Mexican Peso MXN
Up to 20%
Courier or Freight Forwarder
The Mexican Economy
The Mexican economy is one of the largest in Latin America, with a diverse industrial base, heavily boosted in recent years by manufacturers moving their bases out of China to Mexico due to the trade war between the two countries.
Its economy heavily relies on manufacturing, agriculture, and oil production. Key sectors include automotive, electronics, aerospace, and tourism.
Manufacturing Hub: Mexico is a major manufacturing centre, especially in the automotive and electronics industries. It has attracted foreign investment due to its proximity to the United States and participation in trade agreements like NAFTA (now USMCA).
Trade and Export-Oriented: Mexico has a strong trade relationship with the United States, with a significant portion of its exports going to the US. The country is a part of various trade agreements that facilitate international trade.
Challenges: Income inequality, poverty, and issues related to corruption and crime remain challenges that impact economic growth and stability.
Government Initiatives: The Mexican government has implemented reforms to encourage foreign investment, improve infrastructure, and foster economic growth. However, there are ongoing debates and challenges related to regulatory environments and corruption.
Importing into Mexico
If you are an entity with little or no experience importing into Mexico, the process can be very complicated, namely due to NOM requirements; in 2019 Mexico became the latest country to see its government instigate a new set of standards and regulations for the importation of electrical goods.
The name of the standard is Norma Oficial Mexicana or “NOM”. NOM Certification is a mandatory process for certain products to enter the Mexican market. It verifies that imported goods comply with specific standards set by the Mexican government regarding safety, quality, and environmental protection.
A diverse range of industries produce goods that require NOM certification, and some sectors, such as electronics and electrical equipment, have more rigorous requirements than others. Some examples of products that require NOM certification:
- Telecommunication items designed to connect to the Public Switched Telephone Network such as E1, ISDN and POTS
- Wiring devices
- Telecommunication products like WAN, LAN, digital, etc
NOM certification requirements
There are a number of specific steps that manufacturers have to go through to achieve NOM compliance, such as providing test result documents, and legal documents with a NOM-certified body to demonstrate their compliance with the NOM requirements.
The general process with products that have the NOM certification is as follows:
- Register your company with the Mexican Tax Administration Service (SAT) and obtain a tax ID number (RFC) and digital signature (e.firma).
- Certain electronics may require specific permits or certificates to ensure compliance with safety and quality standards in addition to NOM. Check with the National Agency for Safety, Energy, and Environment (ASEA) or other relevant agencies for requirements.
- Labelling and packaging requirements - Ensure that your electronics meet Mexico’s labelling and packaging requirements. Include necessary information in Spanish, such as product specifications, safety instructions, and warranty details.
- Payment of VAT - Be prepared to pay Value Added Tax (VAT) at 16% upon importation. To avoid delays of penalties, use a certified and experienced broker to help with customs clearance.
- Environmental regulations - Some electronic products might be subject to environmental regulations. Compliance with laws concerning electronic waste management (WEEE) and energy efficiency might be required.
Importing electronics into Mexico involves navigating various legal and regulatory requirements. Working closely with legal counsel and experienced professionals can streamline the process and ensure compliance with Mexican import laws.
For goods without the NOM kitemark
As an alternative, if your goods don’t have the NOM kite mark, a NOM-certified importer such as Mouse & Bear can act as the Importer of Record to clear the goods through customs.