Industry Focus >>MexicanHardware & Fastening Tools

Trade Statistics and Projection

Hardware & Fastener Components - no.56/2022

墨西哥五金及緊固工具貿易與展望

072

Mexico, a country with a population of 128.65 million and GDPof USD 2.61 trillion in 2021, is located in North America. Economists believe that the Mexican economy is projected to expand by
1.9% in 2022 and 2.1% in 2023. Consumption will be supported by
the gradual improvement in the labour market, remittances, andthe increasing share of the population vaccinated. Exports willcontinue to benefit from deep integration in global value chains
and a gradual recovery in tourism. Planned public infrastructure
projects will benefit investment. Inflation will stand at 6.9% in
2022 and edge down to 4.4% in 2023.
It means that the fastener industry in Mexico has grown in
2022 and will continue in 2023. The following statistics demonstrate the situation of the fastener industry in Mexico.

decrease in the import value. But after the normalization ofconditions in 2021, the import growth was 34%, which brought
Mexico back to the pre-pandemic growth conditions.
Export toMexico

20172018201920202021World

42,66044,56145,26736,81849,388

4%

2%

-19%

34%

YoY Ratio

Unit: Thousand USD•

China was at the 1st place with 32.8% of Mexico’s importmarket, and its export value was USD 16.177 million in 2021.

•

HS CODE 820411: Non-adjustable
Hand-operated Spanners and Wrenches

USA was at the 2nd place with 20.4% of Mexico’s market,
and its export value was USD 10.077 million in 2021.

•Mexico’s import was USD 49.388 million in this category.
Mexican exporters had started a slow growth since 2017, which
stopped in 2020 due to the pandemic and even faced a 19%

The 3rd place belonged to Taiwan with the export value ofUSD 9.926 million, and had 20.1% of the Mexican market in2021.

•India with USD 4.379 million worth of exported tools in thiscategory had 8.9% of Mexico’s market and it was ranked 4thin 2021.

Industry Focus >>Regarding the value of Mexico’s export, it was USD 14.837 million in 2021. Mexican exporters had challenges under theeffects of the pandemic conditions in 2020 and the economic evil of America in 2019, it aborted its exports by 20% in 2019and 2020.
Mexican exporters experienced a positive growth of 21% in 2021 with the resolution of these problems.
Export from Mexico

20172018

2019

2020

2021

World

14,39615,14814,144

12,29014,837

5%

-7%

-13%

21%

YoY Ratio

Unit: Thousand USD•USA was the main market of Mexican tools in this category. 64.6% of the exported tools
from Mexico were bought buy U.S. consumers in 2021. U.S. import volume was USD
9.591 million.

HS CODE 820412:
Adjustable Hand-operated Spanners and Wrenches
Mexico’s import was USD 13.708 million in this category. Its 26% growth of exports in
2021 compensated for the decrease in exports in previous years. The export value of Mexico
in 2021 was slightly higher than in 2018.
Export to Mexico

20172018

2019

2020

2021

World

11,525

13,12012,503

10,896

13,708

14%

-5%

-13%

26%

YoY Ratio

Unit: Thousand USD

Hardware & Fastener Components - no.56/2022

Four countries had more than 94% of the export of this type of tools
to Mexico in 2021.
•China had USD 9.125 million export value to Mexico and it got
66.6% of this market.

•USA had USD 1.980 million export value to Mexico in this type oftools and had 14.4% of its market.

•Spain’s export value in this category was USD 1.168 million with
8.5% of Mexico’s market.

•Taiwan’s export value in this category was 0.663 million with 4.8%of Mexico’s market.

The value of Mexico’s export was USD 1.933 million in 2021 in thiscategory. Statistics reveal that Mexico’s exports had been declining since
2018. Mexico’s export value in 2021 was also lower than in 2017.

