Market Trends of Mexico Customs Brokerage Industry
Transport is the largest Function
The growth of the Mexican transportation services industry made exports from Mexico competitive. Exports reached a value of USD 590.93 billion in 2022, leading to increased trade with fellow NAFTA members, who accounted for 81.2% of Mexico’s total exports. The NAFTA also firmly established trading relations for Mexico, with 84% of exports from the country going to the United States and Canada. As a result, the bulk of the Mexican freight industry is occupied by road freight, which held a modal share of 55.8% in 2021.
Maritime transport in Mexico is one of the key pillars of developing the economy and international trade. In April 2021, the volume of container cargo handled in Mexican ports accounted for approximately 608.5 thousand TEUs. It represented an increase of around 15.2% compared to the throughput reported in April 2020.
Air freight witnessed an upsurge during 2017-2021, registering a CAGR of 1.57%. In 2021, the way from Mexico City to Guadalajara was the leading domestic air freight route in Mexico, transporting approximately 26,227 metric tons of freight. The second-leading route was from Tijuana to Mexico City, accounting for almost 10,000 metric tons of air freight. In 2021, over 51,600 metric tons of air cargo loads were transported between Mexico City and Los Angeles, which made it the most important route for international air cargo transportation route in the Latin American country. The next ranking was occupied by the Mexico City - Frankfurt route, accounting for approximately 32,100 metric tons of freight.
Imports driving the growth of the market
The growth in imports is a prime driving factor for the customs brokerage market. The imports of the country is growing over the years. In 2022, Mexico's overall commerce with the United States climbed 12% year over year to USD 64 billion. In January, Mexico imported USD 37 billion while exporting USD 27 billion worth of products and services. As its overall commerce with the United States climbed 9% year over year to USD 62 billion, Canada placed second. The third place with USD 51.3 billion was China. According to census statistics analyzed by WorldCity, the top US exports to Mexico in January were petrol and other fuels (USD 3 billion), motor vehicle components (USD 1.6 billion), computer chips (USD 1.1 billion), liquified natural gas ( USD 1 billion), and low-value shipments (USD 788 million). The top American imports from Mexico were commercial vehicles (USD 3 billion), passenger vehicles (USD 2.9 billion), motor vehicle parts (USD 2.7 billion), computers (USD 2.3 billion), and oil (USD 1.6 billion).
Since imports rose by 35% in 2022 despite a 7% growth in Mexican footwear output, imported footwear will continue to acquire market dominance. Mexico's total imports increased 0.4% year over year in March 2023, compared to a 4.1% year-over-year decline the previous month.
