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Mexico's overview

Population

126 Million

people by 2020

Currency

MXN

1 AUD = 14.48 MXN

GDP

1,076,163.32

(Millions) for 2020

48.8% male 51.2% female

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

Image by Daniel GO

"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.

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Daniel Servitje, Bimbo CEO

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Iker Echeverría, VUHL CEO

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Ricardo Salinas, Grupo Salinas CEO

Mexico's overview