Mexico is a significant player in the global market, as evidenced by its dynamic import and export sectors. Its strategic geographical location, extensive trade agreements, and diverse economy make it an appealing hub for international trade.
However, engaging in imports and exports in Mexico requires understanding its requirements and implications.
Understanding Mexico’s Trade Landscape
Mexico as an important manufacturing country has among its tops exports: Automobiles, automobile parts, machinery, electronics, and petroleum products.
The tops imported products include a diverse range of goods such as machinery, electronics, vehicles, and consumer goods. Its trade relationships are global, with key partners such as the United States, Canada, China, and the European Union.
Imports’ Requirements
Importing goods into Mexico requires adherence to a set of regulations and procedures.
First of all, in order to be able to import, the company must obtain the Registry of Importers. Additionally, specific goods may require permits such as the Specific Sector Importer’s Registry or additional permits, licenses and NOMs compliance might apply depending on the materials and goods to be imported.
For example, certain products, such as food, pharmaceuticals, and chemicals, may require health and sanitary certificates issued by the relevant authorities in the exporting country.
As you might be well aware, importers must pay applicable duties and taxes, which can vary depending on the nature of the goods and their country of origin. Import duties and taxes will be defined according to the tariff classification.
Some of the general documents required on an import process include:
- Commercial Invoice: This document provides details about the goods being imported, including their description, quantity, value, and terms of sale. It is used for customs clearance and determining duties and taxes.
- Packing List: This document details the contents of each package in the shipment, including weight, dimensions, and packaging type.
- Bill of Lading (B/L): The B/L is issued by a carrier to a shipper that details the type, quantity and destination of the goods being carried.
- Pedimento: It is the main document in the import process, which consists on a detailed customs declaration created by the custom broker and that specifies information about the importer, exporter, goods, value, and tariff classification. It must be submitted electronically through the Mexican Customs Authority’s system.
- Certificate of Origin: Some goods may require a certificate of origin to qualify for preferential tariff treatment under free trade agreements.
Exports’ requirements
Similarly, exporting goods from Mexico involves compliance with regulations and documentation.
Some goods, depending on the applicable HTS code, may require an export license or permit issued by Mexican authorities. The specific requirements depend on the type of goods being exported.
Exporters should also take into account the destination country requirements and regulations, including customs procedures and tariffs.
Some of the general documents required on an export process include:
- Pedimento: Same as with imports, it is the main document in the import process, which consists on a detailed customs declaration created by the custom broker and that specifies information about the importer, exporter, goods, value, and tariff classification. It must be submitted electronically through the Mexican Customs Authority’s system.
- Certificate of Origin: Similar to the import certificate of origin, this document may be required to qualify for preferential tariff treatment under free trade agreements or to comply with export regulations.
- Customs Export Manifest: A document listing all goods being exported and their details, submitted to customs authorities.
Implications for Business and Economy
Mexico’s import and export landscape provides numerous opportunities and challenges for businesses and the economy.
Navigating regulatory requirements requires businesses to invest time, resources, and expertise, as compliance is critical for market access and maximizing trade benefits.
Failure to comply with regulations can result in delays, fines, or even the seizure of goods, affecting supply chains and profits.
A strategic business partner and local expert such as Mexcentrix can help you to be fully compliant in the import and export requirements, minimize risks and to facilitate the complete process.
Contact us! For a free consultation today.