With one of the largest economies in the world it was inevitable that Mexico would earn a place in our Economic Powerhouse series.
The land famous for its beer, tequila, sombreros and chimichangas is the largest trading nation in Latin America is predicted to have the world’s fifth largest economy by 2050. And with the Mexican government wishing to reduce its dependency on trade with the US, opportunities are ripe for UK companies.
Top class opportunities in Mexico
Mexico’s main opportunities for UK companies include:
Science and technology
Mexico is now the world’s largest producer of flatscreen TVs as well as a leading exporter of high-tech products in the automotive, aircraft and medical industries. Perhaps most significantly the electronics industry is one of the nation’s fastest growing sectors with regards employment generation and export potential. The nation is the third largest global mobile phone exporter and in 2013 consumer electronics spending in Mexico was estimated at US$13.7bn.
Mexican-British trade ties set to boom
Following a visit to Mexico by Deputy Prime Minister Nick Clegg, the two nations committed to double bilateral trade to $4.2 billion by 2015. Part of the deal was an arrangement to set up a new British-Mexico business forum and a Mexican Chamber of Commerce in London. Thanks to the EU-Mexico Free Trade Agreement, all tariffs on EU-origin goods have been eliminated. This means the UK can compete equally with exporters from the USA and Canada who also benefit from preferential access to the Mexican market.
2015 is set to be a significant one for relations between Mexico and the UK, thanks to a year-long celebration entitled ‘The Year of Mexico in the UK and the UK in Mexico’. The two nations’ governments will work together to prepare the biggest celebration of British creativity in arts, culture, innovation and business ever to take place in Mexico. Significantly, the celebration will help British businesses to forge new partnerships and will work wonders for trade between the UK and Mexico.
UK exporters to Mexico can get research funding to meet potential customers
There is great support available for UK exporters keen to do business with Mexico, including research funding from UK Trade & Investment https://www.gov.uk/government/organisations/uk-trade-investment.
Things to consider when communicating with potential customers in Mexico
Web users are 4x more likely to purchase from a website that communicates in their language
Customers who buy online will pay more for a product if they can buy it in their own language
Over 56% of consumers say that the ability to obtain information in their own language is more important than price
Expansion plans are often exciting but can also be daunting, especially as effective communication plays a major role in the success of market penetration. You may need to think about translating your website and print material, marketing materials and also technical and product-related content such as manuals.
If you have any questions about how to approach communication requirements for new markets or would like information on our Mexican Spanish translation services, please contact a member of our team on + 44 (0) 1926 335 681 or email email@example.com.