Export from Mexico

Year 2021ShareUSA367

19.0%

Peru

338

17.5%

Colombia

289

15.0%

Chile

177

9.2%

Ecuador

135

7.0%

Export fromMexico

20172018

2019

2020

2021

Honduras

132

6.8%

World

2,357

2,718

2,412

2,177

1,933

Guatemala

126

6.5%

15%

-11%

-10%

-11%

Dominican Republic

116

6.0%

YoY Ratio

Unit: Thousand USD

074

Although USA was the biggest buyer of this typeof Mexican tools with the import value of USD
0.367 million. There is no exclusive market for thiscategory. Mexico exports its tools to all Central andSouth American countries in this segment. (Refer tothe list below)

Unit: Thousand USD

Industry Focus >>HS Code 820420:
Interchangeable Spanner Sockets,with or Without Handles, of Base Metal
This category, which had an import value of USD 30,958 million, had suffered a significant decrease in 2020 due to the pandemic, but the 44% growth in 2021 had compensated well for the20% decrease in 2020.
Export toMexico

20172018

2019

2020

2021

World

23,46325,192

26,936

21,54830,958

7%

7%

-20%

44%

YoY Ratio

Unit: Thousand USD

The following three countries had more than 93% of the Mexican market.
•Taiwan was the leader of suppliers in this category. It soldUSD 16.246 million in 2021 which was 52.5% of the Mexicanmarket.

•China was the 2nd biggest supplier with USD 7.876 million
export value and 25.4% of the Mexican market.

•USA was the 3rd biggest supplier with USD 4.696 million
export value and 15.2% of the Mexican market

The export of this type of tools in Mexico had an explosive
increase in 2020, and its export grew by 150% between 2020 and2021. In 2020, the value of this category increased to more than
USD 10, and the main reason for this growth was the Americanmarket.
Import fromMexico

20172018

2019

2020

2021

World

4,112

4,660

4,390

4,302

10,738

13%-6%-2%150%

Hardware & Fastener Components - no.56/2022

YoY Ratio

076

Unit: Thousand USD•

By buying 75.5% of this type of tools from Mexico, theAmericans were considered exclusive buyers, the value ofAmerica’s purchase from Mexico was USD 8.117 million in
2021.

HS Code 820540:
Hand-operated Screwdrivers
Mexico had import problems in all categories of tools in 2020.
In some categories, problems had arisen since 2019. This category had been an export problem since 2019, but in 2021, Mexico
was able to make up for the backwardness of 2019 and 2020.
The value of this category was USD 20.445 million which was
30% higher than the year of 2020. Its export had been thehighest since 2017.

Export toMexico

20172018

2019

2020

2021

World

18,15420,00319,00815,73820,445

10%

-5%

-17%

30%

YoY Ratio

Unit: Thousand USD•China with 68.6% of the Mexican market was the main
supplier of this category, and its export value was USD
14.029 million in 2021.

•Taiwan had 11.5% of the Mexican market. It was ranked
in the 2nd place with USD 2.357 million USD in 2021.

•USA with USD 1.539 million and 7.5% of the Mexican
market and Germany with USD 1.038 million and 5.1% ofthe Mexican market were ranked in the 3rd and 4th places
respectively.

The export of this type of tools from Mexico increased in2018 and 2019, but it decreased in 2020 and 2021, consideringthat 29.2% of this product goes to America, the American
market has a relatively decisive role in the amount of exports.
Import fromMexico

2,017

2018

2019

2020

2021

World

2,759

3,247

3,619

3,489

3,118

17.7%

11.5%

-3.6%

-10.6%

YoY Ratio

Unit: Thousand USD

Mexico sent its tools to these countries:
Import from Mexico

2021

ShareUSA

909

29.2%

Guatemala

430

13.8%

Colombia

268

8.6%

Dominican Republic

258

8.3%

Peru

231

7.4%

Honduras

224

7.2%

Ecuador223

7.2%

Unit: Thousand USD

Conclusion
Mexico is a good market that grew significantly in 2021,
and since one of its suppliers is China or Taiwan, there is agreat opportunity to invest in the machinery sector, so that
Mexican manufacturers can strengthen their exports.

Article by Sharareh Shahidi Hamedani
Copyright owned by Fastener World