MEXICO - SPAIN: A HISTORICAL AND ECONOMIC RELATIONSHIP

During the era of New Spain, exports from Spain consisted of essential goods such as flour, oils, and wines. On the other hand, exports from New Spain were of higher value, such as silver, which made it the main producer and exporter during that time. Spain, being the first and only "commercial ally" of New Spain for a significant period during the conquest, positioned itself as a world power by extracting resources from the American continent. (Aduanera, 2019)

Evidence of these ancient commercial exchanges shows how, over more than 500 years, both countries have evolved and adapted to the various economic, political, and social changes they have experienced since the conquest, Mexico’s independence, and up to the present day. Transitioning from a colony to engaging in trade as two distinct nations, they now operate under trade agreements such as the TLCUEM (Mexico-European Union Free Trade Agreement).

The objective of this research is to analyze how business negotiations with Spain can be conducted, considering important factors such as the presence of Mexican companies in Spain and vice versa, Mexico’s main exports to Spain, what Mexico imports from Spain, and customs and behaviors during business negotiations.

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Which Mexican companies operate in Spain?

According to the Spanish government, various Mexican companies have successfully entered the Spanish market. Some of the largest Mexican corporations with a presence in Spain include market giants such as Pemex, Cemex, Grupo Modelo, Bimbo, Televisa, and Gruma, to name a few.

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Which Spanish companies operate in Mexico?

Several Spanish companies have a significant presence in Mexico, many of which play a vital role in everyday life. One such example is the financial sector, where the Spanish company BBVA, according to Opportimes (2023), holds 40% of the Mexican market share.

Another successful company, not only in Mexico but also globally, is Inditex, which includes brands such as Zara, Zara Home, Massimo Dutti, Oysho, Uterqüe, Pull & Bear, Bershka, Stradivarius, and Lefties, known for its fast fashion and rapid trend adaptation.

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How to Do Business?

Dress Code: Spanish business attire is traditional and formal. Men typically wear neutral-colored suits, while women opt for formal suits or dresses, avoiding bright colors, patterns, or flashy jewelry.

Gifts: Unlike other cultures, giving gifts before closing a deal is not well received in Spanish business culture, as it may be perceived as bribery. While this depends on the individual, in general, it is not considered appropriate.

Working Hours in Spain: Spain is known for its traditional "siesta" after lunch, leading to a break in the work schedule. Typical business hours range from 10:00 AM to 7:00 PM, with a break from 2:00 PM to 4:00 PM. However, in major cities like Valencia, Madrid, and Barcelona, businesses tend to follow Western or global standard schedules, eliminating the siesta period.

Hierarchy: Formality and respect are emphasized in Spanish management practices. It is customary to address people as "Señor" or "Señora" when meeting them for the first time.

Punctuality: Being late is not considered rude, unlike in other cultures. Spanish companies have a reputation for relaxed schedules and delayed deliveries. According to Entrepreneur magazine, "Many workdays do not officially start until after 10 AM, and working late into the night—until 8 PM—is quite common." (Entrepreneur en Español, 2023)

Cultural Taboos: Avoid discussing negative opinions about Spanish culture, politics, or economy. Sensitive topics include Catalonia’s independence, bullfighting, and Francoist Spain.

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What Does Mexico Export to Spain?

Among the top exports from Mexico to Spain is crude oil. In 2023, Mexico shipped a total of 3.76 million tons of crude oil, and this volume increased in the first quarter of 2024 to 2.54 million tons. According to El Economista (2024), crude oil exports rose by 37.8% compared to the previous year, increasing Mexico’s share of Spain’s oil market to 15.6%.

Another key export sector is agri-food and fishery products. According to data from the Mexican Government (2021), the main exports include:

Avocado (34,334 tons), Yellowfin tuna (13,935 tons), Tuna fillets (4,372 tons), Fixed vegetable fats and oils (4,303 tons), Unroasted coffee (5,741 tons), Beer (21,320 thousand liters), Chickpeas (14,746 tons), Tequila (2,348 thousand liters), Various food preparations (1,195 tons), Fructose and syrup (3,815 tons).

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What Does Mexico Import from Spain?

According to Statista Research AI, Mexico imports a wide variety of products from Spain. In 2023, Spain was the largest supplier of wine to Mexico, with imports valued at $86.45 million. Additionally, Spain ranked second in alcoholic beverage imports to Mexico, with a value of $139.66 million.

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Interesting & Relevant Facts About Spain

Spain is famous for tourism. According to Statista, Spain has the highest number of tourist arrivals worldwide, making tourism one of its primary sources of income. In 2024, Madrid achieved a historic record of international tourists, welcoming 7.84 million visitors, surpassing the previous record of 7.64 million in 2019.

Mexican tourists were crucial in setting this record, with 709,850 visitors, representing 66% of all Mexican tourists in Spain. This means that 7 out of 10 Mexicans visiting Spain also visited Madrid, significantly increasing consumer spending in the city. (Molina, 2025)

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Throughout the long history shared by Spain and Mexico, both nations have undergone various economic, social, and political changes. From colonial trade during the Spanish Empire to modern free trade agreements like the TLCUEM, the relationship between both countries has strengthened. This is reflected in the presence of Mexican companies in Spain and Spanish companies in Mexico.

With modernization and the constant pursuit of new opportunities, the commercial relationship between the two nations will continue evolving, paving the way for new beneficial trade agreements in the future.

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