Italy's trade balance with non-EU countries decreased significantly from €5,036 million to €2,178 million in April 2024, due to an energy deficit and a reduced surplus of non-energy products. This drop in exports is partly due to the unusual maritime sales of the previous months. Excluding these, the decline is moderate, at -3.3%.
In the first four months of 2025, exports rose by 1.9%, but the trade balance fell to +€13.5 billion, compared to +€20.7 billion in 2024. In April, exports to the UK, Turkey, China and Japan declined significantly, while growth was seen in Switzerland, OPEC, Mercosur and ASEAN. Imports increased in the US, China and Turkey, but decreased in 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, thanks to its large market size, strategic location, industrial dynamism and manufacturing similarities.
This makes Mexico attractive:
- Trade agreements: With 14 free trade agreements, including one with the EU, Mexico gives access to more than 50 countries, eliminates most customs duties and simplifies rules of origin.
- Skilled workforce: A young, skilled workforce produces more than 100,000 engineers a year and has one of the highest rates of STEM graduates in Latin America.
- Strategic logistics: Its central location facilitates exports to the U.S. by land and to Asia and Europe by sea through ports such as Veracruz, Manzanillo and Altamira.
- Economic incentives: Special economic zones offer tax advantages and simplified bureaucracy for foreign manufacturers.
With more than 130 million inhabitants, Mexico is the fifteenth largest economy in the world and the second largest in Latin America, after Brazil. In 2023, its GDP grew by 3.2%, mainly due to exports and growth in the manufacturing sector. This growth attracts U.S. and European multinationals that practice "nearshoring," moving production closer to consumer markets. Mexico's 3,000 km 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 companies, particularly SMEs.
Economic ties between Italy and Mexico are strong, with trade exceeding €8.1 billion in 2024. Italian exports reached €6.6 billion, making Mexico the leading Latin American market for Italian companies. Approximately 2,300 Italian companies operate in Mexico, many of which are SMEs in sectors such as mechanical, agri-food 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 as follows
- Automotive: Mexico is the world's fourth largest exporter and seventh largest producer, with a growing supply chain that includes components, machinery, software and testing.
- Industrial machinery: Italy is Mexico's third largest supplier of machinery. Italian companies are valued for their quality, adaptability, and innovative approaches.
- Environmental sustainability: Italy's green economy solutions are considered cutting-edge.
- Digital and physical infrastructure: Italian expertise in integrated projects can contribute to the development of modern grids, smart cities, electrified transportation and inclusive digital services in Mexico.
The economic relationship between Italy and Mexico continues to grow, as evidenced by the significant number of Italian companies active in Mexico.