The value of Mexico’s mining market

The value of Mexico‘s mining market in 2022 was US$3.3 billion, according to data from the U.S. Department of Commerce.

Approximately half of Mexico’s mining production consists of the extraction of precious metals, with the remainder made up of 40% non-ferrous minerals, 6% metallurgy and 7% non-metallic minerals. 

While precious metals are a group of metallic elements that are characterized by unique properties, such as high electrical conductivity, corrosion resistance and luster, non-ferrous minerals are those that do not contain iron in significant quantities.

On the other hand, metallurgy is a branch of materials engineering that focuses on the study and production of metals and alloys.

In 2022, Mexican mining production reached US$16.16 billion. 

Finally, Mexico is a large consumer of mineral fuels and in 2022 imported fuels were valued at US$43 billion. 

About 66% of Mexico’s total mineral fuel imports originate in the United States.

Mining market

Mexico is a major exporter of mining products, with a trade surplus of US$12.8 billion in 2022. 

Mexican exports of minerals and ores to the world totaled US$17.6 billion in the same year, a 6% growth from 2017. 

Conversely, imports grew by more than 13% annually since 2017. 

Forty-seven percent of Mexico’s imports of minerals and ores come from the United States, reaching $2.28 billion in 2022. 

The United States relies heavily on imports of fluorspar, graphite, manganese and strontium from Mexico and other countries.

Gold and silver

Mining in Mexico is a major economic activity that has played a significant role throughout the country’s history. 

Mexico is one of the world’s leading producers of several minerals and metals, including gold, silver and copper, and the mining industry has been an important source of income and employment (417,000 jobs and 2.6 million indirect jobs).

Federal government revenues from mining are 72,923 million pesos.