From the Asia and Oceania section of the Mexican Council of Foreign Trade, Investment and Technology (Comce) raised the country’s opportunity to expand this percentage Asia’s participation in exports, with a view to diversification and lower its exposure to the concentration it has with the United States, where 83% of these are directed, which they see again in threat to Donald Trump’s tariffs.
At the beginning of the year, the Inter -American Development Bank (IDB) highlighted the good performance of Mexican exports, partly thanks to Asia, although without counting China.
According to Banxico data, while sales to China and Indonesia registered falls of -1.2% and -5.6%, respectively, other Asian markets gave a great boost to Mexico.
In 2024, Asia was the region with the highest growth in Mexico’s exports, with 5.45%. North America, where its two main commercial partners are, was second with an increase of 4.06%, although it is still the most commercial value by a wide margin.
Malaysia, the growth engine
Mexican exports to Malaysia reached 604.4 million dollars in 2024, which represents a 36.6% increase compared to the previous year. With this increase, Mexico adds four consecutive years of growth in this market.
The Malaysia Embassy in Mexico highlights the strong commercial relationship between the two countries, highlighting Mexico’s great potential to consolidate as a key actor in the automotive, electrical and metallurgical industry.
Both countries are part of the integral and progressive Transpacific Association (Tipat) treaty, which eliminates 95% of import and export tariffs. Mexico has been a member since its inception in 2018, while Malaysia joined in 2022.
According to the Ministry of Economy, the most exported products from Mexico to Malaysia are mobile phones and integrated electronic circuits. In addition, Jalisco leads exports to this country with almost 50% of the total, followed by Baja California with 19%.
Break record in the Philippines and Singapore
Sales to the Philippines and Singapore reached historical maximums in 2024. Exports to the Philippines added 286 million of dollars, with a growth of 32.9%, while Singapore imported 1,445 million dollars, 28.5% more than the previous year.
Singapore, also part of the Tipat, has maintained purchases greater than 1,000 million dollars in the last three years. Its main imports from Mexico include mobile phones, computers and copper minerals; Mexico City, Chihuahua and Jalisco concentrate 70% of exports.
The Philippines does not belong to the Tipat, but to the Asia-Pacific Economic Cooperation Forum (APEC), of which Mexico, Singapore and Malaysia are also members.
During the six -year period of Andrés Manuel López Obrador, the commercial relationship with the Philippines was strengthened. In 2019, the first year of its government, Mexican exports to that country grew 66.5%. Currently, 50% of sales to the Philippines correspond to copper minerals and their concentrates, with Sonora as the main export state.
Hong Kong reports up
Exports to Hong Kong were the ones that grew the most in 2024, reaching 1,089 million dollars, an increase of 29.4% compared to 2023. However, the behavior has been irregular in recent years.
Mexico and Hong Kong do not have a free trade agreement, but they have an agreement for the promotion and reciprocal protection of investments, signed in 2020. The main exported products are integrated electronic circuits, with Chihuahua and Mexico City as the most benefited states , representing 52% of the total.
The dynamism in commerce with Asia, added to the strong demand of the United States, has improved the growth prospects of Mexico. While the Economic Commission for Latin America and the Caribbean (ECLAC) projected a growth of 2% in 2024, INEGI reported an increase of 4.1%, confirming that foreign trade remains a key pillar for the country’s economy.
