with the Federal register of tax payers and obtain a tax identification number. The companies must register with the Sectoral export register if certain goods including tobacco, alcoholic and flavoured beverages, energy drinks, fossil fuels and pesticides are involved. An exporter must also prepare a comprehensive custom declaration, global and unit value and component of items, applicable custom fees, export agent and receiving consignee details. Certain items like hydro carbons, antiques and archaeological remains, crude oil, products and derivatives and natural asphalt are prohibited for export by the Mexican government. Mexican exporters must follow the laws and regulations of Mexico General Import Export Tax and also adhere to the established regulations of the destination country.
Wrap up
It is important to know the import export dynamics of Mexico before starting an export import business in the country. Collaborate with a professional data service provider to get authentic, accurate and real-time data of imports and exports scenario of Mexico so that you can start your business without any hassle.
Import Globals 