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Index > Knowledge > Are you sure you don’t know about the Mexican market development strategy that foreign traders shoul
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2024/04/22
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Are you sure you don’t know about the Mexican market development strategy that foreign traders shoul
Mexico is one of the largest economies in Latin America. In 2022, Mexico's GDP will be US$1.47 trillion, and its per capita GDP will be US$11,500, ranking second in Latin America. In recent years, trade exchanges between my country and Mexico have become more and more frequent. Customs data shows that in the first five months of 2023, my country's exports to Mexico reached US$224.2 billion, a year-on-year increase of 19.4%.
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For foreign traders, the Mexican market is undoubtedly one of the most noteworthy markets now and in the future. So what should foreign traders pay attention to when exploring the Mexican market?
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Language
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Most Mexican customers speak Spanish, so it is best for foreign traders to use Spanish when communicating with Mexican customers. On the one hand, Mexican customers have limited English proficiency, and using English to communicate will cause communication barriers. On the other hand, Mexican customers are more willing to cooperate with suppliers who can communicate with them in their native language, because this is more comfortable for them. status.
 
 
 
Work style
 
Mexicans have a habit of taking their time when discussing business, so if you want to achieve cooperation with Mexican customers, you need to be patient enough and be prepared for a protracted battle. If you choose to give up because you are unable to advance the cooperation process, there will naturally be no follow-up.
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Character traits
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Mexican customers attach great importance to interpersonal relationships. For them, doing business requires trust, putting friends first before doing things. This means that once the other party identifies you, they will not change easily. Therefore, foreign traders still need to spend more time on establishing good relationships with customers.
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Payment habits
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Most Mexican customers are accustomed to paying in installments, ranging from payment by copy of the bill of lading to OA 60 days, 90 days, or 120 days. Therefore, when foreign traders communicate with Mexican customers, they must first negotiate the payment method to avoid discovering that it is unacceptable at the end. Not only will this result in the failure to complete the order, but it will also result in a waste of early energy and time.
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Although most Mexican customers cannot accept L/C, the overall credit status of Mexican customers is relatively good, so foreign traders do not need to worry too much. Of course, this does not mean that foreign traders can trust all Mexican customers. Foreign traders still need to conduct background checks before completing transactions with Mexican customers.
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You can directly search the customer name through the trace data, and you can see the customer's detailed information, including purchase frequency, purchase volume, partners, etc.
 
 
（Source：ueedata）
 
For example, if you search for this Mexican buyer named "JUAN MANUEL ROJAS RAYA", we will find that it only had 2 transactions in February this year, although both transactions were with the same supplier. However, when faced with transaction records that are too few or too recent, foreign traders still need to be more vigilant. It is best to conduct a detailed background investigation on the customer first, and then conduct in-depth communication.
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Quality and service
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Mexican customers attach great importance to product quality. In addition to safety certification, most of them also require NOM certification, which needs to be done locally in Mexico. Therefore, foreign traders can provide samples to customers, and then the customers send them for testing to make the certification process simpler.
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If you want to know more about the characteristics of Mexican customers, you can send us a private message~
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