Mexico is ranked the fifth fastest-growing e-commerce market in the world and the second-largest economy and e-commerce market in Latin America, with retail e-commerce sales forecasted to reach US$ 58.89 billion in 2024. Mexico’s GDP is expected to grow by 2.2% in 2024, reaching over US$ 2 trillion. Steady growth is anticipated to continue, with a GDP forecast of over US$ 2.4 trillion for 2029.
Mexico has a population of over 130 million people and the ninth-largest number of internet users in the world. The country’s internet penetration rate currently stands at 85% and is expected to increase to 94.35% by 2029. Of the country’s internet users, 83.6% shop online, with 49.4% of them buying from websites outside their market.
Global-e Data: Mexican Market Growth, 2024
Mexico’s e-commerce upward trend is clearly reflected in Global-e’s data, which places it in the top growing markets in the first half of 2024, with 18% growth YoY (H1 24 VS. H1 23). This corresponds to the continuous uplift we’ve seen in the market over the past years, with Mexico consistently ranking among the top 3 growing markets for global e-commerce. Mexico has risen from #20 in Global-e’s markets ranking in 2022 to #17 in 2023, and so far in 2024 Mexico is #10.
Taxes and duties
All cross-border purchases valued above US$50 are subject to global tax rates under the ‘Simplified Regime’ for postal and courier imports into Mexico. The tax rate varies based on the export country (USA, Canada, or ROW) and the order value range. Additionally, all orders exceeding US$300 are subject to an import duty, fixed at 240 MXP (excl. tax). Our recent study shows that presenting shoppers in this market with pricing inclusive of the local tax (HFDDP) results in a ~20% higher conversion rate on average, compared to the conversion rate when presenting the tax separately and offering prepayment at checkout (NFDDP).
Local shopping events
Hot Sale – An annual online shopping event created and organized by the Mexican Association of Online Sales (AMVO). Usually taking place in May/June; 2025 dates have not yet been published.
El Buen Fin – One of the biggest retail holidays in Mexico, this event marks the start of the Christmas shopping season in this market. It occurs the weekend before Mexican Revolution Day, which is observed on the third Monday of November.
Sources:
eMarketer, February 2024, Worldwide Retail Ecommerce Forecast 2024; Bloomberg Linea, January 04, 2024, What to Expect for the Mexican Economy in 2024 According to Two Top Economic Forecasters; Statista, May 2024, E-commerce in Mexico – statistics & facts; eMarketer, July 2024, Retail Ecommerce Sales, by Country 2024, billions; Deloitte, May 2024, Mexico economic outlook, May 2024; Statista, Latin America & Caribbean: GDP by country 2024; Statista, April 2024, Mexico: Gross domestic product (GDP) in current prices from 1987 to 2029; Worldometer, September 2024, Mexico Population (LIVE); Statista, April 2024, Countries with the largest digital populations in the world as of January 2023; Statista, August 2024, Mexico: internet usage reach 2020-2029; Statista, August 2024, Internet usage penetration in Mexico from 2020 to 2029; eMarketer, July 2024, Digital Buyers – Mexico 2024-2028; eMarketer, October 2023, Cross-Border Retail Ecommerce Buyer Penetration, by Country 2024; Global-e data, 2024.
