Recent Developments
•Thanks to an improving global economy and reviving demand from the US, the Mexican economy emerged from a severe recession in 2010, after a 6.1% contraction in 2009. With gradual improvement in joblessness, domestic demand and exports, Mexico is forecast to see moderate growth of 3.5% in 2011, following an estimated growth of 5% in 2010.
•Hong Kong’s total exports to Mexico soared by 47% to US$1,637 million in the first eleven months of 2010, while its imports from Mexico rose by 37% to US$451 million.
Current Economic Situation
The improving global economy and reviving demand from the US led the Mexican economy out of the economic slump in 2010, after suffering a 6.1% contraction in 2009. The improvements in the labour and credit markets helped consumers and businesses regain confidence in 2010, while the recovering US consumer demand helped revive Mexico’s exports.
Looking forward, the Mexican economy is forecast to grow at a more moderate pace in 2011, as the impacts of stimulus measures launched by the Mexican government since 2009 and restocking by local and US companies wane. However, further decline in unemployment and the continued return of remittances and investment from overseas will further underpin the Mexican economy, allowing it to see another year of growth of 3.5% in 2011, after an estimated 5.0% rebound in 2010.
Trade Policy
The Harmonised System is used for goods classification and customs clearance in Mexico. Tariffs are levied on most products entering Mexico, applying ad valorem to the CIF values of imports. Besides, most imports are subject to a 15% value-added tax (VAT). Certain medicines and basic food are VAT exempt. In addition, a 0.8% ad valorem customs processing fee is levied on imports.
Import Documentations
Import documents required include the "pedimiento de importacion"- customs import declaration, commercial invoice, bill of lading, packing list and documents demonstrating compliance with Mexican product safety and performance regulations, if applicable. In addition, an importer has to issue a "Declaration of Value" to assist the Mexican customs in assessing import duties.
Commercial Invoices
Commercial invoices should observe the regulations and include specific information as follows:
•original invoice signed by the exporter;
•invoice must be in Spanish or accompanied by an equivalent Spanish translation;
•each invoice comprising one original and two copies;
•showing the place and the date of its issue;
•company names and addresses of both importer and exporter shown in the invoice;
•showing the number of packages, contents, quantity, quality and marks of the goods;
•detailed description of each item of shipment, including quantity, unit prices and total prices;
•the goods must reach the Mexican Customs within 90 days of the invoice; and
•showing all freight and insurance charges.
Bill of Lading
The bill of lading must show the serial numbers, quantity of packages, gross weight in metric terms and the marks. The packing list has to contain the information including the total number of packages and the gross, net and legal weights of the shipment. It should be submitted in triplicate.
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