Country Summary: Mexico (United Mexican States)
Country Name: Mexico (United Mexican States)
Capital: Mexico City (Ciudad de Mexico)
Government Type: federal presidential republic
Background: The site of several advanced Amerindian civilizations - including the Olmec, Toltec, Teotihuacan, Zapotec, Maya, and Aztec - Mexico was conquered and colonized by Spain in the early 16th century. Administered as the Viceroyalty of New Spain for three centuries, it achieved independence early in the 19th century.
Mexico is currently the second-largest (after Canada) goods trading partner of the US with nearly $780 billion in two-way goods trade in 2022. Mexico's GDP contracted by 8.2% in 2020 due to pandemic-induced closures, its lowest level since the Great Depression. Mexico’s economy is rebounding; it grew by 4.8% in 2021, driven largely by increased remittances, despite supply chain and pandemic-related challenges, and grew by 3% in 2022.
The US-Mexico-Canada Agreement (USMCA, or T-MEC by its Spanish acronym) entered into force on 1 July 2020 and replaced its predecessor, the North American Free Trade Agreement (NAFTA). Mexico amended its constitution on 1 May 2019 to facilitate the implementation of the labor components of USMCA.
Ongoing economic and social concerns include low real wages, high underemployment, inequitable income distribution, and few advancement opportunities, particularly for the largely indigenous population in the impoverished southern states. Since 2007, Mexico's powerful transnational criminal organizations have engaged in a struggle to control criminal markets, resulting in tens of thousands of drug-related homicides and forced disappearances.
Continent: North America
Population: 129,875,529 (2023 est.)
Ethnic Groups: Mestizo (Indigenous-Spanish) 62%, predominantly Indigenous 21%, Indigenous 7%, other 10% (mostly European) (2012 est.)
note: Mexico does not collect census data on ethnicity
Languages: Spanish only 93.8%, Spanish and indigenous languages 5.4%, indigenous only 0.6%, unspecified 0.2%; note - indigenous languages include various Mayan, Nahuatl, and other regional languages (2020 est.)
Religions: Roman Catholic 78%, Protestant/evangelical Christian 11.2%, other 0.002%, unaffiliated (includes atheism) 10.6% (2020 est.)
Economic Overview: one of the world’s largest economies; USMCA buttresses its manufacturing sector; has underperformed growth targets for three decades; COVID-19 disrupted export-based economy; corruption and cartel-based violence undermine economic stability
Currency: Mexican Peso (MXN)
Reserves of Foreign Exchange & Gold: $201.119 billion (2022 est.) note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Real GDP (Purchasing Power Parity): $2.583 trillion (2022 est.) note: data in 2017 dollars
Real GDP Growth Rate: 3.9% (2022 est.) note: annual GDP % growth based on constant local currency
Real GDP per Capita: $20,300 (2022 est.) note: data in 2017 dollars
Exports:
$626.298 billion (2022 est.) note: balance of payments - exports of goods and services in current dollars
Comparison Ranking: 17
Export Commodities: cars and vehicle parts, computers, delivery trucks, crude petroleum, video displays, insulated wiring (2021)
Export Partners: United States 75% (2019)
Imports:
$668.59 billion (2022 est.) note: balance of payments - imports of goods and services in current dollars
Comparison Ranking: 14
Import Commodities: integrated circuits, refined petroleum, cars and vehicle parts, office machinery/parts, telephones (2019)
Import Partners: United States 54%, China 14% (2019)
Natural Resources: petroleum, silver, antimony, copper, gold, lead, zinc, natural gas, timber
Agricultural Products: sugarcane, maize, milk, oranges, sorghum, tomatoes, poultry, wheat, green chillies/peppers, eggs
Industries: food and beverages, tobacco, chemicals, iron and steel, petroleum, mining, textiles, clothing, motor vehicles, consumer durables, tourism
Industrial Production Growth Rate:
5% (2022 est.) note: annual % change in industrial value added based on constant local currency
Comparison Ranking: 61
Labor Force: 58.718 million (2022 est.)
Unemployment Rate: 3.26% (2022 est.) note: % of labor force seeking employment
Natural Hazards: tsunamis along the Pacific coast, volcanoes and destructive earthquakes in the center and south, and hurricanes on the Pacific, Gulf of Mexico, and Caribbean coasts
Volcanism: volcanic activity in the central-southern part of the country; the volcanoes in Baja California are mostly dormant; Colima (3,850 m), which erupted in 2010, is Mexico's most active volcano and is responsible for causing periodic evacuations of nearby villagers; it has been deemed a Decade Volcano by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to its explosive history and close proximity to human populations; Popocatepetl (5,426 m) poses a threat to Mexico City; other historically active volcanoes include Barcena, Ceboruco, El Chichon, Michoacan-Guanajuato, Pico de Orizaba, San Martin, Socorro, and Tacana; see note 2 under "Geography - note"
Geography:
Total: 1,964,375 sq km
Land: 1,943,945 sq km
Water: 20,430 sq km
(Country Summary, The World Factbook, CIA.gov)
LEGAL, FINANCIAL, & TAX ADVICE DISCLAIMER: The information on SportsLifeMoney’s™ (“SLM”) websites, podcast network, videos, social media accounts, and other platforms (collectively, “SLM Platforms”) is strictly and solely provided for educational and informational purposes only. All of the information and materials on the aforementioned SLM Platforms do not constitute and are not intended to provide legal, financial, accounting, or tax advice, and should not be relied on in that respect. SLM recommends that you consult with an attorney, certified financial advisor, or licensed accountant to answer any legal, financial, or tax questions you may have. SLM also recommends that you consult with an attorney, certified financial advisor, or licensed accountant before making any legal, financial, or tax-related decisions based on content and/or subject matter included and/or discussed on any of the SLM Platforms. Before you act or rely on any information you have heard, read, viewed, and/or listened to on any of the SLM Platforms or communication mediums, SLM recommends that you confirm any and all facts that are important to your decision and that you subsequently consult with an appropriate professional (e.g., attorney, certified financial advisor, certified accountant, etc.) and have them review these facts and also confirm their validity. CAUTION: IF YOU RELY ON ANY INFORMATION, CONTENT, PRODUCT, OR SERVICE FROM ANY OF THE SLM PLATFORMS, YOU DO SO AT YOUR OWN RISK. YOU UNDERSTAND THAT YOU ARE SOLELY RESPONSIBLE FOR ANY AND ALL DAMAGES OR LOSS THAT YOU MAY INCUR THAT RESULTS FROM YOUR USE AND/OR RELIANCE OF ANY OF THE SLM PLATFORMS OR ANY OF THE CONTENT OR MATERIAL OTHERWISE PROVIDED ON ANY OF THESE SLM PLATFORMS. SLM AND ANY AND ALL OF ITS AFFILIATES MAKE NO IMPLIED OR EXPRESS REPRESENTATIONS OR IMPLIED OR EXPRESS WARRANTIES OF ANY KIND REGARDING ANY AND ALL INFORMATION ON ANY OF THE SLM PLATFORMS OR SLM’S AFFILIATE PLATFORMS. SLM AND ITS AFFILIATES WILL NOT BE HELD LIABLE FOR ANY DAMAGES. By continuing to use any of the SLM Platforms, you acknowledge and agree to the aforementioned terms and conditions of this disclaimer and any and all other legally binding terms and conditions set forth in SLM’s Privacy Policy, Terms & Conditions, and other legally binding agreements.