Mexico’s E-Commerce Boosts GDP by 5.9% in 2022

In 2022, Mexico saw its e-commerce sector contribute 5.9% to the nation’s Gross Domestic Product (GDP).

This marks a recovery phase post-COVID-19 pandemic, as reported by the National Institute of Statistics and Geography (Inegi) on Monday.

This growth is notable, rising from 4.9% in 2021 and 3.3% in 2013. It showcases a trend of steady advancement over time.

According to Inegi, this improvement reflects the economy’s recovery from pandemic-induced social distancing.

In terms of specifics, 23.3% of the e-commerce volume came from retail, with wholesale activities making up 19.4%.

Services, including those in finance and agriculture, accounted for the remaining 57.3%.

The institute highlighted the role of the digital economy, which is driven by advances in technology and the growth of digital commerce.

Factors fueling this e-commerce boom include broader internet access, a growing middle class, new technology uptake, and stable economic conditions.

Mexico, Latin America’s second-largest economy after Brazil, grew by 3.1% in 2023.

This growth underscores the significant impact of e-commerce on the country’s economic health and its potential for future expansion.

Background

Comparatively, Mexico’s 5.9% contribution of e-commerce to GDP in 2022 shows a growing but still developing e-commerce market relative to other economies.

For example, in the United States, e-commerce sales were estimated to account for around 13% of total retail sales in 2021, according to the U.S. Department of Commerce.

In China, a global leader in e-commerce, the sector has been a major driver of the economy, contributing significantly to the GDP.

China’s National Bureau of Statistics reports that by 2020, online retail sales made up about 25% of total consumer goods sales, highlighting e-commerce’s significant impact.

In the UK, internet sales accounted for more than 25% of all retail sales in 2020, indicating a robust e-commerce presence, as reported by the Office for National Statistics.