Mexico and Portugal
Mexico and Portugal explore maritime connections, renewable energy and development cooperation. An October 2025 diplomatic visit to Lisbon reviewed the Sines–Coatzacoalcos corridor project and potential bilateral and third-country collaboration.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
María Teresa Mercado visited Lisbon on 20 and 21 October 2025 and met Minister Paulo Rangel, Secretary General Francisco Ribeiro Telles and other authorities.
What merchandise trade shows
In 2025, goods trade between Mexico and Portugal totalled 789.8 million current USD.
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Mexico to Portugal, at 12.2 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 789.78 M USD | 2025 · Comtrade |
| Goods: Mexico to Portugal | 60.58 M USD | 2025 · Comtrade |
| Goods: Portugal to Mexico | 729.2 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Mexico to Portugal | 0.0091 % | 2025 · Comtrade |
| Export share: Portugal to Mexico | ||
| Investment stock: Mexico in Portugal | ||
| Investment stock: Portugal in Mexico |
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 · Goods; full calendar year; reporter MEX. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Mexico to Portugal
- 2025 · UN Comtrade · Goods; full calendar year; reporter MEX. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Portugal to Mexico
- 2025 · UN Comtrade · Goods; full calendar year; reporter MEX. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Mexico to Portugal
- 2025 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
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 | Mexico | Portugal |
|---|---|---|
| Nominal GDP | 1.83 trillion USD2025 · WB | 346.64 billion USD2025 · WB |
| GDP per capita | 13,889.23 USD2025 · WB | 32,081.81 USD2025 · WB |
| GDP growth | 0.56 %2025 · WB | 1.86 %2025 · WB |
| Policy interest rate | 6.5 %2026-09-24 · Banxico | 2.5 %2026-09-16 · BCE |
| Inflation · annual average | 3.81 %Annual average · 2025 · WB | 2.34 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | 3.42 %Year-on-year · first fortnight of Sept. 2026 · INEGI | 3.6 %provisionalprovisionalYear-on-year · Sept. 2026 · INE PT |
| Unemployment | 2.67 %ILO est.2025 · WB | 6.16 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -4.9 %IMF est.2025 · IMF | 0.3 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 61.8 %IMF est.2025 · IMF | 89.9 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -0.45 %2025 · WB | 1.2 %IMF est.2025 · IMF |
| Population | 131,946,9002025 · WB | 10,804,871World Bank est.2025 · WB |
| Area | 1,957,194 km²2023 · BM / FAO | 92,230 km²2023 · WB |
| 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 USDMexico: 2025 · World BankPortugal: 2025 · World Bank
- GDP per capita
- Current USD per personMexico: 2025 · World BankPortugal: 2025 · World Bank
- GDP growth
- Annual real change (%)Mexico: 2025 · World BankPortugal: 2025 · World Bank
- Policy interest rate
- Central bank instrument (%)Mexico: 2026-09-24 · Overnight interbank rate target · Bank of MexicoPortugal: 2026-09-16 · ECB: deposit facility; shared euro-area rate · European Central Bank
- Inflation · annual average
- Average annual change in headline CPI (%)Mexico: 2025 · Average annual CPI change (%) · World BankPortugal: 2025 · Annual average change in the CPI (%) · World Bank
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency statedMexico: 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.Portugal: 2026-09 · Change in headline CPI from the same month of the previous year (%) · Portugal INE · Published: 2026-09-30 · provisional · Provisional · National headline CPI, year-on-year, not monthly inflation or an annual average. Provisional data or an official advance release; subject to revision.
- Unemployment
- % of the labour force; definition used by the stated institutionMexico: 2025 · World Bank · ILO est.Portugal: 2025 · World Bank · ILO est.
- Budget balance
- General government (% of GDP)Mexico: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Gross public debt
- General government (% of GDP)Mexico: 2025 · IMF — World Economic Outlook · IMF est.Portugal: 2025 · IMF — World Economic Outlook · IMF est.
- Current account balance
- % of GDPMexico: 2025 · World BankPortugal: 2025 · IMF — World Economic Outlook · IMF est. · Current-account balance as a percentage of GDP; IMF WEO estimate for PRT.
- Population
- PeopleMexico: 2025 · World BankPortugal: 2025 · World Bank · World Bank est. · Extrapolated estimate identified by the World Bank; not a census count for 2025.
- Area
- Total area in km²; territorial coverage of the sourceMexico: 2023 · Total area including inland waters; territorial coverage of the source · World Bank · FAOPortugal: 2023 · Area according to the series' coverage; does not determine sovereignty or effective control · World Bank
- 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.
Mexico to Portugal
Portugal to Mexico
How trade has changed
Millions of current USD · full calendar years
View chart figures
| Period | Total | Mexico to Portugal | Portugal to Mexico |
|---|---|---|---|
| 2021 | 619.8 | 33.7 | 586.1 |
| 2022 | 663.1 | 29.5 | 633.6 |
| 2023 | 731.5 | 46.1 | 685.4 |
| 2024 | 748.2 | 35.5 | 712.7 |
| 2025 | 789.8 | 60.6 | 729.2 |
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Mexico living in Portugal | ||
| Residents from Portugal living in Mexico | ||
| Study and training: Mexico in Portugal | ||
| Study and training: Portugal in Mexico | ||
| Academic stays: Mexico in Portugal | ||
| Academic stays: Portugal in Mexico | ||
| Travel: Mexico to Portugal | ||
| Travel: Portugal to Mexico |
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.
The scale of both economies
Nominal GDP for Mexico is 1,832.6 billion USD (2025), compared with 346.6 for Portugal (2025). The reference populations are 131.95 and 10.8 million, respectively. In the same year, the economy of Mexico was 5.29 times that of Portugal in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
María Teresa Mercado visited Lisbon on 20 and 21 October 2025 and met Minister Paulo Rangel, Secretary General Francisco Ribeiro Telles and other authorities. They addressed the bilateral agenda and European Union relations. [1]
Cooperation and bilateral issues
Mexico presented Plan México opportunities and both exchanged perspectives on the Sines–Coatzacoalcos maritime corridor, port infrastructure, renewables and technology. The corridor was described as a project, not an inaugurated service. Mercado also spoke with the Instituto Camões head on development cooperation between the countries and towards third countries. The report subsequently includes a French tour stage; Paris discussions on heritage and strategic partnership concern France, not Portugal. [1]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Mexico and Portugal) totalled 789.8 million current USD. Shipments from the first to the second were 60.6 million; those in the opposite direction, 729.2 million. The difference between the two flows was 668.6 million, in favour of Portugal. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [2]
The partner's share of exports
Sales from Mexico to the partner represented 0.0091% of its worldwide goods exports in 2025. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [2]
Five years of trade trends
The consistent series shows 619.8 million USD in 2021 and 789.8 million in 2025. The change between the two endpoints was +27.4 % in current dollars. The highest annual value in the period was recorded in 2025, at 789.8 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [3]
Documented trade sectors
Within the selected chapters, machinery and mechanical appliances stands out in shipments from Mexico to Portugal, at 12.2 million USD in 2025. Within the selected chapters, electrical and electronic equipment stands out in shipments from Portugal to Mexico, at 174.4 million USD in 2025. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — MEX-PRT
www.gob.mx · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official statistics
World Bank · Institutional source · Accessed: 2026-09-17
- Official statistics
World Bank · Institutional source · Accessed: 2026-10-06
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.