Chemical exports from Mexico to the world totaled $14.481 billion dollars in 2023, a 7.5% drop compared to 2022, according to Inegi data.In this sector, Mexico exports commodities, plastics, medicines, resins, fertilizers and specialty products.Its chemical exports registered a compound annual growth rate of 6.4% in the last four years.Among the companies in this sector with operations in Mexico are BASF, Pemex, Alfa, Dow, Elementia, Cydsa, DuPont, Orbia, Peñoles, Evonik, Lamosa, KUO, Bayer and Comex.

Chemical exports

The Mexican states with the highest foreign sales in 2023 are as follows:

• Tamaulipas, 2,115 million dollars.
• State of Mexico, 1.827 billion dollars.
• Mexico City, 1,736 million dollars.
• Veracruz, 1.518 billion dollars.
• Sonora, 1.119 billion dollars.

Productive capitals

Mexico attracted 37.726 billion dollars of Foreign Direct Investment (FDI) in the chemical industry from January 2006 to March 2024, according to data from the Ministry of Economy.Of this total, 14.687 billion dollars correspond to the manufacture of pharmaceutical products; 9.393 billion to the manufacture of soaps, cleaners and toilet preparations; 6.965 billion to the manufacture of basic chemical products, and 3.562 billion to the manufacture of paints, coatings and adhesives.

Context

The outlook for the chemical industry remains highly dependent on global economic conditions. In Flowserve Corporation’s view, the chemical industry will continue to invest in capacity additions, maintenance and capacity upgrades in North America to optimize existing assets.As global economies and unemployment conditions improve, an increase in consumer spending should follow. Increased spending would drive higher demand for petrochemicals, specialty chemicals and pharmaceuticals, supporting improved levels of capital investment.