Veracruz
6th largest economy; 25% of Mexico's petroleum reserves; Port of Veracruz being modernized; Isthmus corridor potential; $1.63B steel tube exports (2024).
Veracruz is Mexico's sixth-largest economy and holds approximately one-quarter of the country's petroleum reserves. The Port of Veracruz—one of Mexico's major maritime movers alongside Manzanillo and Lázaro Cárdenas—is being modernized to handle higher volumes. The Gulf port of Coatzacoalcos connects with Pacific port Salina Cruz in Oaxaca via the Isthmus of Tehuantepec corridor, which many see as a potential catalyst for economic development.
Agriculture remains substantial: Veracruz, together with Chihuahua, Sonora, and Sinaloa, accounts for more than half of Mexico's agricultural GDP. The state produces coffee, vanilla, sugarcane, tobacco, bananas, coconuts, and citrus—leading Mexican coffee production while vanilla originates from here. Steel tubes and pipes ($1.63B) led 2024 exports, followed by citrus ($294M) and sugar ($239M). The state received $420 million in FDI in 2024, with Argentina ($179M), Canada ($158M), and Germany ($76M) as top sources.
By 2026, Veracruz will test whether the Isthmus corridor transforms from concept to reality. If Coatzacoalcos-Salina Cruz infrastructure investment accelerates and manufacturing clusters develop along the route, the state could capture Pacific-Atlantic transshipment. If the corridor remains underutilized and petroleum production continues declining, Veracruz may struggle to replace legacy industries with growth sectors.