Mexico's overview
126 Million
people by 2020
MXN
1 AUD = 14.48 MXN
1,076,163.32
(Millions) for 2020
48.8% male 51.2% female
Population
Currency
GDP
Extension
1.973 million km²
25% Australia's
Government
Federal Republic
Bicameral
Mexico's economy
Size
15th
Australia 13th
It is a major exporter of silver, fruits, vegetables, coffee, cotton, oil and oil products.
Mexico produces approximately 3.5 million barrels of oil a day and is the world's eighth-largest oil exporter. Sales from oil account for nearly a third of all government revenue.
Key industries
food and beverages
tobacco
chemicals
iron and steel
petroleum
clothing
motor vehicles
consumer durables
tourism
"Many major Australian companies are fast developing a significant footprint in Mexico across a range of sectors – advanced manufacturing, education, energy, food and agribusiness, health, infrastructure, mining and technology. Mexico is Australia’s largest trading partner in Latin America."
Austrade, 2021
Business Culture
Mexico’s approach to business is increasingly sophisticated. This is a reflection of Mexico’s extensive agenda for economic reform, its maturing trade relationships (especially as a result of NAFTA, but also the EU and the Pacific Alliance) and the general rise in the education attainment levels.
With regard to language, it is important to understand that while senior leaders often speak fluent English, Australian companies will benefit from having staff or partners that speak Spanish. This is especially the case at middle management levels, where many negotiations are conducted.
Mexicans are relationship driven and will sometimes expect to develop relationships in more social settings. Mexican counterparts will often take time to assess the benefits of working with new foreign companies. Relationship building activities, however, are no substitute for commercial astuteness.
Daniel Servitje, Bimbo CEO
Iker Echeverría, VUHL CEO
Ricardo Salinas, Grupo Salinas CEO