Italy's trade balance with non-EU countries decreased significantly from 5.036 billion euros to 2.178 billion euros in April 2024, due to an energy deficit and a reduced surplus of non-energy products. This decline in exports is partly due to unusual maritime sales in previous months. Excluding these, the decline is moderate at -3.3 percent.
In the first four months of 2025, exports increased by 1.9 percent, but the trade balance fell to +13.5 billion euros from +20.7 billion euros in 2024. April saw a significant decline in exports to the UK, Turkey, China and Japan, while growth was observed in Switzerland, OPEC, Mercosur and ASEAN. Imports increased from the U.S., China and Turkey, but decreased from India and OPEC.
Mexico remains a promising market for Made in Italy products. It stands out as a key destination for Italian companies expanding outside Europe due to its large market size, strategic location, industrial dynamism and manufacturing similarities.
This is why Mexico is attractive:
- Trade agreements: With 14 free trade agreements, including one with the EU, Mexico allows access to more than 50 countries, eliminates most customs duties and simplifies rules of origin.
- Skilled workforce: A young and skilled workforce produces more than 100,000 engineers annually and boasts one of the highest rates of science graduates in Latin America.
- Strategic logistics: Its central location facilitates exports to the United States by land and to Asia and Europe by sea through ports such as Veracruz, Manzanillo and Altamira.
- Economic incentives: Special economic zones offer tax benefits and simplified bureaucracy for foreign manufacturers.
With more than 130 million inhabitants, Mexico is the 15th largest economy in the world and the second largest in Latin America, after Brazil. In 2023, its GDP grew by 3.2 percent, mainly due to exports and growth in the manufacturing sector. This growth attracts American and European multinationals that practice "nearshoring," moving production closer to consumer markets. Mexico's 3,000-kilometer border with the United States makes it a prime choice for this strategy.
Minister Tajani's recent visit to Mexico City (May 22-24, 2025) further strengthened this economic bridge, offering crucial growth opportunities for businesses, particularly SMEs.
Economic ties between Italy and Mexico are strong, with interchange set to exceed 8.1 billion euros in 2024. Italian exports have reached 6.6 billion euros, making Mexico the top Latin American market for Italian companies. About 2,300 Italian companies operate in Mexico, many of them SMEs in sectors such as mechanics, agribusiness and industrial components.
During the official mission, an Italy-Mexico Business Forum was held in Mexico City, bringing together more than 80 Italian and Mexican companies. The main strategic areas discussed were:
- Automotive: Mexico is the world's 4th largest exporter and 7th largest manufacturer, with a growing supply chain that includes components, machinery, software and testing.
- Industrial Machinery: Italy is Mexico's third largest machinery supplier. Italian companies are valued for their quality, adaptability and innovative approach.
- Environmental sustainability: Italian solutions for the green economy are considered cutting-edge.
- Digital and physical infrastructure: Italian experience in integrated projects can contribute to the development of modern networks, smart cities, electrified transportation and inclusive digital services in Mexico.
Economic relations between Italy and Mexico continue to grow, as evidenced by the significant number of Italian companies active in Mexico.
Source: