Doing Business in Mexico The Hottest Market in the world
Mexico is the hottest market in the world. You may be surprised to know it is the #2 importer of United States products, just behind Canada. Did you think Japan and Germany were more important? Think again! Mexico has displaced Japan as the United States’ second largest trading partner. Mexico accounts for 12% of all United States trade. United States-Mexico trade has grown 17% per year for the past seven years.
Mexico just passed Brazil and is now the #8 economy in the world. Gross Domestic Product (GDP) in 2000 was $915 billion. Almost a trillion dollars! How would you like just a tiny sliver of that? I will tell you how you could be doing business in Mexico and earning much more than what you could at other places.
Let’s start with a history lesson. Back in 1993, we exported $40 billion to Mexico. Then along came NAFTA (North American Free Trade Agreement). By the year 2000, our exports to Mexico had more than tripled, to $136 billion.
Think about this: Each day, Mexico and the United States trade $720 million worth of goods! How much of that did you have?
You are missing a huge opportunity if you are not doing business in Mexico. Your potential will be immensely enhanced if you figure out Mexico.
In this series of articles about doing business in Mexico, you will gain interesting insights into Mexican culture and how you can adapt your business to appeal to the vibrant Mexican market.
Doing business in Mexico is complicated and frustrating if you are the typical gringo who doesn’t have a clue how Mexicans think and feel.
Doing business in Mexico is exciting and profitable if you understand Mexican culture and feelings. Respect and know Mexico. If you appreciate and admire the history and traditions of this great nation, Mexico will welcome you.
The word “gringo” used to be a term of derision. It is still used occasionally in a disdainful way. But usually it is simply descriptive, an easy way to refer to a United States citizen. “He is a gringo” can be said with calm and objectivity just as we might refer to an Englishman as a “Brit.” It can also be a term of endearment as “mi querido gringuito” (my dear little gringo).
I will give you four lines of attack for breaking into the Mexican market:
- strategic alliances
- set up a business in Mexico.
If you want to expand your market, you must consider exporting your products to Mexico. You must also consider importing products from Mexico to sell in the USA.
But that’s not all. How about forming a strategic alliance with a Mexican partner? How about going into Mexico and setting up a business?
Export. Import. Strategic alliance. Set up a business.
We will cover each one in this article
Also check out these useful articles:
- Doing Business in Mexico - Eleven Savage Strategies
- Doing Business in Mexico - President Vicente has a new vision
- Doing Business in Mexico - Mexico is the doorway to the world
- Doing Business in Mexico - NAFTA update
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