Brazil and Mexico
Latin America's two largest economies maintain industrial chains and a shared diplomatic agenda. Energy, agriculture and trade modernization feature in the 2025–2026 rapprochement.
Analysis reviewed: 2026-10-07 · Indicators updated: 2026-10-07An industrial relationship with specific trade rules
Bilateral trade has economic complementarity agreements, including ACE 53 and ACE 55.
Automotive products, food and energy cooperation
The official agenda includes manufacturing, the aerospace industry, food security and health regulation.
The August 2026 binational commission
The sixth commission met in Brasilia on 6 August 2026 and reviewed trade, energy and cooperation initiatives.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 14,146.71 M USD | 2025 · UN Comtrade / BRA |
| Goods: Brazil to Mexico | 7,730.1 M USD | 2025 · UN Comtrade / BRA |
| Goods: Mexico to Brazil | 6,416.61 M USD | 2025 · UN Comtrade / BRA |
| Services trade | ||
| Export share: Brazil to Mexico | 2.22 % | 2025 · UN Comtrade / BRA |
| Export share: Mexico to Brazil | ||
| Investment stock: Brazil in Mexico | ||
| Investment stock: Mexico in Brazil |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Brazil to Mexico
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Goods: Mexico to Brazil
- 2025 · UN Comtrade / BRA · Goods; full year; reporting country BRA. Exports normally FOB and imports CIF according to the reporter's coverage. Mirror reports are not added together.
- Export share: Brazil to Mexico
- 2025 · UN Comtrade / BRA · Goods share: BRA exports to the partner / exports by the same reporting country to the world, same year.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Year-on-year inflation: different periods or frequencies; the two figures are not directly comparable.
| Indicator | Brazil | Mexico |
|---|---|---|
| Nominal GDP | 2.28 trillion USD2025 · WB | 1.83 trillion USD2025 · WB |
| GDP per capita | 10,713.29 USD2025 · WB | 13,889.23 USD2025 · WB |
| GDP growth | 2.29 %2025 · WB | 0.56 %2025 · WB |
| Policy interest rate | 13.75 %2026-10-07 · Banco Central do Brasil | 6.5 %2026-09-24 · Banxico |
| Inflation · annual average | 5.02 %Annual average · 2025 · WB | 3.81 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 4.22 %Headline CPI · 2026-08 · year-on-year · Ministério da Fazenda / IBGE | 3.42 %Year-on-year · first fortnight of Sept. 2026 · INEGI |
| Unemployment | 5.97 %ILO est.2025 · WB | 2.67 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -8.1 %IMF est.2025 · IMF | -4.9 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 93.3 %IMF est.2025 · IMF | 61.8 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -2.93 %2025 · WB | -0.45 %2025 · WB |
| Population | 212,812,4052025 · WB | 131,946,9002025 · WB |
| Area | 8,510,420 km²2023 · WB | 1,957,194 km²2023 · BM / FAO |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank
- GDP per capita
- Current USD per personBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank
- GDP growth
- Annual real change (%)Brazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Brazil: 2026-10-07 · Target for the Selic rate, annual percentage · Banco Central do Brasil · Official monetary-policy target, not the effective daily interbank rate.Mexico: 2026-09-24 · Overnight interbank rate target · Bank of Mexico
- Inflation · annual average
- Average annual change in headline CPI (%)Brazil: 2025 · Annual average change in the CPI (%) · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · Average annual CPI change (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedBrazil: 2026-08 · Headline IPCA; urban coverage of the SNIPC system · Ministério da Fazenda / IBGE · Official monthly data. Not mixed with the annual average. · Alternative official source; verified 2026-10-07Mexico: 2026-09-Q1 · Headline CPI change relative to the same fortnight of the previous year (%) · INEGI · Published: 2026-09-24 · First fortnight of September relative to the same fortnight of 2025; not full-month September CPI or the 0.33% fortnightly change. The monthly September figure had not yet been published on the review date.
