This article covers trade and investment between India and Mexico: trade figures for 2023 to 2025, the main goods traded, Indian investment in Mexico and Mexican investment in India, and the business agreements and visits recorded in the Ministry of External Affairs (MEA) brief of July 2026.

Overview

According to the MEA brief of July 2026, economic and commercial cooperation, driven by increasing trade and investment, has been the major driver of the relationship in recent years. The brief links this particularly to the near-shoring opportunities offered by Mexico with respect to US markets. It states that Indian companies see Mexico as a major investment destination with access to the USMCA region (previously NAFTA) and Latin America.

Trade figures

The brief states that India is Mexico's ninth largest trading partner.

  • 2025: bilateral trade of US$ 11.090 billion, with Indian exports of US$ 9.13 billion to Mexico and imports of US$ 1.969 billion from Mexico
  • 2024: bilateral trade of USD 11.7 billion, with Indian imports of US$ 2.8 billion and exports of US$ 8.9 billion
  • 2023: bilateral trade of USD 10.57 billion

Main items traded

The most important Indian exports to Mexico are automobiles and auto parts, pharmaceuticals, engineering goods and chemical products. On the Mexican side, the most important item is crude oil, which the brief says occupies 75% of its export basket. Other Mexican exports to India are gold and related jewellery, chemical compounds and telephone machinery.

Indian investment in Mexico

The brief states that several Indian companies have invested in Mexico in recent years to take advantage of near-shoring, and that Indian investments in Mexico are far greater than Mexican investments in India. India's investments in Mexico up to 2024 are around US $ 4 billion, and over 250 Indian companies are present in Mexico.

The three strongest performing areas for Indian investment are information technology, pharmaceuticals and the automotive sector:

  • Information technology: TCS, HCL, Infosys, Tech Mahindra, First Source, Cognizant, NIIT, Aptech, Hexaware, Wipro, BirlaSoft and Zoho, among others, have operations in Mexico.
  • Pharmaceuticals: Lupin, Dr. Reddy's Laboratories, Zydus, Claris, Life Sciences, Hetero Drugs, Sun Pharma, MSN and Solara have investments and operations in Mexico.
  • Automotive: the Automotive Component Manufacturers Association (ACMA) of India visited Mexico City, Monterrey, Aguascalientes and Toluca in March 2024 to explore expansion options. Hero Motocorp, which the brief describes as the largest two-wheeler maker of India, has had a distribution agreement with Grupo Salinas since January 2021.

Indian plant bio-solutions company UPL Ltd invested USD 11 million in a Research & Development Centre and a manufacturing plant in Saltillo, Mexico. Flex Americas, a subsidiary of U-FLEX Ltd., announced an expansion of its operations in the north of Mexico.

Mexican investment in India

According to the brief, 17 major Mexican companies have a presence in India, and the total investment of Mexican companies in India is approximately USD 810 Million. Companies that have invested in India in recent times include Nemak, Metalsa, Mexichem, Great Foods & Beverages, RuhrPumpen, Cinepolis and Kidzania.

  • Bimbo has acquired several Indian companies, including Harvest Gold, and the brief describes it as the largest bread manufacturer of India.
  • Mexican IT company Softtek became the first Latin American company to have a presence in India as a service provider.
  • Cinepolis has opened over 350 screens across India, including in tier 2 cities.

Business agreements and delegations

  • Smt. Nirmala Sitharaman, Minister of Finance and Corporate Affairs, led a business delegation to Mexico from 16 to 20 October 2024. She met her then counterpart, Mr. Rogelio Ramirez de la O, Minister of Finance and Public Credit, met members of the Mexican Parliament at the Senate, and held meetings with Mexican and Indian businesses in Guadalajara. An MoU between CII and the CCE (Business Coordination Council) of Mexico was signed during the India-Mexico Trade and Investment Summit held during the visit.
  • Mr. Francisco Cervantes, then President of Mexico's Business Coordinating Council (CCE), led a business delegation to the FICCI LEADS Conference on 10-11 September 2025, where an MoU was signed between FICCI and the CCE. He also called on the Minister of Commerce and Industry, Shri Piyush Goyal.
  • Shri Piyush Goyal held a virtual meeting with Mexico's Minister of Economy, Mr. Marcelo Ebrard, on 21 March 2026, focused on deepening economic ties and new avenues for business.

The Governor of the State of Aguascalientes, Ms Maria Teresa Jimenez, paid a working visit to Chennai focused on investment and global value-chain integration. She met Tamil Nadu's Minister of Higher Education, Dr. Govi Chezhian, and Minister of Industries, Dr. T.R.B. Rajaa, held meetings with executives from RANE, LUCAS TVS, TAFE and Simpson, and highlighted her state's infrastructure, skilled labour and logistics. The brief does not give the date of this visit. Mr. Esau Garza, Minister of Economy of the State of Aguascalientes, who accompanied her, also attended the CII Partnership Summit at Vishakhapatnam on 14-15 November 2025.