Economy of Mexico

In 2019, the country was the world's largest producer of silver, 9th largest producer of gold, the 8th largest producer of copper, the world's 5th largest producer of lead, the world's 6th largest producer of zinc, the world's 5th largest producer of molybdenum, the world's 3rd largest producer of mercury, the world's 5th largest producer of bismuth, the world's 13th largest producer of manganese and the 23rd largest world producer of phosphate. It is also the 8th largest world producer of salt.

Among the most important industrial manufacturers in Mexico is the automotive industry, whose standards of quality are internationally recognized. The automobile sector in Mexico differs from that in other Latin American countries and developing nations in that it does not function as a mere assembly manufacturer. The industry produces technologically complex components and engages in some research and development activities, an example of that is the new Volkswagen Jetta model with up to 70% of parts designed in Mexico. Currently Mexico is focusing on developing an aerospace industry and the assembly of helicopter and regional jet aircraft fuselages is taking place. Foreign firms such as MD Helicopters, Bell, Cessna, and Bombardier build helicopter, aircraft, and regional jets fuselages in Mexico.

The electronics industry of Mexico has grown enormously within the last decade. Mexico has the sixth largest electronics industry in the world after China, United States, Japan, South Korea, and Taiwan. Mexico is the second largest exporter of electronics to the United States where it exported $71.4 billion worth of electronics in 2011. The Mexican electronics industry is dominated by the manufacture and OEM design of televisions, displays, computers, mobile phones, circuit boards, semiconductors, electronic appliances, communications equipment, and LCD modules. Currently electronics represent 30% of Mexico's exports.

Mexico is also home to a large number of OEM and ODM manufactures both foreign and domestic. Among them include Foxconn, Celestica, Sanmina-SCI, Jabil, Elcoteq, Falco, Kimball International, Compal, Benchmark Electronics, Plexus, Lanix, and Flextronics. These companies assemble finished electronics or design and manufacture electronic components on behalf of larger companies such as Sony or Microsoft using locally sourced components, for example, the ODM, Flextronics manufactures Xbox video game systems in Guadalajara, Mexico for Microsoft using components such as power systems and printed circuit boards from a local company, Falco Electronics which acts as the OEM.

The success and rapid growth of the Mexican electronics sector is driven primarily by the relatively low cost of manufacturing and design in Mexico; its strategic position as a major consumer electronics market coupled with its proximity to both the large North American and South American markets whom Mexico shares free trade agreements with; government support in the form of low business taxes, simplified access to loans and capital for both foreign multinational and domestic startup tech-based firms; and a very large pool of highly skilled, educated labor across all sectors of the tech industry.

Mineral resources are public property by constitution. As such, the energy sector is administered by the government with varying degrees of private investment. Mexico is the fourteenth-largest oil producer in the world, with 1,710,303 barrels per day. Pemex, the state-owned company in charge of administering research, exploration and sales of oil, is the largest company in Mexico, and the second largest in Latin America after Brazil's Petrobras. Pemex is heavily taxed of almost 62 per cent of the company's sales, a significant source of revenue for the government.

The automotive sector accounts for 17.6% of Mexico's manufacturing sector. General Motors, Chrysler, Ford Motor Company, Nissan, Fiat, Renault, Honda, Toyota, and Volkswagen produce 2.8 million vehicles annually at 20 plants across the country, mostly in Puebla. Mexico manufactures more automobiles than any North American nation. The industry produces technologically complex components and engages in research and development.

Mexico has a MXN 4.027 trillion retail sector (2013, about US$300 billion at the 2013 exchange rate) including an estimated US$12 billion (2015) in e-commerce. The largest retailer is Walmart, while the largest Mexico-based retailers are Soriana super/hypermarkets, FEMSA incl. its OXXO convenience stores, Coppel (department store), Liverpool department stores, Chedraui super/hypermarkets, and Comercial Mexicana super/hypermarkets.

Tourism is one of the most important industries in Mexico. It is the fourth largest source of foreign exchange for the country. Mexico is the eighth most visited country in the world (with over 20 million tourists a year).