Amid uncertainty of their commerce relationships with america, Mexico and Brazil are looking for to boost their industrial ties with one another.
President Claudia Sheinbaum spoke to her Brazilian counterpart, President Luiz Inácio Lula da Silva (Lula), on Wednesday forward of a go to to Mexico by a Brazilian authorities and enterprise delegation subsequent month.
Esta tarde conversé telefónicamente con el presidente de Brasil, Luiz Inácio Lula da Silva; dimos seguimiento al acuerdo para recibir en México a autoridades y empresarios de Brasil, con el propósito de profundizar nuestra colaboración en diversos temas. pic.twitter.com/7LGdEQG53X
— Claudia Sheinbaum Pardo (@Claudiashein) July 24, 2025
“We adopted up on the settlement to welcome in Mexico authorities and enterprise individuals from Brazil, with the purpose of deepening our collaboration on varied points,” Sheinbaum wrote on social media.
In his personal social media message, Lula mentioned that he emphasised to Sheinbaum “the significance of deepening financial and commerce relations between our international locations, particularly in mild of the present uncertainty.”
United States President Donald Trump lately knowledgeable the Mexican and Brazilian leaders of his intention to impose 30% tariffs on imports from Mexico and 50% tariffs on imports from Brazil beginning Aug. 1.
Each Mexico and Brazil are aiming to achieve agreements to cease these tariffs from taking impact, however there isn’t any certainty they are going to obtain their targets.
In his social media submit, Lula famous that he and Sheinbaum agreed {that a} delegation led by Brazilian Vice President Geraldo Alckmin would go to Mexico on Aug. 27 and 28.
He additionally mentioned that he and Sheinbaum “mentioned the growth of the Brazil-Mexico commerce settlement, highlighting the potential of the pharmaceutical, agricultural, ethanol, biodiesel, aerospace, innovation and schooling sectors as strategic areas in our bilateral relationship.”
Negotiations aimed on the growth of the 23-year-old bilateral commerce pact are anticipated to start throughout subsequent month’s conferences in Mexico.
Telefonei nesta quarta-feira, 23 de julho, para a presidenta do México, @Claudiashein. Recordei o encontro que tivemos durante a Cúpula do G7, no Canadá, e agradeci pela presença do chanceler mexicano na Cúpula do BRICS, no Rio de Janeiro.
Ressaltei a importância de aprofundar…
— Lula (@LulaOficial) July 23, 2025
Sheinbaum and Lula have met in individual on a number of events for the reason that former took workplace final October. The Mexican president attended the G20 Leaders’ Summit hosted by Lula in Rio de Janeiro final November, and held a bilateral assembly with the Brazilian chief on the sidelines of the CELAC Summit in Tegucigalpa, Honduras, in April. Sheinbaum additionally spoke to Lula on the G7 Summit in Canada final month.
After the Tegucigalpa assembly, Lula mentioned that he and Sheinbaum “determined to additional strengthen relations between our two international locations by selling periodic conferences between our governments and the productive sectors of business in Brazil and Mexico.”
Sheinbaum known as for “higher regional financial integration” in an deal with to the CELAC Summit, and has advocated a broadening of the USMCA pact to incorporate extra Western Hemisphere international locations.
Her dialog with Lula on Thursday got here simply after Brazil adopted a brand new protocol that permits Mexico to export avocados to Latin America’s most populous nation and largest financial system.
The commerce relationship between Mexico and Brazil
In line with Mexico’s Economic system Ministry, two-way commerce between Mexico and Brazil amounted to US $14.53 billion in 2024.
Mexico’s exports to Brazil had been price $4.23 billion, whereas imports from Brazil had been price $10.3 billion.
Mexico’s prime export to Brazil was motorcar elements and equipment, accounting for 19.1% of all income earned from merchandise shipped to the South American nation.
Auto sector exports (elements, automobiles and vans) accounted for simply over 43% of Mexico’s whole income from merchandise despatched to Brazil final yr.
Mexico’s largest import from Brazil in 2024 was intermediate merchandise of iron or non-alloy metal, accounting for 20.5% of the entire outlay on Brazilian merchandise.
Mexico’s second largest export from Brazil was automobiles adopted by meat.
Brazil to import avocados from Mexico, unlocking a market of over 200 million
A Mexico-Brazil commerce pact signed in 2002 “units the exemption or the discount of import charges for some 800 sorts of merchandise,” Reuters reported final September when Mexican and Brazilian authorities started advocating for an up to date and expanded settlement.
Marcelo Ebrard, financial system minister for the reason that starting of the Sheinbaum administration, mentioned on the time that “the expansion of our relationship has already topped that settlement.”
“We have to replace it,” he added.
Brazil ranked because the tenth largest financial system on this planet in 2024, whereas Mexico ranked thirteenth, in response to the Worldwide Financial Fund (IMF).
The 2 international locations are the No. 1 and No. 2 economies in Latin America. Brazil’s nominal GDP in 2024 was US $2.17 trillion final yr, in response to the IMF, whereas Mexico’s GDP was $1.85 trillion.
Keep forward of the curve with NextBusiness 24. Discover extra tales, subscribe to our publication, and be a part of our rising neighborhood at nextbusiness24.com
