Updated in November 2023.
Policy will be the key to success
BB2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD1414.18bn (World ranking 14, World Bank 2022) |
Population | 127.05mn (World ranking 10, World Bank 2022) |
Form of state | Federal Republic |
Head of government | Andrés Manuel Lopez Obrador (President) |
Next elections |
2024, General Election |

- Sound macro-policy framework: fiscal spending is capped and proactive inflation-targeting central bank
- Moderate debt ratios and strong external position (manageable current account deficit, large FX reserves)
- Strong legacy of pro-business reforms in the last decade
- Structural business environment exceeds Latin American average
- Durable political framework with stable handovers of power
- Member of OECD
- Easy access to capital markets
- Support from IFIs likely if needed

- Financial integration means market volatility is driven by both domestic (more or less pro-business stance) and external (US) policy risk. Trade uncertainty dissipated but doubts over the implementation of NAFTA remain
- Fiscal position highly sensitive to oil price (oil = 30% of public revenues)
- Sensitive to US business cycle (around 80% of exports)
- Skewed income distribution (geographically as well as among socio-economic groups), still high poverty levels
- Security issues related to drug-trafficking
- Rule of law and control of corruption below Latin America’s average
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
United States
78.1%
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1 |
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Canada
2.6%
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2 |
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China
1.8%
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3 |
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Taiwan
1.5%
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4 |
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Germany
1.5%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Road vehicles
22.6%
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1 |
14.3%
Electrical machinery, apparatus and appliances, n.e.s.
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Electrical machinery, apparatus and appliances, n.e.s.
10.8%
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2 |
7.4%
Road vehicles
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Office machines and automatic data processing machines
7.7%
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3 |
6.0%
Office machines and automatic data processing machines
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Telecommunication and sound recording apparatus
6.2%
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4 |
5.5%
Other industrial machinery and parts
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Petroleum, petroleum products and related materials
5.5%
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5 |
5.1%
Petroleum, petroleum products and related materials
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Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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