Global Collection

Why Businesses Are Expanding To Mexico: How can SUNRATE empower these businesses?

SUNRATE

2024/03/26

Amazon Web Services (AWS) recently announced a major investment of over $5 billion to build a data center cluster in Mexico. This significant commitment underscores the company's recognition of Mexico's growing importance in the global market. Additionally, Mexico's recent surge in the global supply chain transfer process further solidifies its position as a key player in the international market.

 

Unlocking Mexico's Potential: A Look at the Second Largest Economy in Latin America

As the second largest economy in Latin America, Mexico has become a treasure trove for many foreign trade enterprises. According to data from the General Administration of Customs of China, the total trade volume between China and Mexico reached USD 100.2 billion in 2023, with China's exports amounting to USD 81.5 billion and imports to USD 18.7 billion.

2018-2023 China-Mexico Trade Volume

 

Furthermore, Mexico is known for its openness to international trade and boats one of the world’s largest networks of free trade agreements. This not only reduces trade barriers, but also significantly lowers trade costs for enterprises operating in Mexico.

 

Simultaneously, Mexico's e-commerce market is experiencing rapid growth, ranking among the top in the world. According to research firm Statista, the compound annual growth rate of retail e-commerce sales in Mexico from 2024 to 2028 is projected at 11.71%. This rate far exceeds the average global e-commerce sales growth rate of 9.83% and positions Mexico as the market with the highest growth rate in Latin America.

 

For trading enterprises and cross-border e-commerce, Mexico’s substantial market potential represents and undeniable opportunity.

 

Why choose SUNRATE’s Mexico local payment and collection services?

 

While the Mexican market flourishes, businesses often face challenges such as high payment costs for US dollars and a strong demand for local currency transactions.  To help enterprises navigate these obstacles, SUNRATE has introduced a virtual business account in Mexico, providing a secure and efficient local payment and collection experience that has been well-received by customers.

 

1) International Collaboration

SUNRATE, in collaboration with BBVA, the largest financial institution in Mexico, has opened a secure and compliant local payment account for enterprises. Enterprises can apply for the account online, and once the information is approved, the system will immediately assign the payment account.

 

2) Direct collection in original currency

SUNRATE supports the entry of the Mexican peso (MXN) in its original currency, eliminating additional costs. It is directly linked to Mexico’s local clearing system in Mexico, ensuring the fastest delivery time of T+0; The handling fees are transparent, with no hidden charges.

 

3) Comprehensive support

SUNRATE caters to various payment needs of enterprises, including B2B trade and cross-border e-commerce. It also supports a range of fund management operations such as rapid withdrawal and global supplier payments.

 

By choosing SUNRATE's Mexico local payment and collection services, enterprises can streamline their operations and navigate the Mexican market with ease.

 

Go-To-Market (GTM) strategies: Empowering businesses in Mexico

 

Expanding into the Mexican market requires sellers to choose a platform that offers both safety and stability for their products. According to statistics from the International Trade Administration (ITA), Mercado Libre is the preferred platform in the Mexican e-commerce market, followed by Amazon, Walmart, Liverpool, and SHEIN.

 

Currently, Mercado Libre, Amazon, and SHEIN are all part of SUNRATE's Global Growth Program - Store Opening Program. This partnership allows enterprises to directly connect with SUNRATE, providing a streamlined entry process and one-step receive payments in a single step, significantly enhancing global business efficiency.

 

 

Contact us to find out how SUNRATE can help you expand to the Mexican market.

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