There are a number of great reasons to sell your products to Mexico. Mexico has a robust and growing economy and a thriving middle class. And, the median age in Mexico is 27 years old – an open-minded target market ready to adapt to new brands, new experiences and new products. They have a lifetime of consumption ahead of them with anticipated larger disposable incomes – a perfect market to introduce YOUR products to NOW. Consider that Mexico is one of the most ‘open to trade’ countries in the world and has an economy larger than Canada, Korea, or Spain. Combine that with an economy that’s booming and a sophisticated import infrastructure designed to support businesses that export to Mexico. Take a close look at the potential, and you’ll quickly see the advantage to your bottom line
Why do Business in Mexico
Emerging economy: Mexico has a ground-floor opportunity. The market size of Mexico stands at 110 million and is increasing.
Access to capital: in such an emerging market, you get access to capital, which can help boost your business.
Stable economy: when the rest of the world goes through an economic crisis, one of the countries that remained relatively stable in Mexico. With the threat of recession, the risks are spread out enough to limit the potential of financial loss.
Legal protection: Mexico has strong legal protection for IP rights, which can help protect any business patents.
Favorable exchange rate: the current conversion rate for $1 is 18.86. This implies that it is cheaper to import and export.
Skilled workforce: Mexico has a diverse labor that is highly skilled. There are numerous workers in many STEM fields
Best 10 Selling Products in Mexico
Apparel and Accessories
In Mexico, apparel, and accessories seen as the most popular products purchased online, Mexico is also renowned for its colorful ethnic textiles and traditional garments, which are justifiably popular and respected for their quality.
In recent years Mexico has become a major player in the manufacture of mainstream fashion and clothing, rivaling the more well-known industries in China and the Indian sub-continent. Traditional clothing styles worn by women in Mexico have enjoyed trend-setting status lately, informing summer looks as far as Europe and Australia. Those off-the-shoulder tops and dresses that have filtered down onto the high street wouldn’t look out of place at a Mexican fiesta, nor would the generously ruffled skirts.
Mexico is an attractive market for accessories sellers as one of the ten most popular online purchases is fashion jewelry. Both women and men choose jewelry as an element of self-expression and also to mark most of the religious milestones of their life.
According to statista data, (view more click here) Revenue in the Jewelry segment amounts to US$1,712m in 2020. The market is expected to grow annually by 0.4% (CAGR 2020-2023).
In global comparison, most revenue is generated in China (US$19,330m in 2020).
It can be seen that the market volume of fashion jewelry is huge in Mexico, and China will be the largest source country of fashion jewelry. An excellent fashion jewelry supplier from China will be an important factor for your business success.
Sales of precious adornments are generally on the rise in the nation, and that is reflected in the ecommerce market. There is also a common tradition for jewelry within the Mexican families: for example, a diamond engagement ring or an elaborate gift of precious metals or stones upon the birth of the couple’s first child is a very common purchase.
Mexico’s beauty and personal care market are forecasted to reach USD 10.51 billion by 2024, growing at a CAGR of 9.42% during the forecast period. Growing beauty, consciousness among male consumers, and an increase in the number of brands foraying into internet retailing are driving the growth of cosmetic products in Mexico. The segment comprises of moisturizers, face and neck creams, cleansers, hand and body lotions, sun care products and other skin protection and cleansing cosmetics.
Video games, Consoles, and accessories
Slow growth does not appear to apply to the video game industry in Mexico, which was worth 22.8 billion pesos (the US $1.2 billion) last year, double what it generated seven years ago. Video game players, of which there are currently an estimated 47 million, have kept the industry growing at double-digit levels. The strongest sector in the video game market is that of dedicated consoles and all the accessories and add-ons consumers must purchase to enjoy their gaming experience fully.
Furniture and furnishings stores in Mexico registered reasonable growth. Mexico is the world’s fourth exporter of adjustable height swivel seats, sixth of chairs and metal seats, eighth of chairs and wooden seats, and ninth of wooden parts and pieces of furniture. Mexican furniture is considered by many as being distinctive and elegant, Handmade with rich wood moldings and fine rustic details.
Mexico’s positive economic performance has contributed to a remarkable up in sales of traditional toys during the last two years. As the Mexican toy market is an important hub for North America, international toy manufacturers are competing for market shares. Toys are prevalent in Mexico, with both children and adults playing with them. The popular toys in Mexico include board games Trompo and Balero.
Computer and software
Mexico has the largest software market in Latin America and is among the top 10 worldwide. Its growth is expected to be 12% annually from 2011 to 2015, outpacing general IT market growth. The greatest demand for software comes from the government. Other priority areas for software are the public and financial sectors, which demand an accounting, economics, and security software. The chemical industry and the healthcare industry, in both its public and private spheres, demand software for patient information, pharmacy services and medical inventory. The computer software market consists of systems and application software. Systems software comprises operating systems, network and database management, and other systems software.
The country is undoubtedly a Latin America’s giant in terms of luxury watch consumption, clearly ahead of Brazil or Argentina. It is an important market for some of the most extravagant timepieces in the world.
Television is a popular form of entertainment in Mexico, Cable television is widely available throughout Mexico, especially in the cities
Shoes and Footwear
The footwear and leather goods industry is one of Mexico’s most established and valuable industries. There is a large clientele in Mexico that always buys imported goods. About 200000 worth of shoe polishes are consumed yearly in Mexico. The State of Guanajuato is the leading footwear manufacturing Mexican state, representing 70% of the domestic footwear production.
Benefits of Starting a Business in Mexico
- Your Operational Costs Are MUCH Lower
One of the main benefit of starting a business in Mexico is the increased cost-saving the country provided to the business. Mexico’s population is composed of highly-skilled dependable labor that is more than 50 percent cheaper than the cost of labor in other counties. Additionally, business in Mexico has access to infrastructure that is affordable and modern.
- Emerging economy
Businesses that start in Mexico benefit because they work with a growing market where you have a ground-floor opportunity. The Mexican market currently stands at 110 million and continues to grow.
- Getting a Work Permit and Starting a Mexican Company Are Not Difficult
Mexico has reduced the processes for obtaining licenses, permits, and government approvals. Comparing to other countries, Mexico has a simple host for foreign investors and businesses. With a reduction of eight processes and thirteen processing days, Mexico is the best place to start your business.
- Free Trade Agreements (FTA)
Mexico has more FTA than most countries in the world. This implies that you can export your products to most parts of the world. Over 50 nations have partnered with Mexico in global agreement that minimize barriers of trade encouraging the transit of goods worldwide.