Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Mexico Exports: Overview
Mexican exports witnessed a contraction of 16.4% in 2020 but are forecast to grow by 5% in 2021. The export of manufactured goods to the US is the largest component of Mexico’s export basket. According to the UN Com trade Database, Mexico’s major export partners were the US (79.1%), Canada (2.6%), China (1.9%), Germany (1.5%), Japan (0.8%), and Korea (0.8%) in 2020. Rising trade restrictions from the US and a subsequent slowdown in global demand hampered the growth of the export sector in 2020.
Mexico was the world’s fourth largest exporter of vehicles in 2020, accounting for 8.46% of total global exports of these products. The country’s share of total exports of vehicles has decreased marginally, from 24.85% in 2017 to 24.09% in 2020.
The US, China and Germany were Mexico’s top three trading partners in 2020, accounting for 74.96% of total trade (exports and imports).
The country’s main agricultural exports usually include tomatoes, peppers, avocados, and fresh vegetables. According to Global Data, the sector grew by 4.36% in 2019 and contracted by 6% in 2020. However, the agriculture sector is forecast to grow by 2.34% in 2021.
Mexico Exports as a % of GDP
Exports as a % of GDP of Mexico was 38.7% in 2021, decreased by 0.3% year on year basis in 2021, and between 2010-2021, the exports as a % of GDP in Mexico increased by 30.5%. The exports as a % of GDP were highest in the year 2018 (39.2%), and lowest in the year 2010 (29.7%).
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