RSA Exports - Recommended Terms Confirmed letter of credit. The Standard Bank of South Africa has the capacity to confirm letters of credit issued by prime Mexican banks. All controls on exchange transactions were abolished in December 1991. Payment for imports may be made freely based on availability of foreign exchange. The Mexican Peso is freely convertible into all other currencies, and there are no restrictions whatsoever on the remittance of profits abroad or the repatriation of capital.
Import licences are usually valid for nine months but can be extended if justified.
The import tariff structure is based on the Harmonised Commodity Description and Coding System. There are free trade zone facilities at Coatzaocoalcos, Salina Cruz and Chihuahua. The importation of some items is prohibited, due to public security, health and morality. Import duties are normally assessed on the CIF value of the shipment to the port entry. Bonded warehouses are available in Mexico.