- Unemployment
- % of the labour force; definition used by the stated institutionBrazil: 2025 · ILO modelled estimate, % of the labour force · World Bank · ILO est. · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Brazil: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Mexico: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Brazil: 2025 · IMF · IMF est. · IMF WEO estimate, not a monthly observation. Retains the country's fiscal year where it differs from the calendar year.Mexico: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank
- Population
- PeopleBrazil: 2025 · World Bank · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2025 · World Bank
- Area
- Total area in km²; territorial coverage of the sourceBrazil: 2023 · World Bank / FAO · Official World Bank series; latest verified period available for this series in the 2023–2025 query.Mexico: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAO
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Brazil to Mexico
Mexico to Brazil
How trade has changed
Billions of current USD · full calendar years
View chart figures
| Period | Total | Brazil to Mexico | Mexico to Brazil |
|---|---|---|---|
| 2021 | 10,331.2 | 5,560.5 | 4,770.7 |
| 2022 | 12,658.4 | 7,055.4 | 5,603.1 |
| 2023 | 14,348.9 | 8,571.7 | 5,777.2 |
| 2024 | 13,804.8 | 7,801.8 | 6,003.1 |
| 2025 | 14,146.7 | 7,730.1 | 6,416.6 |
Connections between people
Cooperation includes health, education, science and business contacts. Objectives to facilitate tourism and business remain separate from counts of travelers or students that have not yet been verified. [4] [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Brazil living in Mexico | ||
| Residents from Mexico living in Brazil | ||
| Study and training: Brazil in Mexico | ||
| Study and training: Mexico in Brazil | ||
| Academic stays: Brazil in Mexico | ||
| Academic stays: Mexico in Brazil | ||
| Travel: Brazil to Mexico | ||
| Travel: Mexico to Brazil |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
An industrial relationship with specific trade rules
Bilateral trade has economic complementarity agreements, including ACE 53 and ACE 55. Their scopes differ and do not amount to general free trade in all products. During the Brazilian visit to Mexico in August 2025, they agreed to begin reviewing and updating it, alongside the investment cooperation and facilitation framework. Businesses need to know tariffs, rules of origin and specific sectoral conditions, not just that an agreement exists. The size of both economies allows industrial exchanges, but does not in itself indicate how much bilateral chains have developed. [1]
Automotive products, food and energy cooperation
The official agenda includes manufacturing, the aerospace industry, food security and health regulation. Energy cooperation connects Petrobras and Pemex, as well as work on biofuels and the energy transition. The June 2026 presidential dialogue reviewed these commitments, and the August binational commission recorded the signing of a memorandum between the two companies in June. A memorandum opens a cooperation framework; it does not demonstrate that supplies or a joint investment of a specific amount already exist. Goods tables show observed flows; energy company operations and new initiatives must be described with their own coverage. [2] [3] [1]
Regional coordination and social contacts
Mexico and Brazil maintain a binational mechanism and subcommissions to address political, economic and multilateral matters. In May 2026, they reviewed peace and security, human rights, equality, climate, food and technologies. Coordination expresses shared interests, not automatic agreement in every international vote. The 2025 visits included contacts between companies and cooperation in teaching, science, health and culture. Facilitating the movement of people for business and tourism featured on the agenda. No resident community or student count is inferred from meetings or statements about cultural affinity. [4] [1]
The scale of the two economies
Brazil's reference nominal GDP is 2279.9 billion USD in 2025, compared with 1832.6 in 2025 for Mexico. The reference populations are 212.81 million (2025) and 131.95 million (2025), respectively. In the same year, Brazil's nominal GDP was 1.24 times Mexico's. The figures contextualize market size; they do not in themselves describe well-being, individual wealth or political influence. IMF estimates or demographic extrapolations retain their markings in the table. A ratio is not calculated when the periods do not match. [6] [7] [8] [9]
Recent developments
Recent developments and latest available data · Reviewed: 2026-10-07
The August 2026 binational commission
The sixth commission met in Brasilia on 6 August 2026 and reviewed trade, energy and cooperation initiatives. The joint statement called for updating existing instruments so that economic flows better harness both countries' potential. That need for updating is compatible with a close political relationship: the business framework can have obstacles even when governments hold frequent dialogue. The profile distinguishes announced measures from recorded results. Users should watch whether new rules, health-related facilitation and projects materialize, as well as how goods trade evolves in both directions. [3]
Observed economic exchange
In 2025, recorded goods trade between Brazil and Mexico totaled USD 14,146.7 million. Shipments from Brazil to Mexico were 7730.1 million USD; those in the opposite direction were 6416.6 million USD. Brazil's shipments to the partner represented 2.22 % of its goods exports to the world, using the same year and reporting country. A single customs declaration is used for both directions. This annual flow does not include all services activity or subsidiaries' local sales and is not added to accumulated investment capital. [5]
Milestones and consequences
- 2025-08
Brazilian visit to Mexico
It is agreed to review trade and investment frameworks. [1]
- 2026-05-21
Multilateral coordination
The second subcommission on multilateral affairs is held. [4]
- 2026-06
Energy cooperation
The subsequent commission records a Pemex–Petrobras memorandum. [3]
- 2026-08-06
Sixth binational commission
Review of the political, trade and sectoral agenda. [3]
Sources and data
Periods and scope of the figures
Each figure retains its period, unit, definition and source. Announcements, contracts and results are not interchangeable. Empty cells do not mean zero. Customs data for 2025 are not presented as activity observed during later crises.
- Brazilian visit and agreement updates
Mexico SRE · Institutional source · Document: 2025-09-01 · Accessed: 2026-10-07
- Presidential dialogue and energy cooperation
SRE Mexico · Institutional source · Document: 2026-06-10 · Accessed: 2026-10-07
- Sixth Mexico–Brazil binational commission
Mexico SRE · Institutional source · Document: 2026-08-07 · Accessed: 2026-10-07
- Multilateral coordination in May 2026
SRE Mexico · Institutional source · Document: 2026-05-22 · Accessed: 2026-10-07
- Annual TOTAL X/M; 2025; reporter 76; partners 0,484
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- NY.GDP.MKTP.CD; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- SP.POP.TOTL; 2023–2025; country and period preserved; no military series
World Bank · Institutional source · Accessed: 2026-10-07
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
- HS2 02; 2025; reporter 76; partners 484; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 84; 2025; reporter 76; partners 484; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 87; 2025; reporter 76; partners 484; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
- HS2 88; 2025; reporter 76; partners 484; X/M; annual goods
UN Comtrade / BRA · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 02; 2025; reporter 76; partners 484; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 84; 2025; reporter 76; partners 484; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 87; 2025; reporter 76; partners 484; X/M; annual goods.
- UN Comtrade / BRA
2026-10-07 · Accessed: 2026-10-07 · HS2 88; 2025; reporter 76; partners 484; X/M; annual goods.