Country Guide
Mexico
Business

Mexico Business

Mayan ruins, Chichen Itza © 123rf.com/Bruno Medley

• GDP: US$1.143 trillion (2008).
• Main imports: Agricultural machinery, electrical equipment, car parts, parts for motor vehicles, aircraft and aircraft parts.
• Main exports: Manufactured goods, silver, fruit, vegetables and coffee.
• Main trade partners: Canada, China, Japan, Spain and USA.

Economy

The agricultural sector, in decline for decades, now accounts for only 4% of the country's GDP yet employs nearly 20% of the workforce. However, US moves towards ethanol power have pushed up the world price of corn (from which ethanol is produced). Mexico, the birthplace of corn and the world's fourth largest producer, is well placed to benefit.

In the service sector, tourism continues to be Mexico's biggest industry, despite some concerns about national violence, and the effects of the global recession.

Oil and manufacturing are big contributors to the country's economic health, but are at the mercy of price fluctuations, and the state of the US car industry.

Inflation is rising after a 30-year low in 2005 and in 2009 was hovering around 6%. A 30% drop in the peso since August 2008, couple with a collapse in exports to the US and an increase in unemployment due to the economic crisis has left many Mexicans feeling nervous. In 2008, growth was at 2% and unemployment at 4.1%.

Business Etiquette

English is widely spoken in business circles although it is preferable for the visitor to be able to speak Spanish. Letters written in Spanish should be replied to in Spanish. Business wear is formal. Mexicans attach much importance to courtesy and the use of titles. Prior appointments are necessary and if in doubt about a correct title it is advisable to use licenciado in place of señor. Best months for business visits are January to June and September to November. Avoid the two weeks before and after Christmas and Easter.

Office hours: These vary considerably, but are usually Mon-Fri 0900-1800; lunch breaks usually last an hour but some business lunches can go on for longer.

Conferences & Conventions

Mexico, with its sophisticated conventions infrastructure, is one of the most popular destinations in the world for incentive and business travel. Some of the larger and more modern convention centers include the World Trade Center and Banamex Center, both in Mexico City, the Acapulco Convention Center, and the Cancún Convention Center, with Taxco, Morelia, Puerto Vallarta, Ixtapa, Guadalajara and Mazatlán all boasting good facilities amd convention centres.

Business Contacts

Confederación de Cámaras Nacionales de Comercio Servicios y Turismo (CONCANACO)
Balderas 144, Colonia Centro, 06079 México DF, Mexico
Tel: (55) 5722 9300.
Website: www.concanacored.mx

ProMéxico
Camino a Santa Teresa 1679, Col. Jardines del Pedregal, Del. Álvaro Obregón, CP 01900, México DF, Mexico
Tel: (52) 5447 7000.
Website: www.buyinmexico.com.mx
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