The import of iron and steel to Mexico has shown substantial fluctuations over the years. After peaking in 2019, the values dropped in 2020 due to global disruptions but quickly rebounded, surpassing previous highs by 2021, and showed a steady growth trend into 2023. In 2023, the value stood at $10.842 billion USD. The year-on-year growth rate for 2022 and 2023 stood at 2.12% and 2.03% respectively, reflecting a moderate but stable increase. The compound annual growth rate (CAGR) over the last five years was 1.98%, suggesting a reliable upward trend.
Forecast data for the next five years predicts a continued gradual rise in iron and steel imports with an average annual growth rate (CAGR) of 1.56%, indicating overall growth of 8.04% by 2028. Key trends to watch include potential impacts from global trade policies, technological advancements in the steel industry, and economic factors influencing construction and manufacturing sectors in Mexico. Monitoring these elements will be crucial for understanding future import patterns.